Devon Energy Co. (NYSE:DVN) Shares Sold by Forte Capital LLC ADV

Forte Capital LLC ADV reduced its holdings in shares of Devon Energy Co. (NYSE:DVN) by 11.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 40,881 shares of the energy company’s stock after selling 5,473 shares during the period. Forte Capital LLC ADV’s holdings in Devon Energy were worth $1,852,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in Devon Energy in the third quarter valued at approximately $27,000. Sound Income Strategies LLC raised its holdings in shares of 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 in the last quarter. Rise Advisors LLC lifted its position in shares of Devon Energy by 1,365.3% during the 4th quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock worth $33,000 after purchasing an additional 669 shares during the last quarter. PFS Partners LLC acquired a new position in shares of Devon Energy during the fourth quarter worth $36,000. Finally, Naples Money Management LLC purchased a new position in Devon Energy in the fourth quarter valued at $40,000. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Price Performance

Devon Energy stock traded up $0.20 during mid-day trading on Friday, hitting $50.54. 8,953,763 shares of the company were exchanged, compared to its average volume of 7,073,719. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.04 and a quick ratio of 0.99. Devon Energy Co. has a 12-month low of $40.47 and a 12-month high of $55.09. The business’s 50 day simple moving average is $49.62 and its two-hundred day simple moving average is $46.28. The company has a market capitalization of $32.09 billion, a P/E ratio of 9.65 and a beta of 2.16.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.06. The business had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.64 billion. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The company’s quarterly revenue was down 5.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.46 earnings per share. Analysts forecast that Devon Energy Co. will post 5.24 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 1.74%. The ex-dividend date of this dividend is Friday, June 14th. Devon Energy’s payout ratio is currently 16.79%.

Wall Street Analyst Weigh In

DVN has been the subject of several recent analyst reports. Barclays started coverage on shares of Devon Energy in a research report on Wednesday, April 10th. They set an “equal weight” rating and a $59.00 price objective for the company. Citigroup upped their price objective on shares of Devon Energy from $55.00 to $62.00 and gave the company a “buy” rating in a research note on Thursday, April 11th. Mizuho lifted their target price on Devon Energy from $53.00 to $57.00 and gave the stock a “buy” rating in a research report on Thursday. Royal Bank of Canada reissued a “sector perform” rating and issued a $55.00 target price on shares of Devon Energy in a research report on Thursday, March 7th. Finally, Scotiabank raised their price target on Devon Energy from $53.00 to $67.00 and gave the stock a “sector outperform” rating in a research note on Thursday, April 11th. Four research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $58.44.

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.