Confluence Wealth Services Inc. Sells 16,155 Shares of Devon Energy Corporation (NYSE:DVN)

Confluence Wealth Services Inc. reduced its position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 26.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 44,335 shares of the energy company's stock after selling 16,155 shares during the period. Confluence Wealth Services Inc.'s holdings in Devon Energy were worth $1,658,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Oregon Public Employees Retirement Fund grew its holdings in shares of Devon Energy by 5.2% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 56,359 shares of the energy company's stock valued at $1,845,000 after acquiring an additional 2,780 shares in the last quarter. New York Life Investment Management LLC boosted its position in Devon Energy by 5.6% in the fourth quarter. New York Life Investment Management LLC now owns 87,923 shares of the energy company's stock worth $2,878,000 after purchasing an additional 4,682 shares during the last quarter. Proficio Capital Partners LLC purchased a new position in Devon Energy in the fourth quarter worth $4,411,000. QRG Capital Management Inc. grew its stake in Devon Energy by 291.7% in the 4th quarter. QRG Capital Management Inc. now owns 92,098 shares of the energy company's stock valued at $3,014,000 after purchasing an additional 68,583 shares during the period. Finally, Parkside Financial Bank & Trust increased its position in shares of Devon Energy by 14.8% during the 4th quarter. Parkside Financial Bank & Trust now owns 3,130 shares of the energy company's stock valued at $102,000 after purchasing an additional 404 shares during the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Price Performance

DVN stock opened at $32.26 on Friday. The firm has a 50 day moving average of $32.21 and a 200-day moving average of $33.43. The firm has a market capitalization of $20.71 billion, a P/E ratio of 7.35, a price-to-earnings-growth ratio of 2.42 and a beta of 1.02. Devon Energy Corporation has a 12 month low of $25.89 and a 12 month high of $49.35. The company has a current ratio of 1.08, a quick ratio of 0.99 and a debt-to-equity ratio of 0.57.

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 (EPS) for the quarter, missing the consensus estimate of $1.27 by ($0.06). Devon Energy had a return on equity of 21.90% and a net margin of 16.60%. The firm had revenue of $4.45 billion during the quarter, compared to analysts' expectations of $4.31 billion. During the same quarter in the prior year, the company earned $1.16 earnings per share. The business's revenue for the quarter was up 23.8% compared to the same quarter last year. As a group, sell-side analysts predict that Devon Energy Corporation will post 4.85 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be issued a $0.24 dividend. The ex-dividend date is Friday, June 13th. This represents a $0.96 annualized dividend and a dividend yield of 2.98%. Devon Energy's payout ratio is currently 21.87%.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Piper Sandler reduced their price target on shares of Devon Energy from $56.00 to $53.00 and set an "overweight" rating for the company in a research report on Tuesday, May 13th. Williams Trading set a $50.00 target price on shares of Devon Energy in a research note on Wednesday, March 5th. Raymond James Financial set a $40.00 target price on shares of Devon Energy in a research report on Monday, April 21st. Citigroup decreased their price target on shares of Devon Energy from $46.00 to $43.00 and set a "buy" rating for the company in a research note on Friday, April 4th. Finally, Wells Fargo & Company lowered their price target on shares of Devon Energy from $46.00 to $41.00 and set an "overweight" rating on the stock in a report on Monday, June 16th. Ten equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $43.50.

Devon Energy 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.