Canal Capital Management LLC Sells 138,855 Shares of Devon Energy Corporation $DVN

Canal Capital Management LLC reduced its position in shares of Devon Energy Corporation (NYSE:DVN) by 78.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 38,361 shares of the energy company’s stock after selling 138,855 shares during the period. Canal Capital Management LLC’s holdings in Devon Energy were worth $1,930,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the business. Woodline Partners LP lifted its holdings in Devon Energy by 98.8% in the 1st quarter. Woodline Partners LP now owns 115,780 shares of the energy company’s stock worth $4,330,000 after buying an additional 57,555 shares during the period. Sivia Capital Partners LLC bought a new stake in shares of Devon Energy in the 2nd quarter worth approximately $403,000. Jump Financial LLC increased its stake in shares of Devon Energy by 58.8% during the second quarter. Jump Financial LLC now owns 28,251 shares of the energy company’s stock valued at $899,000 after buying an additional 10,464 shares during the period. Daiwa Securities Group Inc. increased its stake in shares of Devon Energy by 17.8% during the second quarter. Daiwa Securities Group Inc. now owns 148,882 shares of the energy company’s stock valued at $4,736,000 after buying an additional 22,482 shares during the period. Finally, NewEdge Advisors LLC raised its holdings in shares of Devon Energy by 6.0% during the second quarter. NewEdge Advisors LLC now owns 144,174 shares of the energy company’s stock valued at $4,586,000 after acquiring an additional 8,127 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Capital One Financial dropped their price target on Devon Energy from $63.00 to $61.00 and set an “overweight” rating for the company in a research note on Tuesday, June 2nd. UBS Group reduced their price objective on shares of Devon Energy from $60.00 to $58.00 and set a “buy” rating on the stock in a research report on Wednesday, June 10th. Wall Street Zen lowered shares of Devon Energy from a “buy” rating to a “hold” rating in a report on Sunday, June 21st. Jefferies Financial Group raised their target price on shares of Devon Energy from $62.00 to $63.00 and gave the stock a “buy” rating in a research report on Monday, May 18th. Finally, The Goldman Sachs Group cut their target price on shares of Devon Energy from $54.00 to $53.00 and set a “buy” rating on the stock in a research note on Tuesday. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $59.38.

Devon Energy Stock Performance

Devon Energy stock opened at $40.44 on Friday. Devon Energy Corporation has a twelve month low of $31.45 and a twelve month high of $52.71. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $25.13 billion, a P/E ratio of 11.26 and a beta of 0.38. The stock’s 50 day moving average is $45.53 and its 200 day moving average is $43.61.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.02). Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The company had revenue of $3.81 billion for the quarter, compared to analysts’ expectations of $4.34 billion. During the same quarter in the previous year, the firm posted $0.82 EPS. The firm’s quarterly revenue was down 14.5% compared to the same quarter last year. On average, equities research analysts predict that Devon Energy Corporation will post 4.85 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were given a $0.32 dividend. The ex-dividend date of this dividend was Monday, June 15th. This represents a $1.28 annualized dividend and a dividend yield of 3.2%. This is a boost from Devon Energy’s previous quarterly dividend of $0.24. Devon Energy’s payout ratio is presently 35.65%.

Insider Transactions at Devon Energy

In related news, SVP Andrea Alexander sold 18,000 shares of the company’s stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total value of $841,320.00. Following 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Adam M. Vela sold 24,342 shares of the stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $47.21, for a total transaction of $1,149,185.82. Following the sale, the senior vice president directly owned 130,540 shares in the company, valued at $6,162,793.40. This trade represents a 15.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 112,371 shares of company stock valued at $5,258,059 in the last quarter. 4.58% of the stock is owned by insiders.

Devon Energy Profile

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.