Wealth Effects LLC Has $1.08 Million Stock Holdings in Devon Energy Corporation $DVN

Wealth Effects LLC trimmed its holdings in shares of Devon Energy Corporation (NYSE:DVN) by 6.7% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 33,858 shares of the energy company’s stock after selling 2,449 shares during the period. Wealth Effects LLC’s holdings in Devon Energy were worth $1,077,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in Devon Energy by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 82,780,738 shares of the energy company’s stock valued at $3,096,000,000 after acquiring an additional 2,098,568 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in shares of Devon Energy by 12.9% during the first quarter. Victory Capital Management Inc. now owns 11,518,862 shares of the energy company’s stock worth $430,805,000 after purchasing an additional 1,315,050 shares during the period. Northern Trust Corp grew its position in Devon Energy by 5.1% during the first quarter. Northern Trust Corp now owns 6,577,195 shares of the energy company’s stock valued at $245,987,000 after purchasing an additional 316,460 shares in the last quarter. Ameriprise Financial Inc. grew its position in Devon Energy by 81.1% during the first quarter. Ameriprise Financial Inc. now owns 5,029,987 shares of the energy company’s stock valued at $188,131,000 after purchasing an additional 2,252,918 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in Devon Energy by 8.1% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 4,706,837 shares of the energy company’s stock valued at $176,036,000 after buying an additional 354,633 shares during the period. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Trading Up 2.2%

DVN stock opened at $34.46 on Wednesday. The company has a quick ratio of 1.13, a current ratio of 1.22 and a debt-to-equity ratio of 0.55. Devon Energy Corporation has a twelve month low of $25.89 and a twelve month high of $43.29. The company has a market cap of $21.87 billion, a P/E ratio of 7.73, a PEG ratio of 1.96 and a beta of 1.09. The business has a fifty day moving average of $34.02 and a 200-day moving average of $33.13.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, August 5th. The energy company reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.83 by $0.01. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.The firm had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.01 billion. During the same period last year, the company earned $1.41 earnings per share. The company’s revenue was up 9.4% on a year-over-year basis. As a group, equities research analysts expect that Devon Energy Corporation will post 4.85 EPS for the current year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend is Monday, September 15th. Devon Energy’s payout ratio is currently 21.52%.

Insider Buying and Selling at Devon Energy

In other news, Director Kelt Kindick sold 7,685 shares of the firm’s stock in a transaction on Monday, August 11th. The stock was sold at an average price of $33.46, for a total value of $257,140.10. Following the transaction, the director directly owned 31,801 shares in the company, valued at $1,064,061.46. This trade represents a 19.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.73% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

DVN has been the subject of several recent research reports. Mizuho lowered their price target on Devon Energy from $43.00 to $40.00 and set an “outperform” rating for the company in a research note on Monday, September 15th. Wolfe Research boosted their target price on shares of Devon Energy from $47.00 to $49.00 and gave the stock an “outperform” rating in a research report on Monday, June 23rd. Barclays lifted their price objective on Devon Energy from $40.00 to $42.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 6th. Tudor, Pickering, Holt & Co. increased their target price on Devon Energy from $42.00 to $44.00 in a research note on Thursday, July 3rd. Finally, Scotiabank reissued an “outperform” rating on shares of Devon Energy in a research report on Friday, July 11th. Sixteen analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $44.04.

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.