Cresset Asset Management LLC Sells 30,948 Shares of Devon Energy Co. (NYSE:DVN)

Cresset Asset Management LLC lessened its stake in shares of Devon Energy Co. (NYSE:DVN - Free Report) by 16.5% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 157,065 shares of the energy company's stock after selling 30,948 shares during the period. Cresset Asset Management LLC's holdings in Devon Energy were worth $5,141,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Hurley Capital LLC bought a new stake in Devon Energy during the 4th quarter valued at $26,000. Accredited Wealth Management LLC bought a new stake in shares of Devon Energy in the fourth quarter valued at about $28,000. Cromwell Holdings LLC lifted its stake in Devon Energy by 98.0% in the fourth quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company's stock worth $40,000 after acquiring an additional 598 shares during the period. Sierra Ocean LLC bought a new position in Devon Energy during the 4th quarter worth about $43,000. Finally, Endeavor Private Wealth Inc. purchased a new position in Devon Energy during the 4th quarter valued at about $52,000. Hedge funds and other institutional investors own 69.72% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Citigroup cut their price objective on shares of Devon Energy from $46.00 to $43.00 and set a "buy" rating on the stock in a report on Friday, April 4th. Cowen downgraded Devon Energy to a "hold" rating and cut their price target for the company from $46.00 to $45.00 in a report on Tuesday, February 18th. Royal Bank of Canada decreased their price objective on Devon Energy from $49.00 to $40.00 and set a "sector perform" rating for the company in a research note on Monday, April 14th. Truist Financial boosted their target price on shares of Devon Energy from $42.00 to $44.00 and gave the stock a "hold" rating in a report on Thursday, February 20th. Finally, Bank of America lowered their price target on shares of Devon Energy from $52.00 to $42.00 and set a "buy" rating on the stock in a report on Tuesday, April 29th. One analyst has rated the stock with a sell rating, nine have given a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $43.96.

Devon Energy Stock Performance

NYSE DVN opened at $31.98 on Friday. The firm has a market capitalization of $20.57 billion, a P/E ratio of 7.01, a PEG ratio of 1.20 and a beta of 1.00. The stock has a 50-day simple moving average of $32.58 and a two-hundred day simple moving average of $34.80. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04. Devon Energy Co. has a fifty-two week low of $25.89 and a fifty-two week high of $51.20.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The energy company reported $1.21 earnings per share for the quarter, missing the consensus estimate of $1.27 by ($0.06). The company had revenue of $4.45 billion for the quarter, compared to analysts' expectations of $4.31 billion. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. The firm's revenue was up 23.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.16 earnings per share. On average, equities analysts forecast that Devon Energy Co. will post 4.85 earnings per share for the current year.

Devon Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.96 annualized dividend and a yield of 3.00%. Devon Energy's dividend payout ratio is presently 21.05%.

Devon Energy Company Profile

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.

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