Lake Street Private Wealth LLC Cuts Stake in Devon Energy Co. (NYSE:DVN)

Lake Street Private Wealth LLC lowered its stake in shares of Devon Energy Co. (NYSE:DVN) by 16.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 22,530 shares of the energy company’s stock after selling 4,290 shares during the period. Lake Street Private Wealth LLC’s holdings in Devon Energy were worth $1,131,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Creekmur Asset Management LLC bought a new stake in shares of Devon Energy in the fourth quarter worth about $791,000. Wahed Invest LLC grew its holdings in shares of Devon Energy by 6.3% in the fourth quarter. Wahed Invest LLC now owns 10,944 shares of the energy company’s stock valued at $496,000 after purchasing an additional 648 shares in the last quarter. DekaBank Deutsche Girozentrale increased its position in Devon Energy by 39.0% in the fourth quarter. DekaBank Deutsche Girozentrale now owns 197,726 shares of the energy company’s stock worth $9,008,000 after purchasing an additional 55,459 shares during the last quarter. L. Roy Papp & Associates LLP purchased a new stake in Devon Energy during the fourth quarter valued at $287,000. Finally, Principal Securities Inc. bought a new position in Devon Energy during the fourth quarter valued at $702,000. Institutional investors own 69.72% of the company’s stock.

Insider Buying and Selling at Devon Energy

In related news, EVP Tana K. Cashion sold 20,000 shares of the business’s stock in a transaction that occurred on 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 completion of the transaction, the executive vice president now owns 104,182 shares in the company, valued at approximately $5,317,449.28. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.73% of the company’s stock.

Devon Energy Price Performance

Shares of DVN opened at $48.11 on Thursday. The stock has a market capitalization of $30.41 billion, a PE ratio of 9.18, a PEG ratio of 1.26 and a beta of 2.07. The company has a 50 day moving average price of $48.47 and a 200-day moving average price of $46.98. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.97 and a current ratio of 1.04. Devon Energy Co. has a fifty-two week low of $40.47 and a fifty-two week high of $55.09.

Devon Energy (NYSE:DVN) last announced its earnings results 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 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% on a year-over-year basis. During the same quarter last year, the firm earned $1.46 EPS. Equities analysts predict that Devon Energy Co. will post 5.25 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were issued a $0.22 dividend. The ex-dividend date was Friday, June 14th. This represents a $0.88 dividend on an annualized basis and a yield of 1.83%. Devon Energy’s dividend payout ratio is presently 16.79%.

Wall Street Analysts Forecast Growth

DVN has been the topic of several recent research reports. Mizuho upped their target price on shares of Devon Energy from $57.00 to $61.00 and gave the company a “buy” rating in a research report on Monday, May 13th. JPMorgan Chase & Co. raised their price objective on Devon Energy from $57.00 to $62.00 and gave the company an “overweight” rating in a research note on Monday, April 8th. Citigroup boosted their target price on Devon Energy from $55.00 to $62.00 and gave the company a “buy” rating in a research report on Thursday, April 11th. Wells Fargo & Company raised shares of Devon Energy from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $46.00 to $59.00 in a research note on Monday, April 1st. Finally, Piper Sandler increased their target price on shares of Devon Energy from $60.00 to $61.00 and gave the company an “overweight” rating in a research note on Tuesday, May 14th. Five investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $59.24.

Devon Energy 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.