139,665 Devon Energy Corporation $DVN Shares Sold by King Luther Capital Management Corp

King Luther Capital Management Corp lessened its holdings in shares of Devon Energy Corporation (NYSE:DVN) by 2.8% during the 3rd quarter, Holdings Channel reports. The firm owned 4,879,473 shares of the energy company’s stock after selling 139,665 shares during the period. Devon Energy comprises about 0.9% of King Luther Capital Management Corp’s portfolio, making the stock its 25th biggest holding. King Luther Capital Management Corp’s holdings in Devon Energy were worth $224,651,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Maryland State Retirement & Pension System lifted its holdings in shares of Devon Energy by 16.5% in the third quarter. Maryland State Retirement & Pension System now owns 69,135 shares of the energy company’s stock worth $3,183,000 after buying an additional 9,783 shares in the last quarter. Joel Isaacson & Co. LLC bought a new position in shares of Devon Energy during the third quarter worth $272,000. Jefferies Financial Group Inc. boosted its position in shares of Devon Energy by 229.6% during the third quarter. Jefferies Financial Group Inc. now owns 680,720 shares of the energy company’s stock worth $31,340,000 after acquiring an additional 474,219 shares during the last quarter. First Command Advisory Services Inc. grew its stake in Devon Energy by 256.9% during the third quarter. First Command Advisory Services Inc. now owns 4,793 shares of the energy company’s stock valued at $221,000 after acquiring an additional 3,450 shares in the last quarter. Finally, DSG Capital Advisors LLC grew its stake in Devon Energy by 1.0% during the third quarter. DSG Capital Advisors LLC now owns 95,857 shares of the energy company’s stock valued at $4,413,000 after acquiring an additional 953 shares in the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Devon Energy

In other news, EVP Robert Ferrall Lowe III sold 6,756 shares of the firm’s stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $50.95, for a total value of $344,218.20. Following the completion of the sale, the executive vice president directly owned 72,720 shares of the company’s stock, valued at $3,705,084. This trade represents a 8.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Clay Gaspar bought 3,913 shares of the company’s stock in a transaction dated Monday, September 14th. The stock was bought at an average price of $51.08 per share, with a total value of $199,876.04. Following the acquisition, the chief executive officer owned 619,152 shares in the company, valued at approximately $31,626,284.16. This trade represents a 0.64% increase in their position. The disclosure for this purchase is available in the SEC filing. 4.58% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of analysts have issued reports on DVN shares. Morgan Stanley reduced their price target on shares of Devon Energy from $65.00 to $64.00 and set an “overweight” rating on the stock in a report on Monday. Sanford C. Bernstein downgraded shares of Devon Energy from a “strong-buy” rating to a “hold” rating in a report on Wednesday. Mizuho dropped their price objective on shares of Devon Energy from $68.00 to $65.00 and set an “outperform” rating for the company in a report on Friday, October 16th. Scotiabank started coverage on Devon Energy in a research report on Wednesday, October 14th. They set a “sector outperform” rating and a $61.00 price objective for the company. Finally, Seaport Research Partners began coverage on Devon Energy in a report on Thursday, September 3rd. They issued a “buy” rating and a $65.00 target price on the stock. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $60.49.

Devon Energy Stock Up 3.6%

Shares of DVN opened at $44.95 on Thursday. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.70 and a quick ratio of 0.65. The stock has a market capitalization of $51.24 billion, a price-to-earnings ratio of 11.24, a price-to-earnings-growth ratio of 1.11 and a beta of 0.43. Devon Energy Corporation has a 1 year low of $34.23 and a 1 year high of $52.71. The business’s 50 day simple moving average is $48.36 and its 200-day simple moving average is $46.12.

Devon Energy (NYSE:DVN) last posted its earnings results on Thursday, November 5th. The energy company reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.33 by $0.09. Devon Energy had a net margin of 16.22% and a return on equity of 14.86%. The firm had revenue of $6.86 billion during the quarter, compared to analyst estimates of $6.57 billion. During the same period last year, the firm posted $1.04 earnings per share. Devon Energy’s revenue for the quarter was up 66.5% compared to the same quarter last year. As a group, equities analysts expect that Devon Energy Corporation will post 5.57 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 30th. Shareholders of record on Tuesday, December 15th will be given a dividend of $0.32 per share. The ex-dividend date is Tuesday, December 15th. This represents a $1.28 dividend on an annualized basis and a yield of 2.8%. Devon Energy’s dividend payout ratio is 32.00%.

About Devon Energy

Devon Energy Corporation is an independent energy company focused on exploring for and producing oil, natural gas and natural gas liquids. Its activities include developing and operating producing properties and managing the infrastructure needed to bring its products to market. Founded in 1971, Devon is headquartered in Oklahoma City. Its operations are concentrated in U.S. onshore basins, including the Delaware Basin, Eagle Ford, Anadarko, Williston and Powder River basins. The company’s portfolio has evolved through acquisitions and asset sales over its history.