Kingsview Wealth Management LLC Lowers Stock Position in Devon Energy Co. (NYSE:DVN)

Kingsview Wealth Management LLC lessened its holdings in shares of Devon Energy Co. (NYSE:DVN - Free Report) by 72.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 25,188 shares of the energy company's stock after selling 67,228 shares during the period. Kingsview Wealth Management LLC's holdings in Devon Energy were worth $1,141,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in DVN. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in shares of Devon Energy during the third quarter valued at $27,000. Sound Income Strategies LLC grew its stake in Devon Energy by 60.7% during the 4th quarter. Sound Income Strategies LLC now owns 675 shares of the energy company's stock valued at $31,000 after purchasing an additional 255 shares during the last quarter. Rise Advisors LLC increased its holdings in shares of Devon Energy by 1,365.3% in the fourth quarter. Rise Advisors LLC now owns 718 shares of the energy company's stock valued at $33,000 after purchasing an additional 669 shares during the period. PFS Partners LLC purchased a new position in shares of Devon Energy in the fourth quarter worth about $36,000. Finally, Naples Money Management LLC acquired a new stake in shares of Devon Energy during the fourth quarter worth about $40,000. Institutional investors and hedge funds own 69.72% of the company's stock.

Insiders Place Their Bets

In related news, EVP Tana K. Cashion sold 20,000 shares of the stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total value of $1,020,800.00. Following the completion of the sale, the executive vice president now owns 104,182 shares of the company's stock, valued at $5,317,449.28. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 0.63% of the company's stock.

Devon Energy Price Performance

Shares of NYSE:DVN traded up $0.38 during trading on Friday, reaching $49.62. The stock had a trading volume of 4,691,708 shares, compared to its average volume of 6,200,334. The business has a fifty day moving average price of $50.70 and a 200-day moving average price of $46.45. Devon Energy Co. has a 1-year low of $40.47 and a 1-year high of $55.09. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.97 and a current ratio of 1.04. The stock has a market cap of $31.36 billion, a PE ratio of 9.47 and a beta of 2.15.

Devon Energy (NYSE:DVN - Get Free Report) last announced its earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.06. The company had revenue of $3.60 billion for the quarter, compared to analysts' expectations of $3.64 billion. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The firm's quarterly revenue was down 5.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.46 EPS. On average, equities analysts forecast that Devon Energy Co. will post 5.21 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.88 dividend on an annualized basis and a yield of 1.77%. Devon Energy's payout ratio is 16.79%.

Analysts Set New Price Targets

DVN has been the topic of several research reports. JPMorgan Chase & Co. increased their price target on shares of Devon Energy from $57.00 to $62.00 and gave the stock an "overweight" rating in a report on Monday, April 8th. Susquehanna raised their target price on shares of Devon Energy from $52.00 to $65.00 and gave the stock a "positive" rating in a report on Monday, April 22nd. Truist Financial lowered their price target on shares of Devon Energy from $69.00 to $67.00 and set a "buy" rating on the stock in a report on Friday, May 3rd. Piper Sandler increased their price target on Devon Energy from $60.00 to $61.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 14th. Finally, Wells Fargo & Company upgraded Devon Energy from an "equal weight" rating to an "overweight" rating and upped their target price for the stock from $46.00 to $59.00 in a research note on Monday, April 1st. Four equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $58.83.

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.