Kingswood Wealth Advisors LLC Cuts Stock Position in Devon Energy Corporation $DVN

Kingswood Wealth Advisors LLC cut its holdings in Devon Energy Corporation (NYSE:DVN) by 37.2% in the second quarter, Holdings Channel reports. The institutional investor owned 38,191 shares of the energy company’s stock after selling 22,600 shares during the quarter. Kingswood Wealth Advisors LLC’s holdings in Devon Energy were worth $1,215,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Ameriprise Financial Inc. increased its position in shares of Devon Energy by 81.1% during the first quarter. Ameriprise Financial Inc. now owns 5,029,987 shares of the energy company’s stock worth $188,131,000 after purchasing an additional 2,252,918 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Devon Energy by 2.6% during the first quarter. Vanguard Group Inc. now owns 82,780,738 shares of the energy company’s stock worth $3,096,000,000 after purchasing an additional 2,098,568 shares in the last quarter. Nuveen LLC purchased a new stake in shares of Devon Energy during the first quarter worth approximately $69,975,000. AQR Capital Management LLC increased its position in shares of Devon Energy by 100.0% during the first quarter. AQR Capital Management LLC now owns 3,558,362 shares of the energy company’s stock worth $132,051,000 after purchasing an additional 1,779,382 shares in the last quarter. Finally, Assenagon Asset Management S.A. increased its position in shares of Devon Energy by 530.3% during the first quarter. Assenagon Asset Management S.A. now owns 2,067,465 shares of the energy company’s stock worth $77,323,000 after purchasing an additional 1,739,436 shares in the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Devon Energy

In related news, Director Kelt Kindick sold 7,685 shares of the stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $33.46, for a total transaction of $257,140.10. Following the transaction, the director owned 31,801 shares of the company’s stock, valued at approximately $1,064,061.46. This represents a 19.46% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.73% of the stock is currently owned by company insiders.

Devon Energy Stock Performance

Shares of Devon Energy stock opened at $34.95 on Wednesday. Devon Energy Corporation has a 52 week low of $25.89 and a 52 week high of $43.29. The business’s fifty day simple moving average is $34.47 and its 200-day simple moving average is $33.14. The firm has a market cap of $22.18 billion, a PE ratio of 7.84, a price-to-earnings-growth ratio of 2.03 and a beta of 1.03. The company has a quick ratio of 1.13, a current ratio of 1.22 and a debt-to-equity ratio of 0.55.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, August 5th. The energy company reported $0.84 EPS for the quarter, beating the consensus estimate of $0.83 by $0.01. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.The business had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.01 billion. During the same quarter in the prior year, the company posted $1.41 EPS. The company’s quarterly revenue was up 9.4% on a year-over-year basis. Equities analysts forecast that Devon Energy Corporation will post 4.85 earnings per share for the current year.

Devon Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend was Monday, September 15th. Devon Energy’s dividend payout ratio is 21.52%.

Analyst Ratings Changes

Several brokerages recently commented on DVN. Jefferies Financial Group boosted their price target on Devon Energy from $31.00 to $33.00 and gave the stock a “hold” rating in a research report on Monday, July 14th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Devon Energy in a research report on Saturday, September 27th. BMO Capital Markets upped their target price on Devon Energy from $48.00 to $51.00 and gave the company an “outperform” rating in a report on Monday, July 14th. Siebert Williams Shank upped their target price on Devon Energy from $47.00 to $52.00 and gave the company a “buy” rating in a report on Monday, June 23rd. Finally, Wolfe Research upped their target price on Devon Energy from $47.00 to $49.00 and gave the company an “outperform” rating in a report on Monday, June 23rd. Sixteen investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $43.48.

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.