Hennion & Walsh Asset Management Inc. Sells 16,114 Shares of Devon Energy Co. (NYSE:DVN)

Hennion & Walsh Asset Management Inc. trimmed its stake in Devon Energy Co. (NYSE:DVN) by 22.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 56,185 shares of the energy company’s stock after selling 16,114 shares during the period. Hennion & Walsh Asset Management Inc.’s holdings in Devon Energy were worth $2,198,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Wellington Management Group LLP lifted its position in shares of Devon Energy by 9.8% during the fourth quarter. Wellington Management Group LLP now owns 173,024 shares of the energy company’s stock valued at $7,838,000 after buying an additional 15,384 shares during the last quarter. Wealthcare Advisory Partners LLC lifted its position in Devon Energy by 13.1% during the first quarter. Wealthcare Advisory Partners LLC now owns 10,467 shares of the energy company’s stock valued at $525,000 after acquiring an additional 1,213 shares during the last quarter. Hodges Capital Management Inc. boosted its stake in Devon Energy by 3.5% in the first quarter. Hodges Capital Management Inc. now owns 18,443 shares of the energy company’s stock valued at $925,000 after acquiring an additional 631 shares in the last quarter. MCF Advisors LLC grew its holdings in Devon Energy by 5.6% in the first quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock worth $202,000 after purchasing an additional 215 shares during the last quarter. Finally, Oliver Luxxe Assets LLC increased its position in shares of Devon Energy by 1.1% during the first quarter. Oliver Luxxe Assets LLC now owns 91,963 shares of the energy company’s stock worth $4,615,000 after purchasing an additional 1,045 shares in the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages recently weighed in on DVN. UBS Group dropped their target price on Devon Energy from $53.00 to $47.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 18th. JPMorgan Chase & Co. cut their price objective on shares of Devon Energy from $64.00 to $51.00 and set an “overweight” rating on the stock in a report on Thursday, September 12th. Barclays lowered their target price on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a research note on Thursday, October 3rd. Piper Sandler cut their price target on shares of Devon Energy from $57.00 to $56.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 15th. Finally, StockNews.com downgraded shares of Devon Energy from a “buy” rating to a “hold” rating in a research note on Monday, September 2nd. Nine investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, Devon Energy presently has an average rating of “Moderate Buy” and an average price target of $52.53.

Devon Energy Trading Down 0.8 %

Devon Energy stock opened at $39.19 on Friday. The firm has a market cap of $24.77 billion, a PE ratio of 7.48, a P/E/G ratio of 1.27 and a beta of 2.02. Devon Energy Co. has a 12 month low of $37.76 and a 12 month high of $55.09. The stock’s 50 day simple moving average is $41.62 and its two-hundred day simple moving average is $45.86. The company has a current ratio of 1.11, a quick ratio of 1.03 and a debt-to-equity ratio of 0.45.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.26 by $0.15. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The firm had revenue of $3.92 billion for the quarter, compared to the consensus estimate of $3.90 billion. During the same period in the prior year, the firm posted $1.18 earnings per share. The firm’s quarterly revenue was up 13.4% compared to the same quarter last year. Analysts anticipate that Devon Energy Co. will post 5.01 earnings per share for the current year.

Devon Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date was Friday, September 13th. Devon Energy’s dividend payout ratio (DPR) is presently 16.79%.

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.