Devon Energy Co. (NYSE:DVN) Shares Sold by Lake Street Private Wealth LLC

Lake Street Private Wealth LLC reduced its holdings in shares of Devon Energy Co. (NYSE:DVN) by 40.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 12,025 shares of the energy company’s stock after selling 8,223 shares during the period. Lake Street Private Wealth LLC’s holdings in Devon Energy were worth $394,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Geode Capital Management LLC raised its stake in shares of Devon Energy by 1.3% in the third quarter. Geode Capital Management LLC now owns 15,892,970 shares of the energy company’s stock valued at $619,747,000 after acquiring an additional 206,884 shares in the last quarter. EnCap Energy Capital Fund XI L.P. purchased a new stake in Devon Energy during the 3rd quarter worth about $461,857,000. Pacer Advisors Inc. raised its position in Devon Energy by 16.9% in the 3rd quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock valued at $453,446,000 after purchasing an additional 1,677,652 shares in the last quarter. EnCap Partners GP LLC purchased a new position in shares of Devon Energy in the 3rd quarter valued at about $408,653,000. Finally, Victory Capital Management Inc. boosted its stake in shares of Devon Energy by 3.8% in the 3rd quarter. Victory Capital Management Inc. now owns 9,971,343 shares of the energy company’s stock valued at $390,079,000 after buying an additional 361,968 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on DVN. JPMorgan Chase & Co. cut shares of Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 target price on the stock. in a report on Thursday, December 5th. Susquehanna reduced their price objective on shares of Devon Energy from $63.00 to $62.00 and set a “positive” rating on the stock in a report on Friday, October 18th. Evercore ISI lowered their target price on shares of Devon Energy from $55.00 to $50.00 and set an “in-line” rating for the company in a research note on Monday, September 30th. Wells Fargo & Company cut their price target on Devon Energy from $49.00 to $43.00 and set an “overweight” rating on the stock in a research note on Tuesday, December 17th. Finally, Wolfe Research raised Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a research report on Friday, January 3rd. Nine research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, Devon Energy currently has a consensus rating of “Moderate Buy” and an average target price of $49.27.

Devon Energy Stock Down 1.2 %

Devon Energy stock opened at $37.98 on Friday. The stock has a 50 day moving average of $35.48 and a two-hundred day moving average of $40.27. Devon Energy Co. has a twelve month low of $30.39 and a twelve month high of $55.09. The stock has a market capitalization of $24.95 billion, a price-to-earnings ratio of 7.05, a PEG ratio of 1.14 and a beta of 2.00. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The business had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same period last year, the company earned $1.65 earnings per share. The company’s quarterly revenue was up 4.9% on a year-over-year basis. As a group, research analysts expect that Devon Energy Co. will post 4.72 earnings per share for the current year.

Devon Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were issued a dividend of $0.22 per share. The ex-dividend date was Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.32%. Devon Energy’s payout ratio is 16.33%.

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.