Choreo LLC Lowers Position in Devon Energy Co. (NYSE:DVN)

Choreo LLC lowered its stake in Devon Energy Co. (NYSE:DVNFree Report) by 20.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,751 shares of the energy company’s stock after selling 1,196 shares during the quarter. Choreo LLC’s holdings in Devon Energy were worth $238,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Manchester Capital Management LLC acquired a new position in shares of Devon Energy in the 4th quarter worth approximately $28,000. Tradewinds Capital Management LLC acquired a new stake in shares of Devon Energy in the first quarter valued at $30,000. Sound Income Strategies LLC raised 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 valued at $31,000 after buying an additional 255 shares during the period. Rise Advisors LLC lifted its stake 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 in the last quarter. Finally, Jones Financial Companies Lllp boosted its holdings in Devon Energy by 104.8% during the 4th quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock valued at $33,000 after acquiring an additional 374 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Insider Activity

In related 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 sale, 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 SEC, which is available at the SEC website. Company insiders own 0.73% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on DVN. Wells Fargo & Company raised shares of Devon Energy from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $46.00 to $59.00 in a research report on Monday, April 1st. Bank of America reaffirmed a “buy” rating and set a $64.00 price objective on shares of Devon Energy in a research report on Friday, June 14th. JPMorgan Chase & Co. lifted their target price on Devon Energy from $62.00 to $64.00 and gave the company an “overweight” rating in a report on Monday. StockNews.com upgraded Devon Energy from a “hold” rating to a “buy” rating in a report on Tuesday. Finally, Morgan Stanley lifted their price objective on Devon Energy from $49.00 to $50.00 and gave the company an “overweight” rating in a research note on Monday, April 15th. Four analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $59.35.

Get Our Latest Stock Analysis on DVN

Devon Energy Trading Down 1.1 %

NYSE DVN opened at $46.53 on Tuesday. Devon Energy Co. has a 12 month low of $40.47 and a 12 month high of $55.09. The company has a market capitalization of $29.41 billion, a price-to-earnings ratio of 8.88, a price-to-earnings-growth ratio of 1.24 and a beta of 2.07. 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’s fifty day moving average price is $48.13 and its 200 day moving average price is $47.02.

Devon Energy (NYSE:DVNGet Free Report) last issued its quarterly earnings data on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.06. The company 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% compared to the same quarter last year. During the same quarter last year, the company posted $1.46 earnings per share. On average, sell-side analysts expect that Devon Energy Co. will post 5.25 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.89%. The ex-dividend date of this dividend was Friday, June 14th. Devon Energy’s dividend payout ratio is currently 16.79%.

About Devon Energy

(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.

See Also

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

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