Spire Wealth Management Sells 2,324 Shares of Devon Energy Co. (NYSE:DVN)

Spire Wealth Management lessened its position in shares of Devon Energy Co. (NYSE:DVN) by 28.7% during the 2nd quarter, HoldingsChannel reports. The fund owned 5,760 shares of the energy company’s stock after selling 2,324 shares during the quarter. Spire Wealth Management’s holdings in Devon Energy were worth $273,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. Creekmur Asset Management LLC bought a new position in shares of Devon Energy in the 4th quarter valued at about $791,000. Wahed Invest LLC grew its holdings in Devon Energy by 6.3% during the 4th quarter. Wahed Invest LLC now owns 10,944 shares of the energy company’s stock worth $496,000 after acquiring an additional 648 shares during the period. Tradewinds Capital Management LLC bought a new stake in shares of Devon Energy during the 1st quarter valued at $30,000. MCF Advisors LLC raised its position in shares of Devon Energy by 5.6% during the 1st quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock valued at $202,000 after acquiring an additional 215 shares during the last quarter. Finally, Principal Securities Inc. bought a new position in shares of Devon Energy in the 4th quarter worth $702,000. Institutional investors own 69.72% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Wells Fargo & Company dropped their price objective on Devon Energy from $57.00 to $55.00 and set an “overweight” rating for the company in a report on Wednesday, August 14th. Morgan Stanley upped their price target on Devon Energy from $52.00 to $54.00 and gave the company an “overweight” rating in a research note on Tuesday, July 9th. Wolfe Research began coverage on shares of Devon Energy in a research note on Thursday, July 18th. They set a “peer perform” rating on the stock. Mizuho boosted their price target on shares of Devon Energy from $57.00 to $61.00 and gave the company a “buy” rating in a report on Monday, May 13th. Finally, Scotiabank lowered their price target on Devon Energy from $67.00 to $60.00 and set a “sector outperform” rating for the company in a report on Friday, July 12th. Six research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Devon Energy currently has an average rating of “Moderate Buy” and an average target price of $58.75.

Devon Energy Trading Down 3.9 %

Devon Energy stock opened at $43.02 on Wednesday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.11 and a quick ratio of 1.03. The firm has a 50-day moving average of $45.70 and a 200-day moving average of $47.62. The company has a market cap of $26.94 billion, a price-to-earnings ratio of 8.21, a P/E/G ratio of 1.26 and a beta of 2.07. Devon Energy Co. has a one year low of $40.47 and a one year high of $55.09.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.26 by $0.15. The firm had revenue of $3.92 billion during the quarter, compared to analysts’ expectations of $3.90 billion. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The business’s quarterly revenue was up 13.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.18 earnings per share. On average, equities analysts expect that Devon Energy Co. will post 5.37 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be issued a dividend of $0.22 per share. The ex-dividend date is Friday, September 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.05%. Devon Energy’s payout ratio is 16.79%.

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.