Devon Energy Corporation $DVN Stake Decreased by Independent Solutions Wealth Management LLC

Key Points

• Independent Solutions Wealth Management LLC reduced its stake in Devon Energy Corporation by 87.3%, selling 59,198 shares and now holding 8,646 shares valued at $275,000.
• In contrast, other institutional investors such as Cantor Fitzgerald Investment Advisors and Autumn Glory Partners significantly increased their positions in Devon Energy during the first quarter.
• Devon Energy recently reported quarterly earnings of $0.84 per share, exceeding estimates and showing a 9.4% revenue increase year-over-year, along with announcing a quarterly dividend of $0.24 per share.

Independent Solutions Wealth Management LLC lessened its holdings in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 87.3% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,646 shares of the energy company's stock after selling 59,198 shares during the period. Independent Solutions Wealth Management LLC's holdings in Devon Energy were worth $275,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Cantor Fitzgerald Investment Advisors L.P. raised its holdings in Devon Energy by 10.8% during the first quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 272,990 shares of the energy company's stock worth $10,210,000 after purchasing an additional 26,519 shares in the last quarter. Autumn Glory Partners LLC raised its holdings in Devon Energy by 93.6% during the first 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. bought a new stake in Devon Energy during the first quarter worth approximately $2,524,000. Praxis Investment Management Inc. raised its holdings in Devon Energy by 41.8% during the first 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. Finally, Allspring Global Investments Holdings LLC raised its holdings in Devon Energy by 38.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 847,759 shares of the energy company's stock worth $31,850,000 after purchasing an additional 236,624 shares in the last quarter. Institutional investors own 69.72% of the company's stock.

Insiders Place Their Bets

In other Devon Energy news, Director Kelt Kindick sold 7,685 shares of Devon Energy 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 transaction, the director directly owned 31,801 shares in the company, valued at approximately $1,064,061.46. The trade was a 19.46% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.73% of the company's stock.

Devon Energy Price Performance

NYSE DVN opened at $34.95 on Wednesday. Devon Energy Corporation has a 1 year low of $25.89 and a 1 year high of $43.29. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.13 and a current ratio of 1.22. The stock has a market capitalization of $22.18 billion, a P/E ratio of 7.84, a P/E/G ratio of 2.03 and a beta of 1.03. The business's fifty day moving average is $34.47 and its two-hundred day moving average is $33.14.

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

Devon Energy Announces Dividend

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

Analyst Upgrades and Downgrades

Several brokerages recently commented on DVN. JPMorgan Chase & Co. boosted their target price on Devon Energy from $40.00 to $42.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. Evercore ISI boosted their target price on Devon Energy from $34.00 to $37.00 and gave the stock an "in-line" rating in a report on Monday. Siebert Williams Shank upped their price target on Devon Energy from $47.00 to $52.00 and gave the company a "buy" rating in a report on Monday, June 23rd. Morgan Stanley upped their price target on Devon Energy from $46.00 to $49.00 and gave the company an "overweight" rating in a report on Monday, August 18th. Finally, Bernstein Bank dropped their price target on Devon Energy from $45.00 to $43.00 and set an "outperform" rating on the stock in a report on Monday, July 7th. Sixteen analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $43.48.

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.

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