Kovitz Investment Group Partners LLC Cuts Holdings in Devon Energy Co. (NYSE:DVN)

Kovitz Investment Group Partners LLC reduced its position in shares of Devon Energy Co. (NYSE:DVN - Free Report) by 54.5% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 21,779 shares of the energy company's stock after selling 26,125 shares during the quarter. Kovitz Investment Group Partners LLC's holdings in Devon Energy were worth $713,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of DVN. Redwood Wealth Management Group LLC lifted its holdings in shares of Devon Energy by 3.9% during the 4th quarter. Redwood Wealth Management Group LLC now owns 8,141 shares of the energy company's stock valued at $266,000 after buying an additional 309 shares during the last quarter. Cornerstone Wealth Management LLC raised its holdings in Devon Energy by 1.6% during the 4th quarter. Cornerstone Wealth Management LLC now owns 21,242 shares of the energy company's stock worth $695,000 after buying an additional 326 shares during the period. Annex Advisory Services LLC boosted its position in Devon Energy by 1.2% during the fourth quarter. Annex Advisory Services LLC now owns 27,021 shares of the energy company's stock valued at $884,000 after purchasing an additional 327 shares during the last quarter. Independence Bank of Kentucky raised its holdings in Devon Energy by 7.8% in the 4th quarter. Independence Bank of Kentucky now owns 4,580 shares of the energy company's stock valued at $150,000 after acquiring an additional 330 shares during the period. Finally, Covestor Ltd grew its stake in shares of Devon Energy by 15.9% during the fourth quarter. Covestor Ltd now owns 2,521 shares of the energy company's stock worth $83,000 after buying an additional 345 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. UBS Group cut their price objective on Devon Energy from $41.00 to $35.00 and set a "neutral" rating on the stock in a research report on Monday, April 7th. Morgan Stanley set a $47.00 price objective on Devon Energy and gave the company an "overweight" rating in a research report on Wednesday, March 26th. Citigroup reduced their price target on Devon Energy from $46.00 to $43.00 and set a "buy" rating for the company in a research report on Friday, April 4th. Cowen lowered Devon Energy to a "hold" rating and cut their price objective for the company from $46.00 to $45.00 in a research report on Tuesday, February 18th. Finally, Bank of America reduced their price target on Devon Energy from $52.00 to $42.00 and set a "buy" rating on the stock in a report on Tuesday, April 29th. Ten analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, Devon Energy presently has an average rating of "Moderate Buy" and an average price target of $43.87.

Devon Energy Price Performance

Shares of Devon Energy stock traded up $0.30 on Friday, reaching $31.46. 6,600,769 shares of the stock were exchanged, compared to its average volume of 8,481,736. The firm has a market cap of $20.24 billion, a PE ratio of 6.90, a P/E/G ratio of 1.20 and a beta of 1.00. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04. The firm's 50 day moving average is $32.94 and its 200-day moving average is $35.03. Devon Energy Co. has a one year low of $25.89 and a one year high of $51.46.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.00 by $0.16. The firm had revenue of $4.40 billion during the quarter, compared to the consensus estimate of $4.25 billion. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. As a group, analysts anticipate that Devon Energy Co. will post 4.85 EPS for the current fiscal year.

Devon Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were paid a $0.24 dividend. This is a boost from Devon Energy's previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a yield of 3.05%. The ex-dividend date of this dividend was Friday, March 14th. Devon Energy's payout ratio is 21.05%.

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.