Devon Energy Corporation $DVN Stake Lowered by Independent Solutions Wealth Management LLC

Independent Solutions Wealth Management LLC reduced its stake in shares of Devon Energy Corporation (NYSE:DVN) by 87.3% during the 2nd quarter, HoldingsChannel reports. The fund owned 8,646 shares of the energy company’s stock after selling 59,198 shares during the period. Independent Solutions Wealth Management LLC’s holdings in Devon Energy were worth $275,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Vanguard Group Inc. grew its holdings in shares of 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. grew its holdings in shares of Devon Energy by 12.9% during the 1st quarter. Victory Capital Management Inc. now owns 11,518,862 shares of the energy company’s stock valued at $430,805,000 after acquiring an additional 1,315,050 shares in the last quarter. Northern Trust Corp grew its holdings in shares of Devon Energy by 5.1% during the 1st quarter. Northern Trust Corp now owns 6,577,195 shares of the energy company’s stock valued at $245,987,000 after acquiring an additional 316,460 shares in the last quarter. Ameriprise Financial Inc. grew its holdings in shares of Devon Energy by 81.1% during the 1st quarter. Ameriprise Financial Inc. now owns 5,029,987 shares of the energy company’s stock valued at $188,131,000 after acquiring an additional 2,252,918 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Devon Energy by 8.1% during 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 acquiring an additional 354,633 shares in the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on DVN. Wolfe Research upped their price objective on shares of Devon Energy from $47.00 to $49.00 and gave the stock an “outperform” rating in a report on Monday, June 23rd. Weiss Ratings reiterated a “hold (c-)” rating on shares of Devon Energy in a report on Saturday, September 27th. Raymond James Financial reiterated an “outperform” rating and issued a $45.00 price objective (up from $40.00) on shares of Devon Energy in a report on Tuesday, July 22nd. BMO Capital Markets upped their price objective on shares of Devon Energy from $48.00 to $51.00 and gave the stock an “outperform” rating in a report on Monday, July 14th. Finally, Mizuho decreased their price objective on shares of Devon Energy from $43.00 to $40.00 and set an “outperform” rating for the company in a report on Monday, September 15th. Sixteen investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $43.48.

Devon Energy Stock Up 0.1%

DVN stock opened at $34.95 on Wednesday. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.22 and a quick ratio of 1.13. Devon Energy Corporation has a 52-week low of $25.89 and a 52-week high of $43.29. The company has a 50-day moving average of $34.47 and a two-hundred day moving average of $33.14. The stock has a market capitalization of $22.18 billion, a price-to-earnings ratio of 7.84, a price-to-earnings-growth ratio of 2.03 and a beta of 1.03.

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

Devon Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date was Monday, September 15th. Devon Energy’s dividend payout ratio is 21.52%.

Insider Transactions at Devon Energy

In other news, Director Kelt Kindick sold 7,685 shares of the company’s stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $33.46, for a total transaction of $257,140.10. Following the completion of the transaction, the director owned 31,801 shares of the company’s stock, valued at approximately $1,064,061.46. This represents a 19.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.73% of the stock is owned by company insiders.

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.