Wealth Enhancement Advisory Services LLC Sells 1,113,508 Shares of Devon Energy Corporation (NYSE:DVN)

Wealth Enhancement Advisory Services LLC reduced its holdings in Devon Energy Corporation (NYSE:DVN) by 36.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,912,888 shares of the energy company’s stock after selling 1,113,508 shares during the period. Wealth Enhancement Advisory Services LLC owned 0.29% of Devon Energy worth $71,542,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in Devon Energy by 7.3% in the 4th quarter. Vanguard Group Inc. now owns 80,682,170 shares of the energy company’s stock valued at $2,640,727,000 after buying an additional 5,465,692 shares during the last quarter. Geode Capital Management LLC grew its stake in Devon Energy by 6.5% in the 4th quarter. Geode Capital Management LLC now owns 16,931,275 shares of the energy company’s stock valued at $552,830,000 after buying an additional 1,038,305 shares during the last quarter. Fuller & Thaler Asset Management Inc. grew its stake in Devon Energy by 42.8% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 10,395,225 shares of the energy company’s stock valued at $340,236,000 after buying an additional 3,114,656 shares during the last quarter. Victory Capital Management Inc. grew its stake in Devon Energy by 2.3% in the 4th quarter. Victory Capital Management Inc. now owns 10,203,812 shares of the energy company’s stock valued at $333,971,000 after buying an additional 232,469 shares during the last quarter. Finally, Invesco Ltd. grew its stake in Devon Energy by 32.8% in the 4th quarter. Invesco Ltd. now owns 9,461,719 shares of the energy company’s stock valued at $309,682,000 after buying an additional 2,335,473 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Price Performance

Shares of NYSE:DVN opened at $34.02 on Friday. The company has a market cap of $21.84 billion, a price-to-earnings ratio of 7.75, a PEG ratio of 2.54 and a beta of 1.02. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.08 and a quick ratio of 0.99. The firm has a 50 day simple moving average of $31.79 and a 200 day simple moving average of $33.56. Devon Energy Corporation has a one year low of $25.89 and a one year high of $49.35.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, May 6th. The energy company reported $1.21 EPS for the quarter, missing the consensus estimate of $1.27 by ($0.06). Devon Energy had a net margin of 16.60% and a return on equity of 21.90%. The company had revenue of $4.45 billion during the quarter, compared to the consensus estimate of $4.31 billion. During the same period in the previous year, the company earned $1.16 EPS. Devon Energy’s revenue for the quarter was up 23.8% on a year-over-year basis. Research analysts predict that Devon Energy Corporation will post 4.85 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.82%. The ex-dividend date is Friday, June 13th. Devon Energy’s dividend payout ratio (DPR) is currently 21.87%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on DVN shares. Raymond James Financial set a $40.00 price target on shares of Devon Energy in a research note on Monday, April 21st. Susquehanna decreased their price target on shares of Devon Energy from $52.00 to $41.00 and set a “positive” rating on the stock in a research note on Tuesday, April 22nd. Wall Street Zen upgraded shares of Devon Energy from a “sell” rating to a “hold” rating in a research note on Thursday, May 15th. Barclays upped their price target on shares of Devon Energy from $38.00 to $40.00 and gave the company an “equal weight” rating in a research note on Wednesday, May 7th. Finally, Scotiabank decreased their price target on shares of Devon Energy from $45.00 to $35.00 and set a “sector outperform” rating on the stock in a research note on Friday, April 11th. Ten analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $43.50.

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.