Cresset Asset Management LLC Sells 52,615 Shares of Devon Energy Corporation $DVN

Key Points

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Cresset Asset Management LLC cut its holdings in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 33.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 104,450 shares of the energy company's stock after selling 52,615 shares during the quarter. Cresset Asset Management LLC's holdings in Devon Energy were worth $3,906,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Cantor Fitzgerald Investment Advisors L.P. boosted its stake in Devon Energy by 10.8% in the 1st quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 272,990 shares of the energy company's stock valued at $10,210,000 after purchasing an additional 26,519 shares during the period. Merit Financial Group LLC raised its holdings in shares of Devon Energy by 209.5% during the 1st quarter. Merit Financial Group LLC now owns 22,679 shares of the energy company's stock worth $848,000 after buying an additional 15,351 shares in the last quarter. Autumn Glory Partners LLC increased its holdings in Devon Energy by 93.6% in the 1st quarter. Autumn Glory Partners LLC now owns 41,368 shares of the energy company's stock worth $1,547,000 after purchasing an additional 20,000 shares in the last quarter. Intact Investment Management Inc. acquired a new position in Devon Energy in the 1st quarter worth about $2,524,000. Finally, Praxis Investment Management Inc. increased its holdings in Devon Energy by 41.8% in the 1st quarter. Praxis Investment Management Inc. now owns 47,000 shares of the energy company's stock worth $1,758,000 after purchasing an additional 13,860 shares in the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Devon Energy

In other news, Director Kelt Kindick sold 7,685 shares of the stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $33.46, for a total transaction of $257,140.10. Following the completion of the transaction, the director directly owned 31,801 shares of the company's stock, valued at $1,064,061.46. This represents a 19.46% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.71% of the company's stock.

Analyst Ratings Changes

DVN has been the subject of several recent research reports. Raymond James Financial reissued an "outperform" rating and issued a $45.00 price target (up previously from $40.00) on shares of Devon Energy in a research note on Tuesday, July 22nd. Bank of America decreased their price target on Devon Energy from $52.00 to $42.00 and set a "buy" rating for the company in a research note on Tuesday, April 29th. Bernstein Bank decreased their price target on Devon Energy from $45.00 to $43.00 and set an "outperform" rating for the company in a research note on Monday, July 7th. UBS Group increased their price target on Devon Energy from $37.00 to $40.00 and gave the company a "neutral" rating in a research note on Wednesday. Finally, Tudor, Pickering, Holt & Co. increased their price target on Devon Energy from $42.00 to $44.00 in a research note on Thursday, July 3rd. Fifteen equities research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $44.15.

Devon Energy Stock Up 3.6%

Shares of DVN traded up $1.2350 on Friday, reaching $35.1250. The company's stock had a trading volume of 8,408,473 shares, compared to its average volume of 7,446,868. Devon Energy Corporation has a twelve month low of $25.89 and a twelve month high of $46.04. The company has a current ratio of 1.22, a quick ratio of 1.13 and a debt-to-equity ratio of 0.55. The firm has a fifty day moving average of $33.25 and a 200-day moving average of $33.14. The stock has a market capitalization of $22.30 billion, a PE ratio of 7.88, a PEG ratio of 1.93 and a beta of 1.07.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The energy company reported $0.84 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.83 by $0.01. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. The business had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.01 billion. During the same period in the prior year, the firm posted $1.41 EPS. The firm's quarterly revenue was up 9.4% compared to the same quarter last year. Equities analysts predict that Devon Energy Corporation will post 4.85 EPS for the current year.

Devon Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend is Monday, September 15th. Devon Energy's dividend payout ratio is presently 21.52%.

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.