Summit Financial Wealth Advisors LLC Sells 500 Shares of Devon Energy Co. (NYSE:DVN)

Summit Financial Wealth Advisors LLC cut its holdings in Devon Energy Co. (NYSE:DVNFree Report) by 0.6% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 77,157 shares of the energy company’s stock after selling 500 shares during the period. Summit Financial Wealth Advisors LLC’s holdings in Devon Energy were worth $3,495,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of DVN. Canada Pension Plan Investment Board bought a new position in shares of Devon Energy during the first quarter worth approximately $26,000. Fortis Capital Advisors LLC acquired a new position in Devon Energy in the 4th quarter valued at $31,000. KB Financial Partners LLC bought a new stake in shares of Devon Energy during the 1st quarter valued at $26,000. Coppell Advisory Solutions LLC bought a new position in shares of Devon Energy in the second quarter worth $25,000. Finally, Annis Gardner Whiting Capital Advisors LLC acquired a new position in shares of Devon Energy in the 3rd quarter valued at approximately $27,000. 69.72% of the stock is owned by institutional investors.

Devon Energy Stock Up 1.5 %

Shares of NYSE:DVN opened at $50.18 on Friday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.99 and a current ratio of 1.07. The business’s 50 day simple moving average is $44.63 and its two-hundred day simple moving average is $45.42. Devon Energy Co. has a 52-week low of $40.47 and a 52-week high of $56.19. The firm has a market cap of $31.86 billion, a P/E ratio of 8.61 and a beta of 2.18.

Devon Energy (NYSE:DVNGet Free Report) last announced its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.02. The business had revenue of $4.15 billion for the quarter, compared to analysts’ expectations of $3.88 billion. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The firm’s revenue for the quarter was down 3.6% compared to the same quarter last year. During the same quarter last year, the firm earned $1.66 EPS. As a group, research analysts forecast that Devon Energy Co. will post 4.83 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were issued a $0.44 dividend. The ex-dividend date was Thursday, March 14th. This represents a $1.76 annualized dividend and a dividend yield of 3.51%. Devon Energy’s dividend payout ratio is currently 15.09%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on DVN. Raymond James lowered their price target on Devon Energy from $53.00 to $52.00 and set an “outperform” rating for the company in a report on Wednesday, January 24th. Stifel Nicolaus lowered their price objective on shares of Devon Energy from $75.00 to $65.00 and set a “buy” rating for the company in a research report on Friday, March 22nd. UBS Group decreased their target price on shares of Devon Energy from $52.00 to $48.00 and set a “neutral” rating on the stock in a research note on Thursday, December 14th. Morgan Stanley increased their price target on Devon Energy from $48.00 to $49.00 and gave the company an “overweight” rating in a research note on Thursday. Finally, Mizuho lowered their target price on Devon Energy from $54.00 to $53.00 and set a “buy” rating for the company in a report on Thursday, January 11th. Five analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, Devon Energy has a consensus rating of “Moderate Buy” and a consensus target price of $55.19.

Get Our Latest Report on Devon Energy

About Devon Energy

(Free Report)

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.

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Institutional Ownership by Quarter for Devon Energy (NYSE:DVN)

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