Wealth Enhancement Advisory Services LLC Reduces Position in Devon Energy Corporation $DVN

Wealth Enhancement Advisory Services LLC decreased its stake in shares of Devon Energy Corporation (NYSE:DVN) by 35.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,327,530 shares of the energy company’s stock after selling 716,551 shares during the quarter. Wealth Enhancement Advisory Services LLC owned about 0.21% of Devon Energy worth $47,636,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Woodline Partners LP raised its stake in Devon Energy by 98.8% in the 1st quarter. Woodline Partners LP now owns 115,780 shares of the energy company’s stock worth $4,330,000 after acquiring an additional 57,555 shares during the last quarter. Sivia Capital Partners LLC acquired a new position in shares of Devon Energy in the second quarter valued at about $403,000. SG Americas Securities LLC raised its stake in shares of Devon Energy by 47.1% in the second quarter. SG Americas Securities LLC now owns 20,625 shares of the energy company’s stock worth $656,000 after purchasing an additional 6,602 shares during the last quarter. Intech Investment Management LLC boosted its position in Devon Energy by 40.0% in the second quarter. Intech Investment Management LLC now owns 39,455 shares of the energy company’s stock valued at $1,255,000 after buying an additional 11,273 shares during the last quarter. Finally, Ensign Peak Advisors Inc increased its holdings in Devon Energy by 6.2% in the 2nd quarter. Ensign Peak Advisors Inc now owns 290,565 shares of the energy company’s stock worth $9,243,000 after buying an additional 16,900 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on DVN shares. Barclays raised their price target on shares of Devon Energy from $52.00 to $54.00 and gave the stock an “overweight” rating in a research report on Monday, March 16th. TD Cowen raised their target price on shares of Devon Energy from $46.00 to $50.00 and gave the stock a “hold” rating in a report on Tuesday, March 17th. Citigroup boosted their target price on shares of Devon Energy from $43.00 to $44.00 and gave the company a “buy” rating in a research report on Wednesday, December 17th. Argus upped their price target on shares of Devon Energy from $41.00 to $51.00 and gave the company a “buy” rating in a report on Thursday, February 26th. Finally, Wells Fargo & Company increased their price target on Devon Energy from $43.00 to $51.00 and gave the stock an “overweight” rating in a research report on Friday, February 20th. Twenty-three equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat.com, Devon Energy currently has an average rating of “Moderate Buy” and a consensus target price of $49.37.

Devon Energy Price Performance

Shares of Devon Energy stock opened at $48.49 on Tuesday. The firm has a market cap of $30.07 billion, a PE ratio of 11.63, a P/E/G ratio of 1.29 and a beta of 0.56. Devon Energy Corporation has a twelve month low of $25.89 and a twelve month high of $49.83. The company has a quick ratio of 0.90, a current ratio of 0.98 and a debt-to-equity ratio of 0.48. The business has a 50-day moving average price of $42.76 and a 200 day moving average price of $37.77.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, February 17th. The energy company reported $0.82 EPS for the quarter, beating the consensus estimate of $0.81 by $0.01. The company had revenue of $17.19 billion for the quarter, compared to analyst estimates of $3.67 billion. Devon Energy had a return on equity of 16.28% and a net margin of 15.37%.Devon Energy’s quarterly revenue was down 6.4% compared to the same quarter last year. During the same period last year, the company earned $1.10 earnings per share. Sell-side analysts predict that Devon Energy Corporation will post 4.85 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be given a dividend of $0.24 per share. The ex-dividend date is Friday, March 13th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.0%. Devon Energy’s dividend payout ratio (DPR) is 23.02%.

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.