Mission Wealth Management LP Cuts Holdings in Devon Energy Co. (NYSE:DVN)

Mission Wealth Management LP lowered its stake in Devon Energy Co. (NYSE:DVNFree Report) by 27.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,717 shares of the energy company’s stock after selling 2,169 shares during the period. Mission Wealth Management LP’s holdings in Devon Energy were worth $287,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Pacer Advisors Inc. increased its holdings in Devon Energy by 1,279.7% in the fourth quarter. Pacer Advisors Inc. now owns 6,145,605 shares of the energy company’s stock valued at $278,396,000 after buying an additional 5,700,167 shares during the last quarter. Morgan Stanley increased its holdings in shares of Devon Energy by 23.6% in the 3rd quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock valued at $555,567,000 after acquiring an additional 2,220,194 shares during the last quarter. International Assets Investment Management LLC increased its holdings in shares of Devon Energy by 3,885.4% in the 4th quarter. International Assets Investment Management LLC now owns 1,695,206 shares of the energy company’s stock valued at $76,793,000 after acquiring an additional 1,652,671 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Devon Energy by 26.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company’s stock worth $320,609,000 after acquiring an additional 1,488,374 shares in the last quarter. Finally, Raymond James & Associates lifted its stake in Devon Energy by 8.9% during the first quarter. Raymond James & Associates now owns 9,044,859 shares of the energy company’s stock worth $453,871,000 after purchasing an additional 736,449 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Performance

NYSE:DVN opened at $47.03 on Friday. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.04 and a quick ratio of 0.97. The firm has a market cap of $29.72 billion, a price-to-earnings ratio of 8.98, a price-to-earnings-growth ratio of 1.24 and a beta of 2.07. The firm’s fifty day moving average price is $48.26 and its 200 day moving average price is $47.01. Devon Energy Co. has a 1-year low of $40.47 and a 1-year high of $55.09.

Devon Energy (NYSE:DVNGet Free Report) last released its earnings results on Wednesday, May 1st. The energy company reported $1.16 EPS for the quarter, topping the consensus estimate of $1.10 by $0.06. The company had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.64 billion. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The business’s revenue was down 5.9% on a year-over-year basis. During the same quarter last year, the business earned $1.46 EPS. On average, sell-side analysts expect that Devon Energy Co. will post 5.25 EPS for the current year.

Devon Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 1.87%. The ex-dividend date of this dividend was Friday, June 14th. Devon Energy’s payout ratio is 16.79%.

Insider Transactions at Devon Energy

In related news, EVP Tana K. Cashion sold 20,000 shares of Devon Energy stock in a transaction that occurred 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 sale, the executive vice president now directly owns 104,182 shares in the company, valued at $5,317,449.28. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 0.73% of the company’s stock.

Wall Street Analyst Weigh In

DVN has been the topic of several recent analyst reports. Royal Bank of Canada increased their price target on shares of Devon Energy from $55.00 to $57.00 and gave the company a “sector perform” rating in a research note on Thursday, May 9th. Mizuho lifted their price target on shares of Devon Energy from $57.00 to $61.00 and gave the stock a “buy” rating in a research note on Monday, May 13th. Susquehanna upped their price objective on shares of Devon Energy from $52.00 to $65.00 and gave the company a “positive” rating in a research note on Monday, April 22nd. Wells Fargo & Company raised Devon Energy from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $46.00 to $59.00 in a report on Monday, April 1st. Finally, Truist Financial reduced their target price on Devon Energy from $69.00 to $67.00 and set a “buy” rating for the company in a report on Friday, May 3rd. Five research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $59.24.

Check Out Our Latest Research Report on Devon Energy

Devon Energy Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Devon Energy (NYSE:DVN)

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