Meeder Asset Management Inc. Sells 18,595 Shares of Devon Energy Corporation $DVN

Meeder Asset Management Inc. decreased its position in Devon Energy Corporation (NYSE:DVN) by 59.0% during the second quarter, HoldingsChannel.com reports. The fund owned 12,901 shares of the energy company’s stock after selling 18,595 shares during the quarter. Meeder Asset Management Inc.’s holdings in Devon Energy were worth $533,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of DVN. Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new position in shares of Devon Energy in the fourth quarter valued at $25,000. JFS Wealth Advisors LLC raised its stake in Devon Energy by 56.6% during the second quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company’s stock valued at $28,000 after purchasing an additional 245 shares in the last quarter. MV Capital Management Inc. bought a new position in Devon Energy during the fourth quarter valued at $29,000. KERR FINANCIAL PLANNING Corp bought a new position in Devon Energy during the second quarter valued at $29,000. Finally, Garton & Associates Financial Advisors LLC purchased a new position in shares of Devon Energy in the 4th quarter worth $29,000. 69.72% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Barclays decreased their target price on shares of Devon Energy from $62.00 to $58.00 and set an “overweight” rating on the stock in a research report on Monday. JPMorgan Chase & Co. reduced their price objective on Devon Energy from $62.00 to $55.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 8th. Wall Street Zen raised Devon Energy from a “hold” rating to a “buy” rating in a research note on Saturday. Susquehanna lifted their target price on Devon Energy from $57.00 to $63.00 and gave the stock a “positive” rating in a report on Tuesday, July 21st. Finally, Scotiabank lifted their target price on Devon Energy from $41.00 to $46.00 and gave the stock a “sector perform” rating in a report on Wednesday, April 22nd. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $59.15.

Insider Activity

In related news, SVP Andrea Alexander sold 18,000 shares of the business’s stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total transaction of $841,320.00. Following the completion of the transaction, the senior vice president owned 138,529 shares in the company, valued at $6,474,845.46. The trade was a 11.50% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 4.58% of the company’s stock.

Devon Energy Price Performance

DVN stock opened at $47.84 on Wednesday. The stock has a market cap of $52.63 billion, a PE ratio of 11.36 and a beta of 0.38. Devon Energy Corporation has a 12 month low of $31.47 and a 12 month high of $52.71. The company has a 50-day moving average price of $43.52 and a 200 day moving average price of $45.30. The company has a current ratio of 0.72, a quick ratio of 0.67 and a debt-to-equity ratio of 0.24.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 earnings per share for the quarter, topping analysts’ consensus estimates of $1.40 by $0.17. The company had revenue of $7.42 billion for the quarter, compared to analyst estimates of $6.01 billion. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The firm’s revenue for the quarter was up 73.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.84 EPS. Equities research analysts anticipate that Devon Energy Corporation will post 4.99 earnings per share for the current year.

Devon Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be issued a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 2.7%. The ex-dividend date is Tuesday, September 15th. Devon Energy’s dividend payout ratio is presently 30.40%.

About Devon Energy

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.