Midwest Financial Group LLC Sells 4,146 Shares of Devon Energy Co. (NYSE:DVN)

Midwest Financial Group LLC trimmed its position in shares of Devon Energy Co. (NYSE:DVN) by 20.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,737 shares of the energy company’s stock after selling 4,146 shares during the quarter. Midwest Financial Group LLC’s holdings in Devon Energy were worth $515,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of DVN. Exchange Traded Concepts LLC increased its holdings in Devon Energy by 21.4% during the fourth quarter. Exchange Traded Concepts LLC now owns 6,216 shares of the energy company’s stock valued at $203,000 after buying an additional 1,097 shares during the last quarter. Cornerstone Wealth Management LLC increased its stake in shares of Devon Energy by 1.6% in the 4th quarter. Cornerstone Wealth Management LLC now owns 21,242 shares of the energy company’s stock worth $695,000 after purchasing an additional 326 shares in the last quarter. Veracity Capital LLC increased its stake in shares of Devon Energy by 23.2% in the 4th quarter. Veracity Capital LLC now owns 10,654 shares of the energy company’s stock worth $349,000 after purchasing an additional 2,004 shares in the last quarter. Endeavor Private Wealth Inc. bought a new position in Devon Energy in the 4th quarter worth $52,000. Finally, Dakota Wealth Management lifted its position in Devon Energy by 260.8% during the fourth quarter. Dakota Wealth Management now owns 19,230 shares of the energy company’s stock valued at $629,000 after purchasing an additional 13,900 shares in the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on DVN shares. Barclays decreased their price objective on Devon Energy from $55.00 to $46.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 3rd. Evercore ISI lowered their price target on shares of Devon Energy from $55.00 to $50.00 and set an “in-line” rating on the stock in a report on Monday, September 30th. Jefferies Financial Group initiated coverage on shares of Devon Energy in a research note on Thursday, October 3rd. They issued a “hold” rating and a $45.00 price objective for the company. TD Cowen lowered their target price on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a research note on Tuesday, November 5th. Finally, Sanford C. Bernstein upgraded Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price target for the company in a research note on Wednesday, January 15th. Nine 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 stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $49.41.

Devon Energy Price Performance

Shares of Devon Energy stock opened at $35.98 on Friday. The stock has a market cap of $23.64 billion, a price-to-earnings ratio of 6.70, a price-to-earnings-growth ratio of 1.21 and a beta of 2.00. The stock has a 50 day moving average price of $35.31 and a 200-day moving average price of $40.02. Devon Energy Co. has a one year low of $30.39 and a one year high of $55.09. 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 (EPS) 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 business had revenue of $4.02 billion during the quarter, compared to analyst estimates of $3.72 billion. During the same quarter in the previous year, the business earned $1.65 earnings per share. The company’s revenue for the quarter was up 4.9% compared to the same quarter last year. Equities analysts expect that Devon Energy Co. will post 4.7 EPS for the current year.

Devon Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.45%. The ex-dividend date of this dividend was Friday, December 13th. Devon Energy’s dividend payout ratio (DPR) is presently 16.33%.

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.