Devon Energy Co. (NYSE:DVN) Shares Sold by IVC Wealth Advisors LLC

IVC Wealth Advisors LLC reduced its stake in Devon Energy Co. (NYSE:DVN) by 18.0% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 10,187 shares of the energy company’s stock after selling 2,242 shares during the quarter. IVC Wealth Advisors LLC’s holdings in Devon Energy were worth $333,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. AE Wealth Management LLC grew its stake in shares of Devon Energy by 48.1% in the second quarter. AE Wealth Management LLC now owns 15,923 shares of the energy company’s stock valued at $755,000 after buying an additional 5,168 shares in the last quarter. Sei Investments Co. boosted its holdings in Devon Energy by 13.6% during the 2nd quarter. Sei Investments Co. now owns 259,674 shares of the energy company’s stock valued at $12,309,000 after acquiring an additional 31,175 shares during the period. ProShare Advisors LLC grew its position in Devon Energy by 11.1% in the 2nd quarter. ProShare Advisors LLC now owns 124,977 shares of the energy company’s stock valued at $5,924,000 after acquiring an additional 12,456 shares in the last quarter. Public Sector Pension Investment Board increased its stake in Devon Energy by 3.6% during the second quarter. Public Sector Pension Investment Board now owns 109,996 shares of the energy company’s stock worth $5,214,000 after purchasing an additional 3,807 shares during the period. Finally, Magnetar Financial LLC acquired a new stake in shares of Devon Energy during the second quarter worth about $328,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Price Performance

Shares of DVN opened at $36.43 on Friday. The company has a market capitalization of $23.93 billion, a price-to-earnings ratio of 6.76, a price-to-earnings-growth ratio of 1.22 and a beta of 2.00. Devon Energy Co. has a fifty-two week low of $30.39 and a fifty-two week high of $55.09. The firm has a 50-day simple moving average of $35.31 and a 200-day simple moving average of $40.02. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The company had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same period last year, the business posted $1.65 EPS. The company’s revenue was up 4.9% on a year-over-year basis. On average, equities research analysts anticipate that Devon Energy Co. will post 4.68 earnings per share for the current year.

Devon Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.42%. Devon Energy’s payout ratio is currently 16.33%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on DVN. JPMorgan Chase & Co. cut shares of Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price objective for the company. in a report on Thursday, December 5th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $50.00 price objective on shares of Devon Energy in a research report on Friday, January 10th. Wolfe Research upgraded Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 target price for the company in a report on Friday, January 3rd. BMO Capital Markets cut their price target on Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a report on Friday, October 4th. Finally, Jefferies Financial Group started coverage on Devon Energy in a research note on Thursday, October 3rd. They issued a “hold” rating and a $45.00 price objective for the company. Nine research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, Devon Energy has a consensus rating of “Moderate Buy” and an average target price of $49.41.

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.