Devon Energy Co. (NYSE:DVN) Shares Sold by Laird Norton Wetherby Wealth Management LLC

Laird Norton Wetherby Wealth Management LLC cut its stake in Devon Energy Co. (NYSE:DVN - Free Report) by 20.4% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 31,634 shares of the energy company's stock after selling 8,111 shares during the quarter. Laird Norton Wetherby Wealth Management LLC's holdings in Devon Energy were worth $1,035,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of DVN. Principal Financial Group Inc. increased its stake in shares of Devon Energy by 1.0% in the 3rd quarter. Principal Financial Group Inc. now owns 731,978 shares of the energy company's stock worth $28,635,000 after acquiring an additional 7,487 shares during the last quarter. Czech National Bank increased its position in shares of Devon Energy by 11.7% during the 4th quarter. Czech National Bank now owns 142,429 shares of the energy company's stock worth $4,662,000 after purchasing an additional 14,866 shares during the last quarter. FNY Investment Advisers LLC increased its position in shares of Devon Energy by 738.5% during the 4th quarter. FNY Investment Advisers LLC now owns 6,700 shares of the energy company's stock worth $219,000 after purchasing an additional 5,901 shares during the last quarter. Signal Advisors Wealth LLC increased its position in shares of Devon Energy by 25.8% during the 4th quarter. Signal Advisors Wealth LLC now owns 8,475 shares of the energy company's stock worth $277,000 after purchasing an additional 1,739 shares during the last quarter. Finally, Fifth Third Wealth Advisors LLC increased its position in shares of Devon Energy by 35.4% during the 4th quarter. Fifth Third Wealth Advisors LLC now owns 15,240 shares of the energy company's stock worth $499,000 after purchasing an additional 3,981 shares during the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on DVN shares. StockNews.com downgraded Devon Energy from a "hold" rating to a "sell" rating in a research report on Wednesday, May 7th. Bank of America cut their price objective on Devon Energy from $52.00 to $42.00 and set a "buy" rating for the company in a research report on Tuesday, April 29th. Citigroup cut their price objective on Devon Energy from $46.00 to $43.00 and set a "buy" rating for the company in a research report on Friday, April 4th. Sanford C. Bernstein raised Devon Energy from a "market perform" rating to an "outperform" rating and set a $45.00 price objective for the company in a research report on Wednesday, January 15th. Finally, Susquehanna dropped their target price on Devon Energy from $52.00 to $41.00 and set a "positive" rating for the company in a research report on Tuesday, April 22nd. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, Devon Energy currently has an average rating of "Moderate Buy" and a consensus price target of $43.78.

Devon Energy Stock Performance

Shares of DVN opened at $34.29 on Wednesday. The stock has a 50-day simple moving average of $32.56 and a 200-day simple moving average of $34.64. The stock has a market capitalization of $22.06 billion, a PE ratio of 7.52, a PEG ratio of 1.20 and a beta of 1.00. Devon Energy Co. has a 1 year low of $25.89 and a 1 year high of $50.24. 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 (NYSE:DVN - Get Free Report) last posted its 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 business had revenue of $4.45 billion for the quarter, compared to analysts' expectations of $4.31 billion. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. Devon Energy's revenue for the quarter was up 23.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.16 EPS. On average, analysts predict that Devon Energy Co. will post 4.85 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.80%. The ex-dividend date is Friday, June 13th. Devon Energy's payout ratio is 21.87%.

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.

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