Devon Energy Co. (NYSE:DVN) Stock Position Reduced by Hennion & Walsh Asset Management Inc.

Hennion & Walsh Asset Management Inc. cut its stake in shares of Devon Energy Co. (NYSE:DVN - Free Report) by 21.7% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 33,702 shares of the energy company's stock after selling 9,326 shares during the period. Hennion & Walsh Asset Management Inc.'s holdings in Devon Energy were worth $1,260,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Covestor Ltd grew its position in Devon Energy by 15.9% in the fourth quarter. Covestor Ltd now owns 2,521 shares of the energy company's stock worth $83,000 after acquiring an additional 345 shares in the last quarter. Horizon Investments LLC boosted its holdings in shares of Devon Energy by 4.1% during the 4th quarter. Horizon Investments LLC now owns 8,843 shares of the energy company's stock worth $289,000 after buying an additional 347 shares during the period. Tocqueville Asset Management L.P. boosted its holdings in shares of Devon Energy by 3.0% during the 4th quarter. Tocqueville Asset Management L.P. now owns 12,242 shares of the energy company's stock worth $401,000 after buying an additional 359 shares during the period. Parkside Financial Bank & Trust boosted its holdings 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 worth $102,000 after buying an additional 404 shares during the period. Finally, Stolper Co boosted its holdings in shares of Devon Energy by 0.3% during the 1st quarter. Stolper Co now owns 134,671 shares of the energy company's stock worth $5,037,000 after buying an additional 416 shares during the period. 69.72% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

DVN has been the subject of several recent analyst reports. Bank of America decreased their price objective on shares of Devon Energy from $52.00 to $42.00 and set a "buy" rating for the company in a report on Tuesday, April 29th. Williams Trading set a $50.00 target price on shares of Devon Energy in a research note on Wednesday, March 5th. JPMorgan Chase & Co. cut their target price on shares of Devon Energy from $48.00 to $42.00 and set a "neutral" rating for the company in a research note on Thursday, March 13th. Cowen cut shares of Devon Energy to a "hold" rating and cut their target price for the company from $46.00 to $45.00 in a research note on Tuesday, February 18th. Finally, Royal Bank of Canada cut their target price on shares of 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. Ten analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $43.71.

Devon Energy Stock Up 2.7%

Shares of NYSE:DVN opened at $32.28 on Friday. Devon Energy Co. has a 12 month low of $25.89 and a 12 month high of $49.35. The company's 50-day moving average price is $31.09 and its two-hundred day moving average price is $33.81. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. The firm has a market cap of $20.73 billion, a P/E ratio of 7.08, a P/E/G ratio of 1.20 and a beta of 1.02.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The energy company reported $1.21 EPS for the quarter, missing analysts' consensus estimates of $1.27 by ($0.06). Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The company had revenue of $4.45 billion for the quarter, compared to the consensus estimate of $4.31 billion. During the same period in the prior year, the company earned $1.16 EPS. The firm's revenue was up 23.8% compared to the same quarter last year. As a group, research analysts forecast that Devon Energy Co. will post 4.85 EPS 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. Stockholders of record on Friday, June 13th will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.97%. The ex-dividend date is Friday, June 13th. Devon Energy's dividend payout ratio (DPR) is presently 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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