Kingsview Wealth Management LLC Sells 67,228 Shares of Devon Energy Co. (NYSE:DVN)

Kingsview Wealth Management LLC lessened its stake in shares of Devon Energy Co. (NYSE:DVN) by 72.7% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 25,188 shares of the energy company’s stock after selling 67,228 shares during the quarter. Kingsview Wealth Management LLC’s holdings in Devon Energy were worth $1,141,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Annis Gardner Whiting Capital Advisors LLC acquired a new position in Devon Energy in the 3rd quarter worth about $27,000. Sound Income Strategies LLC boosted its position in Devon Energy by 60.7% during the 4th quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock worth $31,000 after buying an additional 255 shares during the period. Rise Advisors LLC grew its holdings in Devon Energy by 1,365.3% during the 4th quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock worth $33,000 after acquiring an additional 669 shares during the last quarter. PFS Partners LLC acquired a new position in Devon Energy in the 4th quarter valued at approximately $36,000. Finally, Naples Money Management LLC bought a new position in shares of Devon Energy during the fourth quarter valued at $40,000. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Stock Performance

Shares of Devon Energy stock opened at $49.62 on Friday. The business has a 50-day simple moving average of $50.70 and a 200 day simple moving average of $46.45. The firm has a market capitalization of $31.36 billion, a price-to-earnings ratio of 9.47 and a beta of 2.15. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.04 and a quick ratio of 0.97. Devon Energy Co. has a one year low of $40.47 and a one year high of $55.09.

Devon Energy (NYSE:DVN) last issued its earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.06. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The company had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.64 billion. During the same period in the prior year, the firm earned $1.46 earnings per share. Devon Energy’s revenue for the quarter was down 5.9% on a year-over-year basis. On average, research analysts anticipate that Devon Energy Co. will post 5.21 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.77%. The ex-dividend date is Friday, June 14th. Devon Energy’s dividend payout ratio is currently 16.79%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. Truist Financial reduced their price objective on shares of Devon Energy from $69.00 to $67.00 and set a “buy” rating on the stock in a research note on Friday, May 3rd. StockNews.com raised Devon Energy from a “hold” rating to a “buy” rating in a research note on Friday, May 3rd. Stifel Nicolaus lifted their price objective on Devon Energy from $65.00 to $66.00 and gave the stock a “buy” rating in a research note on Tuesday, April 23rd. JPMorgan Chase & Co. increased their target price on shares of Devon Energy from $57.00 to $62.00 and gave the company an “overweight” rating in a research report on Monday, April 8th. Finally, Royal Bank of Canada boosted their price target on shares of Devon Energy from $55.00 to $57.00 and gave the stock a “sector perform” rating in a research report on Thursday, May 9th. Four equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $58.83.

Insider Transactions at Devon Energy

In other Devon Energy news, EVP Tana K. Cashion sold 20,000 shares of Devon Energy stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the completion of the transaction, the executive vice president now owns 104,182 shares in the company, valued at approximately $5,317,449.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.63% of the stock is currently owned by 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.