Wealth Management Partners LLC Sells 696 Shares of Devon Energy Co. (NYSE:DVN)

Wealth Management Partners LLC trimmed its position in Devon Energy Co. (NYSE:DVN) by 9.9% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 6,327 shares of the energy company’s stock after selling 696 shares during the quarter. Wealth Management Partners LLC’s holdings in Devon Energy were worth $317,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Salem Investment Counselors Inc. lifted its position in Devon Energy by 31.4% during the first quarter. Salem Investment Counselors Inc. now owns 832 shares of the energy company’s stock worth $42,000 after acquiring an additional 199 shares during the last quarter. Clearbridge Investments LLC lifted its holdings in Devon Energy by 2.1% during the 3rd quarter. Clearbridge Investments LLC now owns 11,887 shares of the energy company’s stock worth $567,000 after purchasing an additional 239 shares during the last quarter. Sound Income Strategies LLC boosted its stake in 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 purchasing an additional 255 shares during the period. Cullen Frost Bankers Inc. grew its holdings in Devon Energy by 5.1% in the 4th quarter. Cullen Frost Bankers Inc. now owns 5,587 shares of the energy company’s stock valued at $253,000 after buying an additional 271 shares in the last quarter. Finally, S. R. Schill & Associates lifted its holdings in shares of Devon Energy by 3.8% during the fourth quarter. S. R. Schill & Associates now owns 7,784 shares of the energy company’s stock worth $353,000 after buying an additional 282 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.

Insider Buying and Selling at Devon Energy

In other Devon Energy news, EVP Tana K. Cashion sold 20,000 shares of the business’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $51.04, for a total value of $1,020,800.00. Following the transaction, 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 filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.73% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on DVN shares. Barclays assumed coverage on shares of Devon Energy in a research note on Wednesday, April 10th. They issued an “equal weight” rating and a $59.00 price objective for the company. Morgan Stanley boosted their price target on Devon Energy from $49.00 to $50.00 and gave the company an “overweight” rating in a research note on Monday, April 15th. Royal Bank of Canada boosted their price target on Devon Energy from $55.00 to $57.00 and gave the company a “sector perform” rating in a research note on Thursday, May 9th. Scotiabank upped their price target on shares of Devon Energy from $53.00 to $67.00 and gave the stock a “sector outperform” rating in a report on Thursday, April 11th. Finally, Wells Fargo & Company raised shares of Devon Energy from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $46.00 to $59.00 in a research note on Monday, April 1st. Four investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Devon Energy currently has an average rating of “Moderate Buy” and a consensus target price of $59.24.

Devon Energy Stock Down 0.7 %

DVN traded down $0.33 during midday trading on Tuesday, reaching $47.31. 1,338,029 shares of the company were exchanged, compared to its average volume of 7,366,073. Devon Energy Co. has a one year low of $40.47 and a one year high of $55.09. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.97 and a current ratio of 1.04. The company’s fifty day moving average price is $49.10 and its 200 day moving average price is $46.84. The company has a market cap of $29.90 billion, a price-to-earnings ratio of 9.09, a price-to-earnings-growth ratio of 1.20 and a beta of 2.08.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Wednesday, May 1st. The energy company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.10 by $0.06. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The firm had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.64 billion. During the same quarter last year, the business posted $1.46 EPS. The company’s revenue for the quarter was down 5.9% on a year-over-year basis. As a group, analysts expect that Devon Energy Co. will post 5.27 EPS for the current year.

Devon Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be given a $0.22 dividend. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.88 annualized dividend and a yield of 1.86%. Devon Energy’s dividend payout ratio is currently 16.79%.

Devon Energy Company 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.