Janiczek Wealth Management LLC Trims Stake in Devon Energy Co. (NYSE:DVN)

Janiczek Wealth Management LLC reduced its position in Devon Energy Co. (NYSE:DVN) by 11.6% in the 1st quarter, Holdings Channel.com reports. The fund owned 3,662 shares of the energy company’s stock after selling 479 shares during the quarter. Janiczek Wealth Management LLC’s holdings in Devon Energy were worth $184,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Pacer Advisors Inc. increased its stake in Devon Energy by 1,279.7% in the fourth quarter. Pacer Advisors Inc. now owns 6,145,605 shares of the energy company’s stock valued at $278,396,000 after purchasing an additional 5,700,167 shares during the period. Morgan Stanley grew its stake in shares of Devon Energy by 23.6% in the 3rd quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock valued at $555,567,000 after purchasing an additional 2,220,194 shares during the last quarter. International Assets Investment Management LLC increased its holdings in shares of Devon Energy by 3,885.4% in the fourth quarter. International Assets Investment Management LLC now owns 1,695,206 shares of the energy company’s stock valued at $76,793,000 after purchasing an additional 1,652,671 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Devon Energy by 26.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company’s stock worth $320,609,000 after purchasing an additional 1,488,374 shares during the last quarter. Finally, Schroder Investment Management Group lifted its holdings in shares of Devon Energy by 61.0% during the third quarter. Schroder Investment Management Group now owns 2,673,781 shares of the energy company’s stock worth $127,539,000 after purchasing an additional 1,013,353 shares during the period. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Devon Energy

In other Devon Energy news, EVP Tana K. Cashion sold 20,000 shares of Devon Energy stock in a transaction that occurred on Tuesday, May 7th. 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 sale, the executive vice president now directly owns 104,182 shares of the company’s stock, valued at approximately $5,317,449.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.73% of the company’s stock.

Devon Energy Trading Up 0.6 %

Shares of DVN opened at $47.02 on Friday. Devon Energy Co. has a 1-year low of $40.47 and a 1-year high of $55.09. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.04 and a quick ratio of 0.97. The firm has a 50 day simple moving average of $48.82 and a 200-day simple moving average of $46.87. The stock has a market cap of $29.71 billion, a price-to-earnings ratio of 8.97, a price-to-earnings-growth ratio of 1.23 and a beta of 2.08.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.06. The company had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.64 billion. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The business’s revenue for the quarter was down 5.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.46 earnings per share. Equities analysts forecast that Devon Energy Co. will post 5.25 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.87%. The ex-dividend date is Friday, June 14th. Devon Energy’s dividend payout ratio is presently 16.79%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Mizuho raised their target price on shares of Devon Energy from $57.00 to $61.00 and gave the stock a “buy” rating in a research note on Monday, May 13th. Morgan Stanley boosted their target price on Devon Energy from $49.00 to $50.00 and gave the stock an “overweight” rating in a research report on Monday, April 15th. Piper Sandler raised their price target on Devon Energy from $60.00 to $61.00 and gave the company an “overweight” rating in a report on Tuesday, May 14th. Royal Bank of Canada upped their price objective on Devon Energy from $55.00 to $57.00 and gave the stock a “sector perform” rating in a report on Thursday, May 9th. Finally, UBS Group raised their target price on Devon Energy from $48.00 to $57.00 and gave the company a “neutral” rating in a report on Wednesday, April 10th. Four equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, Devon Energy has a consensus rating of “Moderate Buy” and an average target price of $59.24.

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.