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Hennion & Walsh Asset Management Inc. reduces share position in Devon Energy Co. (NYSE:DVN)


Hennion & Walsh Asset Management Inc. reduced its holdings in Devon Energy Co. (NYSE:DVN – Free Report) by 19.0% during the first quarter, according to the company in its most recent filing with the SEC on Form 13F. The fund owned 82,791 shares of the energy company after selling 19,368 shares during the quarter. Hennion & Walsh Asset Management Inc.’s holdings in Devon Energy were worth $4,154,000, according to the most recent filing with the SEC.

A number of other institutional investors have also increased or reduced their holdings in DVN. MCF Advisors LLC increased its holdings in shares of Devon Energy by 5.6% in the 1st quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock valued at $202,000 after buying an additional 215 shares in the last quarter. First Dallas Securities Inc. increased its holdings in Devon Energy by 83.0% in the 1st quarter. First Dallas Securities Inc. now owns 13,562 shares of the energy company’s stock valued at $681,000 after buying an additional 6,151 shares in the last quarter. Hodges Capital Management Inc. increased its holdings in Devon Energy by 3.5% in the 1st quarter. Hodges Capital Management Inc. now owns 18,443 shares of the energy company’s stock valued at $925,000 after buying an additional 631 shares during the same period. 180 Wealth Advisors LLC increased its holdings in Devon Energy by 30.5% in the first quarter. 180 Wealth Advisors LLC now owns 18,296 shares of the energy company’s stock worth $918,000 after acquiring an additional 4,273 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its position in shares of Devon Energy by 63.4% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 1,420,702 shares of the energy company’s stock worth $71,291,000 after acquiring an additional 551,004 shares during the period. 69.72% of the shares are owned by institutional investors.

Upgrades and downgrades by analysts

Several research firms have recently commented on DVN. Susquehanna raised their price target on shares of Devon Energy from $52.00 to $65.00 and gave the stock a “positive” rating in a report on Monday, April 22nd. UBS Group increased their price target on Devon Energy from $48.00 to $57.00 and gave the company a “neutral” rating in a research report on Wednesday, April 10th. Stifel Nicolaus increased their price target on Devon Energy from $65.00 to $66.00 and gave the stock a “buy” rating in a research note on Tuesday, April 23rd. Morgan Stanley increased 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. Finally, Bank of America reiterated a “buy” rating and set a $64.00 price target on shares of Devon Energy in a research report on Friday, June 14. Four research analysts have rated the stock with a hold rating and fourteen have given the company’s stock a buy rating. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $59.24.

Check out our latest analysis on Devon Energy

Energy price trends in Devon

NYSE:DVN opened at $47.40 on Friday. Devon Energy Co. has a 52-week low of $40.47 and a 52-week high of $55.09. The stock has a 50-day moving average of $48.73 and a 200-day moving average of $46.91. 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 has a market cap of $29.96 billion, a price-to-earnings ratio of 9.05, a PEG ratio of 1.25 and a beta of 2.08.

Devon Energy (NYSE:DVN – Get Free Report) last released its quarterly earnings results on Wednesday, May 1. The energy company reported earnings per share (EPS) of $1.16 for the quarter, beating analysts’ consensus estimates of $1.10 by $0.06. The company had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.64 billion. Devon Energy posted a return on equity of 29.02% and a net margin of 22.27%. The company’s revenue for the quarter decreased 5.9% year-over-year. During the same quarter last year, the company reported earnings per share of $1.46. On average, research analysts expect that Devon Energy Co. will report earnings per share of $5.25 for the current fiscal year.

Devon Energy cuts dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were paid a dividend of $0.22. This represents an annualized dividend of $0.88 and a dividend yield of 1.86%. The ex-dividend date was Friday, June 14th. Devon Energy’s payout ratio is 16.79%.

Insider activity

In related news, EVP Tana K. Cashion sold 20,000 shares of the company’s stock on Tuesday, May 7. The shares were sold at an average price of $51.04, for a total value of $1,020,800.00. Following the completion of the transaction, the executive vice president now directly owns 104,182 shares of the company’s stock, valued at $5,317,449.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.73% of the company’s stock.

Devon Energy Company Profile

(Free report)

Devon Energy Corporation, an independent energy company, is engaged in the exploration, development and production of oil, natural gas and natural gas liquids in the United States. It operates in the Delaware, Eagle Ford, Anadarko, Williston and Powder River basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.

More stories

Institutional ownership by quarter for Devon Energy (NYSE:DVN)



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