Envestnet Asset Management Inc. trimmed its stake in shares of Devon Energy Co. (NYSE:DVN – Get Rating) by 2.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 513,147 shares of the energy company’s stock after selling 10,786 shares during the period. Envestnet Asset Management Inc. owned 0.08% of Devon Energy worth $31,564,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. WFA of San Diego LLC purchased a new position in Devon Energy during the fourth quarter valued at $25,000. Tradewinds Capital Management LLC raised its position in shares of Devon Energy by 115.0% in the fourth quarter. Tradewinds Capital Management LLC now owns 430 shares of the energy company’s stock valued at $26,000 after buying an additional 230 shares during the last quarter. Canada Pension Plan Investment Board acquired a new stake in shares of Devon Energy in the first quarter valued at about $26,000. Financial Enhancement Group LLC acquired a new stake in shares of Devon Energy in the third quarter valued at about $29,000. Finally, Romano Brothers AND Company acquired a new stake in shares of Devon Energy in the fourth quarter valued at about $29,000. 78.08% of the stock is owned by hedge funds and other institutional investors.
Insider Activity
In other news, EVP Dennis C. Cameron sold 7,179 shares of the firm’s stock in a transaction that occurred on Friday, February 17th. The shares were sold at an average price of $54.77, for a total value of $393,193.83. Following the completion of the transaction, the executive vice president now owns 262,498 shares of the company’s stock, valued at $14,377,015.46. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, Director John E. Bethancourt purchased 3,765 shares of the firm’s stock in a transaction that occurred on Friday, February 17th. The stock was bought at an average price of $53.06 per share, for a total transaction of $199,770.90. Following the completion of the purchase, the director now directly owns 94,669 shares of the company’s stock, valued at $5,023,137.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Dennis C. Cameron sold 7,179 shares of Devon Energy stock in a transaction that occurred on Friday, February 17th. The stock was sold at an average price of $54.77, for a total transaction of $393,193.83. Following the completion of the transaction, the executive vice president now owns 262,498 shares of the company’s stock, valued at approximately $14,377,015.46. The disclosure for this sale can be found here. Insiders own 0.80% of the company’s stock.
Devon Energy Trading Down 1.6 %
Devon Energy (NYSE:DVN – Get Rating) last posted its quarterly earnings data on Wednesday, February 15th. The energy company reported $1.66 EPS for the quarter, missing the consensus estimate of $1.75 by ($0.09). Devon Energy had a net margin of 31.38% and a return on equity of 52.20%. The business had revenue of $4.30 billion during the quarter, compared to analysts’ expectations of $4.29 billion. During the same period in the previous year, the business posted $1.39 EPS. The company’s revenue for the quarter was up .6% compared to the same quarter last year. Equities research analysts anticipate that Devon Energy Co. will post 6.56 EPS for the current fiscal year.
Devon Energy Increases Dividend
The firm also recently disclosed a None dividend, which was paid on Friday, March 31st. Stockholders of record on Wednesday, March 15th were paid a $0.89 dividend. This is a positive change from Devon Energy’s previous None dividend of $0.49. The ex-dividend date was Tuesday, March 14th. This represents a dividend yield of 9.3%. Devon Energy’s dividend payout ratio (DPR) is presently 8.77%.
Analyst Upgrades and Downgrades
A number of equities research analysts have recently commented on DVN shares. UBS Group started coverage on shares of Devon Energy in a research report on Wednesday, April 19th. They issued a “neutral” rating and a $60.00 target price for the company. Truist Financial increased their target price on shares of Devon Energy from $70.00 to $87.00 and gave the company a “buy” rating in a research report on Tuesday, April 11th. Evercore ISI reduced their target price on shares of Devon Energy from $80.00 to $52.00 in a research report on Tuesday, March 14th. Citigroup cut their price objective on shares of Devon Energy from $77.00 to $66.00 and set a “buy” rating for the company in a research report on Thursday, February 23rd. Finally, Morgan Stanley cut their price objective on shares of Devon Energy from $52.00 to $49.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 19th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $71.32.
About Devon Energy
Devon Energy Corp. engages in the exploration, development, and production of oil and natural gas properties. It develops and operates Delaware Basin, Eagle Ford, Heavy Oil, Barnett Shale, STACK, and Rockies Oil. The company was founded by J. Larry Nichols and John W. Nichols in 1971 and is headquartered in Oklahoma City, OK.
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