Envestnet Asset Management Inc. Decreases Stock Position in Devon Energy Corporation $DVN

Envestnet Asset Management Inc. trimmed its position in shares of Devon Energy Corporation (NYSE:DVN) by 34.5% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 145,789 shares of the energy company’s stock after selling 76,634 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Devon Energy were worth $5,111,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Caldwell Trust Co purchased a new position in shares of Devon Energy during the 2nd quarter worth about $25,000. PFS Partners LLC purchased a new stake in Devon Energy in the 3rd quarter worth about $25,000. First Horizon Corp bought a new stake in Devon Energy in the third quarter worth about $26,000. ORG Partners LLC boosted its position in shares of Devon Energy by 65.7% during the third quarter. ORG Partners LLC now owns 888 shares of the energy company’s stock valued at $31,000 after buying an additional 352 shares during the period. Finally, Elevation Point Wealth Partners LLC purchased a new position in shares of Devon Energy during the second quarter valued at approximately $34,000. Institutional investors own 69.72% of the company’s stock.

Wall Street Analysts Forecast Growth

DVN has been the topic of several recent analyst reports. Mizuho set a $51.00 price target on Devon Energy in a report on Tuesday, February 3rd. Citigroup upped their price objective on Devon Energy from $43.00 to $44.00 and gave the company a “buy” rating in a research report on Wednesday, December 17th. Scotiabank increased their target price on Devon Energy from $41.00 to $45.00 and gave the stock a “sector perform” rating in a research note on Tuesday, February 3rd. TD Cowen raised shares of Devon Energy to a “hold” rating in a research note on Monday, February 9th. Finally, Susquehanna upped their price target on shares of Devon Energy from $47.00 to $52.00 and gave the stock a “positive” rating in a report on Friday. One research analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $47.31.

Devon Energy Price Performance

NYSE DVN opened at $44.30 on Monday. The company has a market cap of $27.46 billion, a PE ratio of 10.62, a P/E/G ratio of 4.09 and a beta of 0.61. The firm’s 50 day moving average price is $38.92 and its 200-day moving average price is $36.17. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.90 and a current ratio of 0.98. Devon Energy Corporation has a 52-week low of $25.89 and a 52-week high of $46.15.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, February 17th. The energy company reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.81 by $0.01. The company had revenue of $17.19 billion during the quarter, compared to analyst estimates of $3.67 billion. Devon Energy had a return on equity of 16.28% and a net margin of 15.37%.Devon Energy’s revenue was down 6.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.10 earnings per share. Sell-side analysts forecast that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date is Friday, March 13th. Devon Energy’s dividend payout ratio is 23.02%.

Devon Energy Company Profile

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.