Brown Advisory Inc. Sells 4,029 Shares of Devon Energy Corporation (NYSE:DVN)

Brown Advisory Inc. trimmed its holdings in Devon Energy Corporation (NYSE:DVN) by 23.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 13,041 shares of the energy company’s stock after selling 4,029 shares during the quarter. Brown Advisory Inc.’s holdings in Devon Energy were worth $488,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Proficio Capital Partners LLC bought a new stake in shares of Devon Energy during the fourth quarter worth $4,411,000. Avantax Advisory Services Inc. grew its stake in Devon Energy by 13.0% in the fourth quarter. Avantax Advisory Services Inc. now owns 75,848 shares of the energy company’s stock valued at $2,482,000 after purchasing an additional 8,733 shares during the last quarter. Commonwealth Equity Services LLC grew its stake in Devon Energy by 23.1% in the fourth quarter. Commonwealth Equity Services LLC now owns 403,505 shares of the energy company’s stock valued at $13,207,000 after purchasing an additional 75,851 shares during the last quarter. Corient Private Wealth LLC grew its stake in Devon Energy by 1.4% in the fourth quarter. Corient Private Wealth LLC now owns 95,741 shares of the energy company’s stock valued at $3,134,000 after purchasing an additional 1,360 shares during the last quarter. Finally, Cibc World Markets Corp grew its stake in shares of Devon Energy by 20.1% during the fourth quarter. Cibc World Markets Corp now owns 102,204 shares of the energy company’s stock worth $3,345,000 after acquiring an additional 17,135 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have issued reports on DVN. Morgan Stanley boosted their price target on Devon Energy from $42.00 to $44.00 and gave the company an “overweight” rating in a report on Friday, May 23rd. Susquehanna reduced their target price on Devon Energy from $52.00 to $41.00 and set a “positive” rating for the company in a research note on Tuesday, April 22nd. UBS Group upped their target price on Devon Energy from $35.00 to $37.00 and gave the stock a “neutral” rating in a research note on Friday. Wells Fargo & Company reduced their target price on Devon Energy from $46.00 to $41.00 and set an “overweight” rating for the company in a research note on Monday, June 16th. Finally, Royal Bank Of Canada decreased their price objective on Devon Energy from $49.00 to $40.00 and set a “sector perform” rating on the stock in a report on Monday, April 14th. Ten research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $43.79.

Devon Energy Stock Performance

NYSE:DVN opened at $33.22 on Tuesday. Devon Energy Corporation has a 1 year low of $25.89 and a 1 year high of $49.35. The firm has a 50 day moving average of $32.69 and a 200-day moving average of $33.54. The company has a current ratio of 1.08, a quick ratio of 0.99 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $21.33 billion, a P/E ratio of 7.57, a price-to-earnings-growth ratio of 2.53 and a beta of 1.02.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, May 6th. The energy company reported $1.21 EPS for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.06). Devon Energy had a return on equity of 21.90% and a net margin of 16.60%. The business had revenue of $4.45 billion for the quarter, compared to analyst estimates of $4.31 billion. During the same period in the prior year, the firm posted $1.16 EPS. Devon Energy’s revenue was up 23.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were issued a $0.24 dividend. The ex-dividend date was Friday, June 13th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.89%. Devon Energy’s payout ratio is 21.87%.

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.