Sugarloaf Wealth Management LLC Has $228,000 Position in Devon Energy Co. (NYSE:DVN)

Sugarloaf Wealth Management LLC increased its position in shares of Devon Energy Co. (NYSE:DVN) by 411.6% during the 2nd quarter, HoldingsChannel reports. The fund owned 4,712 shares of the energy company’s stock after purchasing an additional 3,791 shares during the quarter. Sugarloaf Wealth Management LLC’s holdings in Devon Energy were worth $228,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in DVN. AlphaCrest Capital Management LLC acquired a new position in shares of Devon Energy during the first quarter valued at $364,000. Acadian Asset Management LLC acquired a new position in shares of Devon Energy during the first quarter valued at $188,000. Blair William & Co. IL lifted its stake in shares of Devon Energy by 52.1% during the first quarter. Blair William & Co. IL now owns 99,120 shares of the energy company’s stock valued at $5,861,000 after acquiring an additional 33,936 shares during the period. Sei Investments Co. increased its holdings in Devon Energy by 9.2% in the first quarter. Sei Investments Co. now owns 414,354 shares of the energy company’s stock valued at $24,500,000 after purchasing an additional 34,870 shares during the last quarter. Finally, Canada Pension Plan Investment Board bought a new stake in Devon Energy in the first quarter valued at about $26,000. Institutional investors and hedge funds own 68.34% of the company’s stock.

Wall Street Analyst Weigh In

DVN has been the subject of a number of recent analyst reports. The Goldman Sachs Group upgraded Devon Energy from a “neutral” rating to a “buy” rating and dropped their price objective for the company from $63.00 to $58.00 in a report on Tuesday, June 13th. Stifel Nicolaus upped their price objective on Devon Energy from $77.00 to $79.00 and gave the company a “buy” rating in a report on Friday, August 25th. Evercore ISI dropped their price objective on Devon Energy from $52.00 to $50.00 in a report on Monday, July 10th. StockNews.com upgraded Devon Energy from a “sell” rating to a “hold” rating in a report on Monday. Finally, Mizuho raised their price target on Devon Energy from $60.00 to $62.00 and gave the stock a “buy” rating in a research report on Monday. Seven investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $63.83.

Insider Transactions at Devon Energy

In other news, EVP Dennis C. Cameron sold 7,870 shares of Devon Energy stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $51.13, for a total transaction of $402,393.10. Following the completion of the transaction, the executive vice president now directly owns 210,548 shares in the company, valued at approximately $10,765,319.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.63% of the stock is currently owned by corporate insiders.

Devon Energy Stock Down 1.1 %

Shares of NYSE:DVN traded down $0.53 during trading on Tuesday, hitting $48.97. 4,878,230 shares of the company were exchanged, compared to its average volume of 8,906,537. The stock has a market cap of $31.38 billion, a price-to-earnings ratio of 6.77, a P/E/G ratio of 0.17 and a beta of 2.34. Devon Energy Co. has a fifty-two week low of $44.03 and a fifty-two week high of $78.82. The firm has a fifty day moving average price of $51.05 and a two-hundred day moving average price of $50.43. The company has a current ratio of 0.98, a quick ratio of 0.90 and a debt-to-equity ratio of 0.55.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, August 1st. The energy company reported $1.18 earnings per share for the quarter, hitting the consensus estimate of $1.18. The firm had revenue of $3.45 billion for the quarter, compared to analyst estimates of $3.26 billion. Devon Energy had a return on equity of 37.89% and a net margin of 28.10%. The business’s quarterly revenue was down 38.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.59 EPS. As a group, research analysts anticipate that Devon Energy Co. will post 5.61 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be paid a dividend of $0.49 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $1.96 annualized dividend and a dividend yield of 4.00%. Devon Energy’s dividend payout ratio is currently 10.94%.

Devon Energy Profile

Devon Energy Corporation, an independent energy company, explores for, develops, and produces oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Anadarko, Williston, Eagle Ford, and Powder River Basin. The company was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.