Steward Partners Investment Advisory LLC Reduces Stake in Devon Energy Corporation $DVN

Key Points

• Steward Partners Investment Advisory LLC has reduced its stake in Devon Energy Corporation by 8.8%, holding 91,352 shares valued at approximately $3.42 million after selling 8,825 shares.
• In a series of hedge fund activities, Whittier Trust Co. increased its Devon Energy holdings by 24.3%, while Sierra Ocean LLC raised theirs by 29.4% during the same quarter.
• Analysts maintain a positive outlook, with Wells Fargo raising their price objective for Devon Energy from $42.00 to $43.00 and a consensus price target of $44.15 among various investment firms.

Steward Partners Investment Advisory LLC lowered its holdings in Devon Energy Corporation (NYSE:DVN - Free Report) by 8.8% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 91,352 shares of the energy company's stock after selling 8,825 shares during the quarter. Steward Partners Investment Advisory LLC's holdings in Devon Energy were worth $3,417,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the business. Whittier Trust Co. increased its holdings in shares of Devon Energy by 24.3% in the 1st quarter. Whittier Trust Co. now owns 1,927 shares of the energy company's stock valued at $72,000 after acquiring an additional 377 shares during the last quarter. Callan Family Office LLC increased its holdings in shares of Devon Energy by 3.7% in the 1st quarter. Callan Family Office LLC now owns 10,581 shares of the energy company's stock valued at $396,000 after acquiring an additional 377 shares during the last quarter. Hager Investment Management Services LLC increased its holdings in shares of Devon Energy by 9.9% in the 1st quarter. Hager Investment Management Services LLC now owns 4,235 shares of the energy company's stock valued at $158,000 after acquiring an additional 380 shares during the last quarter. Private Advisor Group LLC increased its holdings in shares of Devon Energy by 0.4% in the 1st quarter. Private Advisor Group LLC now owns 92,211 shares of the energy company's stock valued at $3,449,000 after acquiring an additional 386 shares during the last quarter. Finally, Sierra Ocean LLC increased its holdings in shares of Devon Energy by 29.4% in the 1st quarter. Sierra Ocean LLC now owns 1,709 shares of the energy company's stock valued at $64,000 after acquiring an additional 388 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company's stock.

Insider Buying and Selling at Devon Energy

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 stock was sold at an average price of $33.46, for a total value of $257,140.10. Following the transaction, the director directly owned 31,801 shares in the company, valued at approximately $1,064,061.46. This trade represents a 19.46% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.71% of the company's stock.

Wall Street Analysts Forecast Growth

DVN has been the topic of a number of recent analyst reports. Wells Fargo & Company increased their price objective on Devon Energy from $42.00 to $43.00 and gave the company an "overweight" rating in a report on Tuesday, August 12th. JPMorgan Chase & Co. raised their price target on Devon Energy from $40.00 to $42.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 8th. Scotiabank restated an "outperform" rating on shares of Devon Energy in a research note on Friday, July 11th. Tudor, Pickering, Holt & Co. raised their price target on Devon Energy from $42.00 to $44.00 in a research note on Thursday, July 3rd. Finally, UBS Group raised their price target on Devon Energy from $37.00 to $40.00 and gave the stock a "neutral" rating in a research note on Wednesday. Fifteen analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $44.15.

Devon Energy Trading Up 0.5%

Shares of DVN stock opened at $33.7550 on Thursday. The business's 50 day moving average is $33.26 and its two-hundred day moving average is $33.13. Devon Energy Corporation has a twelve month low of $25.89 and a twelve month high of $46.04. The company has a market capitalization of $21.43 billion, a P/E ratio of 7.57, a price-to-earnings-growth ratio of 1.92 and a beta of 1.07. The company has a current ratio of 1.22, a quick ratio of 1.13 and a debt-to-equity ratio of 0.55.

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

Devon Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Monday, September 15th. Devon Energy's dividend payout ratio (DPR) is 21.52%.

Devon Energy Company 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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