Wealth Enhancement Advisory Services LLC Sells 26,667 Shares of Devon Energy Corporation $DVN

Key Points

• Wealth Enhancement Advisory Services LLC reduced its Devon Energy stake by 3%, selling 26,667 shares and retaining 871,011 shares valued at approximately $36.3 million. Institutional investors collectively own 69.72% of DVN.
• Analysts maintain a favorable outlook, with a consensus rating of “Moderate Buy” and an average price target of $59.60, despite some firms lowering their targets.
• Devon Energy exceeded quarterly earnings and revenue expectations, reporting $1.57 EPS and $7.42 billion in revenue, while announcing a quarterly dividend of $0.32 per share, yielding about 2.9% annually.

Wealth Enhancement Advisory Services LLC lessened its holdings in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 3.0% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 871,011 shares of the energy company's stock after selling 26,667 shares during the period. Wealth Enhancement Advisory Services LLC owned about 0.14% of Devon Energy worth $36,279,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. LSV Asset Management increased its position in shares of Devon Energy by 79.6% during the 4th quarter. LSV Asset Management now owns 799,587 shares of the energy company's stock valued at $29,289,000 after purchasing an additional 354,500 shares during the last quarter. Morningstar Investment Management LLC purchased a new position in shares of Devon Energy in the fourth quarter worth approximately $2,089,000. Kimmeridge Energy Management Company LLC grew its position in Devon Energy by 56.5% during the fourth quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company's stock valued at $324,204,000 after buying an additional 3,195,862 shares during the period. Illinois Municipal Retirement Fund grew its position in Devon Energy by 15.5% during the first quarter. Illinois Municipal Retirement Fund now owns 194,773 shares of the energy company's stock valued at $9,801,000 after buying an additional 26,209 shares during the period. Finally, NewEdge Wealth LLC grew its position in Devon Energy by 20.0% during the first quarter. NewEdge Wealth LLC now owns 479,681 shares of the energy company's stock valued at $24,138,000 after buying an additional 80,000 shares during the period. Institutional investors own 69.72% of the company's stock.

Analysts Set New Price Targets

A number of research firms have commented on DVN. JPMorgan Chase & Co. decreased their target price on shares of Devon Energy from $62.00 to $55.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 8th. Tudor Pickering upgraded shares of Devon Energy from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 20th. Barclays increased their price objective on shares of Devon Energy from $54.00 to $62.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 26th. Capital One Financial decreased their price objective on shares of Devon Energy from $63.00 to $61.00 and set an "overweight" rating on the stock in a research report on Tuesday, June 2nd. Finally, Roth Capital restated a "buy" rating and set a $57.00 target price on shares of Devon Energy in a research note on Tuesday, April 28th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, Devon Energy presently has a consensus rating of "Moderate Buy" and a consensus target price of $59.60.

Insider Buying and Selling

In other news, SVP Andrea Alexander sold 18,000 shares of Devon Energy stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total value of $841,320.00. Following the transaction, the senior vice president owned 138,529 shares of the company's stock, valued at $6,474,845.46. The trade was a 11.50% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 4.58% of the company's stock.

Devon Energy Stock Down 0.8%

Shares of DVN opened at $44.48 on Friday. The firm has a fifty day moving average price of $43.37 and a 200-day moving average price of $45.13. The company has a current ratio of 0.72, a quick ratio of 0.67 and a debt-to-equity ratio of 0.24. The firm has a market capitalization of $48.93 billion, a P/E ratio of 10.57 and a beta of 0.38. Devon Energy Corporation has a 12-month low of $31.47 and a 12-month high of $52.71.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.40 by $0.17. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The company had revenue of $7.42 billion for the quarter, compared to analysts' expectations of $6.01 billion. During the same quarter in the prior year, the firm earned $0.84 earnings per share. Devon Energy's revenue was up 73.1% compared to the same quarter last year. Equities research analysts expect that Devon Energy Corporation will post 4.95 earnings per share for the current year.

Devon Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be paid a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 2.9%. The ex-dividend date is Tuesday, September 15th. Devon Energy's payout ratio is 30.40%.

Devon Energy Company Profile

Devon Energy Corporation NYSE: DVN is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.

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