Gilliland Jeter Wealth Management LLC Lowers Holdings in Devon Energy Co. (NYSE:DVN)

Gilliland Jeter Wealth Management LLC trimmed its holdings in Devon Energy Co. (NYSE:DVN) by 16.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 23,397 shares of the energy company’s stock after selling 4,506 shares during the period. Gilliland Jeter Wealth Management LLC’s holdings in Devon Energy were worth $766,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also made changes to their positions in the business. Riversedge Advisors LLC increased its position in shares of Devon Energy by 3.6% in the 3rd quarter. Riversedge Advisors LLC now owns 7,336 shares of the energy company’s stock valued at $287,000 after acquiring an additional 253 shares during the period. Modus Advisors LLC grew its position in Devon Energy by 2.4% during the 3rd quarter. Modus Advisors LLC now owns 11,439 shares of the energy company’s stock worth $447,000 after purchasing an additional 272 shares during the period. Hazlett Burt & Watson Inc. grew its position in Devon Energy by 29.8% during the 3rd quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock worth $49,000 after purchasing an additional 290 shares during the period. Sfmg LLC grew its position in Devon Energy by 0.5% during the 3rd quarter. Sfmg LLC now owns 64,871 shares of the energy company’s stock worth $2,538,000 after purchasing an additional 294 shares during the period. Finally, Redwood Wealth Management Group LLC grew its position in 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 worth $266,000 after purchasing an additional 309 shares during the period. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on DVN. Raymond James increased their price target on Devon Energy from $53.00 to $54.00 and gave the stock an “outperform” rating in a research report on Thursday, January 23rd. Citigroup cut their price target on Devon Energy from $55.00 to $48.00 and set a “buy” rating on the stock in a research report on Tuesday, November 26th. Wells Fargo & Company lowered their target price on shares of Devon Energy from $49.00 to $43.00 and set an “overweight” rating on the stock in a research note on Tuesday, December 17th. TD Cowen lowered their target price on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a research note on Tuesday, November 5th. Finally, Scotiabank lowered their target price on shares of Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating on the stock in a research note on Thursday, October 10th. Nine investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, Devon Energy has an average rating of “Moderate Buy” and a consensus price target of $49.45.

Devon Energy Stock Down 2.2 %

Devon Energy stock opened at $33.38 on Friday. Devon Energy Co. has a fifty-two week low of $30.39 and a fifty-two week high of $55.09. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11. The firm has a 50 day moving average price of $34.57 and a 200 day moving average price of $39.14. The company has a market capitalization of $21.92 billion, a PE ratio of 6.19, a price-to-earnings-growth ratio of 1.07 and a beta of 1.98.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The firm had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter last year, the firm earned $1.65 EPS. The firm’s revenue for the quarter was up 4.9% on a year-over-year basis. Research analysts expect that Devon Energy Co. will post 4.68 earnings per share for the current year.

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.