Devon Energy Co. (NYSE:DVN) Stake Lessened by Accel Wealth Management

Accel Wealth Management decreased its position in shares of Devon Energy Co. (NYSE:DVN) by 6.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,117 shares of the energy company’s stock after selling 826 shares during the period. Accel Wealth Management’s holdings in Devon Energy were worth $453,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in DVN. Redwood Wealth Management Group LLC lifted its stake in Devon Energy by 3.9% during the fourth quarter. Redwood Wealth Management Group LLC now owns 8,141 shares of the energy company’s stock valued at $266,000 after purchasing an additional 309 shares during the last quarter. Covestor Ltd lifted its position in shares of Devon Energy by 15.9% during the 4th quarter. Covestor Ltd now owns 2,521 shares of the energy company’s stock valued at $83,000 after acquiring an additional 345 shares during the last quarter. Horizon Investments LLC boosted its stake in shares of Devon Energy by 4.1% during the 4th quarter. Horizon Investments LLC now owns 8,843 shares of the energy company’s stock worth $289,000 after acquiring an additional 347 shares in the last quarter. Tocqueville Asset Management L.P. boosted its stake in shares of Devon Energy by 3.0% during the 4th quarter. Tocqueville Asset Management L.P. now owns 12,242 shares of the energy company’s stock worth $401,000 after acquiring an additional 359 shares in the last quarter. Finally, Guidance Capital Inc. grew its holdings in shares of Devon Energy by 3.5% in the 4th quarter. Guidance Capital Inc. now owns 11,757 shares of the energy company’s stock worth $423,000 after acquiring an additional 398 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Morgan Stanley upped their target price on Devon Energy from $42.00 to $44.00 and gave the company an “overweight” rating in a report on Friday, May 23rd. Raymond James set a $40.00 target price on shares of Devon Energy in a report on Monday, April 21st. Citigroup cut their price target on shares of Devon Energy from $46.00 to $43.00 and set a “buy” rating on the stock in a report on Friday, April 4th. JPMorgan Chase & Co. decreased their price objective on shares of Devon Energy from $48.00 to $42.00 and set a “neutral” rating for the company in a research note on Thursday, March 13th. Finally, Scotiabank lowered their price objective on shares of Devon Energy from $45.00 to $35.00 and set a “sector outperform” rating on the stock in a research report on Friday, April 11th. Ten equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $43.71.

Devon Energy Stock Performance

Shares of DVN opened at $32.02 on Wednesday. The firm has a market cap of $20.56 billion, a price-to-earnings ratio of 7.02, a price-to-earnings-growth ratio of 1.20 and a beta of 1.02. The company’s fifty day moving average is $31.43 and its 200-day moving average is $33.91. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. Devon Energy Co. has a 12 month low of $25.89 and a 12 month high of $49.35.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, May 6th. The energy company reported $1.21 EPS for the quarter, missing the consensus estimate of $1.27 by ($0.06). Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The business had revenue of $4.45 billion for the quarter, compared to analyst estimates of $4.31 billion. During the same period in the previous year, the company earned $1.16 earnings per share. The company’s quarterly revenue was up 23.8% compared to the same quarter last year. Equities analysts expect that Devon Energy Co. will post 4.85 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.00%. The ex-dividend date is Friday, June 13th. Devon Energy’s dividend payout ratio is 21.87%.

Devon Energy Profile

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.