Confluence Wealth Services Inc. Has $357,000 Holdings in Devon Energy Corporation $DVN

Key Points

• Confluence Wealth Services cut its stake in Devon Energy by 79.5% in Q4, selling 37,673 shares and retaining 9,744 shares worth about $357,000 per its SEC filing.
• Devon beat expectations for the quarter with EPS of $0.82 vs. $0.81 and revenue of $4.12 billion (down 6.4% YoY), declared a quarterly dividend of $0.24 (annualized $0.96, ~2.0% yield), and holds a consensus analyst rating of Moderate Buy with an average target of $54.14.

Confluence Wealth Services Inc. lessened its stake in Devon Energy Corporation (NYSE:DVN - Free Report) by 79.5% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 9,744 shares of the energy company's stock after selling 37,673 shares during the quarter. Confluence Wealth Services Inc.'s holdings in Devon Energy were worth $357,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Victory Capital Management Inc. boosted its stake in Devon Energy by 5.0% during the 3rd quarter. Victory Capital Management Inc. now owns 11,845,958 shares of the energy company's stock worth $415,319,000 after acquiring an additional 560,652 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Devon Energy by 6.3% in the third quarter. Dimensional Fund Advisors LP now owns 9,353,062 shares of the energy company's stock valued at $327,938,000 after purchasing an additional 552,068 shares in the last quarter. AQR Capital Management LLC increased its stake in Devon Energy by 29.3% in the third quarter. AQR Capital Management LLC now owns 8,223,219 shares of the energy company's stock valued at $288,306,000 after purchasing an additional 1,862,720 shares in the last quarter. Thrivent Financial for Lutherans raised its holdings in Devon Energy by 5.5% in the third quarter. Thrivent Financial for Lutherans now owns 4,712,190 shares of the energy company's stock worth $165,210,000 after purchasing an additional 246,179 shares during the period. Finally, Legal & General Group Plc boosted its position in shares of Devon Energy by 3.4% during the third quarter. Legal & General Group Plc now owns 3,286,761 shares of the energy company's stock worth $115,234,000 after purchasing an additional 106,824 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company's stock.

Devon Energy Stock Down 0.5%

Shares of DVN stock opened at $47.93 on Friday. Devon Energy Corporation has a 12-month low of $29.70 and a 12-month high of $52.71. The company has a quick ratio of 0.90, a current ratio of 0.98 and a debt-to-equity ratio of 0.48. The firm has a fifty day moving average of $46.64 and a 200-day moving average of $39.95. The company has a market capitalization of $29.77 billion, a price-to-earnings ratio of 11.49, a P/E/G ratio of 0.89 and a beta of 0.47.

Devon Energy (NYSE:DVN - Get Free Report) last posted its quarterly earnings data on Tuesday, February 17th. The energy company reported $0.82 EPS for the quarter, beating the consensus estimate of $0.81 by $0.01. The business had revenue of $4.12 billion for the quarter, compared to analysts' expectations of $3.67 billion. Devon Energy had a net margin of 15.37% and a return on equity of 16.28%. The firm's revenue was down 6.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.10 EPS. As a group, equities research analysts predict that Devon Energy Corporation will post 4.81 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date was Friday, March 13th. Devon Energy's payout ratio is 23.02%.

Analyst Ratings Changes

DVN has been the subject of several research analyst reports. Siebert Williams Shank boosted their price target on shares of Devon Energy from $46.00 to $50.00 and gave the company a "buy" rating in a report on Monday, January 26th. Susquehanna lifted their target price on Devon Energy from $52.00 to $57.00 and gave the stock a "positive" rating in a report on Tuesday. Wells Fargo & Company reissued an "overweight" rating and issued a $66.00 target price on shares of Devon Energy in a research note on Monday. Scotiabank increased their price target on Devon Energy from $41.00 to $46.00 and gave the stock a "sector perform" rating in a report on Wednesday. Finally, Weiss Ratings raised Devon Energy from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Wednesday, January 28th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and seven have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $54.14.

About Devon Energy

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.

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