Devon Energy Co. (NYSE:DVN) Shares Sold by Clear Harbor Asset Management LLC

Clear Harbor Asset Management LLC reduced its position in Devon Energy Co. (NYSE:DVN) by 2.6% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 37,224 shares of the energy company’s stock after selling 989 shares during the period. Clear Harbor Asset Management LLC’s holdings in Devon Energy were worth $1,456,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the business. Triad Wealth Partners LLC purchased a new position in Devon Energy in the second quarter valued at about $27,000. Tradewinds Capital Management LLC purchased a new position in shares of Devon Energy during the 1st quarter valued at approximately $30,000. 1620 Investment Advisors Inc. acquired a new stake in shares of Devon Energy during the second quarter worth approximately $34,000. PSI Advisors LLC grew its position in shares of Devon Energy by 66.7% during the second quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock worth $36,000 after buying an additional 300 shares in the last quarter. Finally, LRI Investments LLC bought a new stake in shares of Devon Energy in the first quarter worth $39,000. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

DVN has been the topic of a number of research analyst reports. UBS Group reduced their price objective on shares of Devon Energy from $53.00 to $47.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 18th. StockNews.com downgraded Devon Energy from a “buy” rating to a “hold” rating in a research note on Monday, September 2nd. Royal Bank of Canada reissued a “sector perform” rating and issued a $57.00 price objective on shares of Devon Energy in a report on Tuesday, September 3rd. Scotiabank reduced their target price on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. Finally, Mizuho lowered their price target on Devon Energy from $53.00 to $51.00 and set an “outperform” rating for the company in a report on Wednesday, October 9th. Nine equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $52.53.

Devon Energy Price Performance

Shares of NYSE:DVN opened at $39.19 on Friday. The company has a current ratio of 1.11, a quick ratio of 1.03 and a debt-to-equity ratio of 0.45. The firm’s 50 day moving average is $41.62 and its two-hundred day moving average is $45.80. The firm has a market capitalization of $24.54 billion, a P/E ratio of 7.11, a PEG ratio of 1.22 and a beta of 2.02. Devon Energy Co. has a 52 week low of $37.76 and a 52 week high of $55.09.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.26 by $0.15. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The firm had revenue of $3.92 billion for the quarter, compared to analysts’ expectations of $3.90 billion. During the same period last year, the firm earned $1.18 EPS. The firm’s revenue was up 13.4% compared to the same quarter last year. Analysts anticipate that Devon Energy Co. will post 4.98 earnings per share for the current year.

Devon Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.25%. The ex-dividend date of this dividend was Friday, September 13th. Devon Energy’s payout ratio is currently 15.97%.

About Devon Energy

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.