Hennion & Walsh Asset Management Inc. Reduces Stock Position in Devon Energy Co. (NYSE:DVN)

Hennion & Walsh Asset Management Inc. lessened its stake in Devon Energy Co. (NYSE:DVN) by 19.0% in the first quarter, HoldingsChannel reports. The firm owned 82,791 shares of the energy company’s stock after selling 19,368 shares during the period. Hennion & Walsh Asset Management Inc.’s holdings in Devon Energy were worth $4,154,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. Manchester Capital Management LLC bought a new stake in shares of Devon Energy in the fourth quarter worth $28,000. Sound Income Strategies LLC grew its stake in shares of Devon Energy by 60.7% during 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 during the period. Rise Advisors LLC grew its stake 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 valued at $33,000 after purchasing an additional 669 shares during the period. Jones Financial Companies Lllp increased its position in shares of Devon Energy by 104.8% during the 4th quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock valued at $33,000 after purchasing an additional 374 shares during the last quarter. Finally, PFS Partners LLC bought a new position in shares of Devon Energy in the 4th quarter worth approximately $36,000. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on DVN. Piper Sandler upped their target price on shares of Devon Energy from $60.00 to $61.00 and gave the company an “overweight” rating in a report on Tuesday, May 14th. Wells Fargo & Company upgraded Devon Energy from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $46.00 to $59.00 in a research note on Monday, April 1st. Stifel Nicolaus raised their target price on shares of Devon Energy from $65.00 to $66.00 and gave the stock a “buy” rating in a research note on Tuesday, April 23rd. Scotiabank upped their price target on shares of Devon Energy from $53.00 to $67.00 and gave the stock a “sector outperform” rating in a research report on Thursday, April 11th. Finally, Bank of America reissued a “buy” rating and issued a $64.00 price objective on shares of Devon Energy in a research note on Friday, June 14th. Four analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $59.24.

Devon Energy Stock Up 0.8 %

Shares of NYSE:DVN opened at $47.40 on Friday. The company has a 50-day moving average price of $48.73 and a 200 day moving average price of $46.91. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 0.46. Devon Energy Co. has a 12 month low of $40.47 and a 12 month high of $55.09. 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) last announced its earnings results on Wednesday, May 1st. The energy company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.06. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The firm had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.64 billion. During the same quarter in the previous year, the business earned $1.46 EPS. The company’s quarterly revenue was down 5.9% on a year-over-year basis. As a group, equities research analysts predict that Devon Energy Co. will post 5.25 earnings per share for the current year.

Devon Energy Cuts Dividend

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

Insider Transactions at Devon Energy

In related news, EVP Tana K. Cashion sold 20,000 shares of the company’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the transaction, the executive vice president now directly owns 104,182 shares in the company, valued at approximately $5,317,449.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.73% of the company’s stock.

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.