Kingswood Wealth Advisors LLC Sells 22,600 Shares of Devon Energy Corporation $DVN

Key Points

• Kingswood Wealth Advisors LLC reduced its stake in Devon Energy by 37.2%, selling 22,600 shares and bringing its total ownership to 38,191 shares valued at approximately $1.2 million.
• Several institutional investors, including Ameriprise Financial and Nuveen LLC, significantly increased their holdings in Devon Energy, indicating strong investor interest in the company.
• Devon Energy's earnings report revealed a net margin of 16.57% and a revenue of $4.28 billion for the quarter, surpassing analyst estimates and contributing to a favorable outlook from analysts who have issued a consensus rating of "Moderate Buy."

Kingswood Wealth Advisors LLC trimmed its holdings in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 37.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 38,191 shares of the energy company's stock after selling 22,600 shares during the quarter. Kingswood Wealth Advisors LLC's holdings in Devon Energy were worth $1,215,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Ameriprise Financial Inc. raised its holdings in shares of Devon Energy by 81.1% in the first quarter. Ameriprise Financial Inc. now owns 5,029,987 shares of the energy company's stock valued at $188,131,000 after acquiring an additional 2,252,918 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Devon Energy by 2.6% in the first quarter. Vanguard Group Inc. now owns 82,780,738 shares of the energy company's stock valued at $3,096,000,000 after acquiring an additional 2,098,568 shares in the last quarter. Nuveen LLC bought a new stake in shares of Devon Energy in the first quarter valued at about $69,975,000. AQR Capital Management LLC raised its holdings in shares of Devon Energy by 100.0% in the first quarter. AQR Capital Management LLC now owns 3,558,362 shares of the energy company's stock valued at $132,051,000 after acquiring an additional 1,779,382 shares in the last quarter. Finally, Assenagon Asset Management S.A. raised its holdings in shares of Devon Energy by 530.3% in the first quarter. Assenagon Asset Management S.A. now owns 2,067,465 shares of the energy company's stock valued at $77,323,000 after acquiring an additional 1,739,436 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors.

Insider Activity at Devon Energy

In other Devon Energy news, Director Kelt Kindick sold 7,685 shares of the business's stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $33.46, for a total value of $257,140.10. Following the completion of the transaction, the director directly owned 31,801 shares of the company's stock, valued at approximately $1,064,061.46. The trade was a 19.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.73% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. JPMorgan Chase & Co. lifted their price objective on Devon Energy from $40.00 to $42.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. UBS Group lifted their price objective on Devon Energy from $37.00 to $40.00 and gave the company a "neutral" rating in a report on Wednesday, August 20th. Jefferies Financial Group boosted their target price on shares of Devon Energy from $31.00 to $33.00 and gave the stock a "hold" rating in a report on Monday, July 14th. Wells Fargo & Company boosted their target price on shares of Devon Energy from $42.00 to $43.00 and gave the stock an "overweight" rating in a report on Tuesday, August 12th. Finally, Scotiabank reiterated an "outperform" rating on shares of Devon Energy in a report on Friday, July 11th. Sixteen analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $43.48.

Devon Energy Price Performance

Shares of DVN stock opened at $34.95 on Wednesday. Devon Energy Corporation has a fifty-two week low of $25.89 and a fifty-two week high of $43.29. The firm has a market capitalization of $22.18 billion, a price-to-earnings ratio of 7.84, a PEG ratio of 2.03 and a beta of 1.03. 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's 50-day simple moving average is $34.47 and its 200-day simple moving average is $33.14.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The energy company reported $0.84 earnings per share for the quarter, topping analysts' consensus estimates of $0.83 by $0.01. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.The business had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.01 billion. During the same quarter in the previous year, the firm earned $1.41 earnings per share. The company's revenue was up 9.4% on a year-over-year basis. As a group, equities analysts forecast that Devon Energy Corporation will post 4.85 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

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

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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