Hennessy Advisors Inc. Cuts Holdings in Devon Energy Co. (NYSE:DVN)

Hennessy Advisors Inc. trimmed its holdings in shares of Devon Energy Co. (NYSE:DVN) by 56.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 63,200 shares of the energy company’s stock after selling 81,900 shares during the period. Hennessy Advisors Inc.’s holdings in Devon Energy were worth $3,171,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of DVN. Manchester Capital Management LLC acquired a new stake in shares of Devon Energy in the 4th quarter worth approximately $28,000. Sound Income Strategies LLC grew its holdings in shares of Devon Energy by 60.7% in the 4th quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock worth $31,000 after acquiring an additional 255 shares during the period. Rise Advisors LLC grew its holdings in shares of Devon Energy by 1,365.3% in 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 period. Jones Financial Companies Lllp grew its holdings in shares of Devon Energy by 104.8% in the 4th quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock worth $33,000 after acquiring an additional 374 shares during the period. Finally, PFS Partners LLC acquired a new stake in shares of Devon Energy in the 4th quarter worth approximately $36,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Trading Up 0.4 %

Shares of DVN stock traded up $0.18 during mid-day trading on Friday, hitting $47.19. 3,305,267 shares of the company’s stock were exchanged, compared to its average volume of 7,330,554. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 0.46. The stock has a market cap of $29.82 billion, a price-to-earnings ratio of 8.97, a PEG ratio of 1.23 and a beta of 2.08. The stock has a 50-day simple moving average of $48.82 and a two-hundred day simple moving average of $46.87. Devon Energy Co. has a fifty-two week low of $40.47 and a fifty-two week 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 the consensus estimate of $1.10 by $0.06. The business had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.64 billion. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The business’s quarterly revenue was down 5.9% on a year-over-year basis. During the same period last year, the company posted $1.46 EPS. Equities analysts expect that Devon Energy Co. will post 5.25 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 1.86%. The ex-dividend date is Friday, June 14th. Devon Energy’s dividend payout ratio (DPR) is currently 16.79%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Susquehanna upped their price target on Devon Energy from $52.00 to $65.00 and gave the stock a “positive” rating in a report on Monday, April 22nd. Mizuho increased their target price on Devon Energy from $57.00 to $61.00 and gave the company a “buy” rating in a report on Monday, May 13th. JPMorgan Chase & Co. increased their target price on Devon Energy from $57.00 to $62.00 and gave the company an “overweight” rating in a report on Monday, April 8th. Stifel Nicolaus increased their target price on Devon Energy from $65.00 to $66.00 and gave the company a “buy” rating in a report on Tuesday, April 23rd. Finally, Barclays started coverage on Devon Energy in a report on Wednesday, April 10th. They set an “equal weight” rating and a $59.00 target price on the stock. Four research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $59.24.

Insider Buying and Selling

In related news, EVP Tana K. Cashion sold 20,000 shares of the stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total value of $1,020,800.00. Following the transaction, the executive vice president now directly owns 104,182 shares of the company’s stock, valued at approximately $5,317,449.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.73% of the company’s stock.

Devon Energy Company 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.