Devon Energy Co. (NYSE:DVN) Shares Sold by Axxcess Wealth Management LLC

Axxcess Wealth Management LLC lowered its position in shares of Devon Energy Co. (NYSE:DVN) by 28.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,499 shares of the energy company’s stock after selling 4,238 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Devon Energy were worth $411,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. raised its holdings in shares of Devon Energy by 3.5% during the first quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock valued at $3,836,615,000 after acquiring an additional 2,559,039 shares during the last quarter. Pacer Advisors Inc. raised its holdings in shares of Devon Energy by 16.8% during the second quarter. Pacer Advisors Inc. now owns 9,913,516 shares of the energy company’s stock valued at $469,901,000 after acquiring an additional 1,428,776 shares during the last quarter. Raymond James & Associates grew its position in shares of Devon Energy by 1.5% in the second quarter. Raymond James & Associates now owns 9,183,778 shares of the energy company’s stock valued at $435,311,000 after purchasing an additional 138,919 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Devon Energy by 16.7% in the second quarter. Dimensional Fund Advisors LP now owns 8,793,217 shares of the energy company’s stock valued at $416,779,000 after purchasing an additional 1,255,543 shares in the last quarter. Finally, Thrivent Financial for Lutherans grew its position in shares of Devon Energy by 15.9% in the second quarter. Thrivent Financial for Lutherans now owns 5,094,017 shares of the energy company’s stock valued at $241,456,000 after purchasing an additional 699,743 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Stock Up 2.0 %

Devon Energy stock opened at $39.10 on Thursday. The stock’s fifty day moving average is $40.20 and its two-hundred day moving average is $44.55. The stock has a market cap of $25.68 billion, a PE ratio of 7.25, a P/E/G ratio of 1.19 and a beta of 2.03. Devon Energy Co. has a 1-year low of $37.76 and a 1-year high of $55.09. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.01. The company had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The business’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter last year, the company posted $1.65 earnings per share. On average, sell-side analysts expect that Devon Energy Co. will post 4.86 EPS for the current fiscal year.

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be issued 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 of this dividend is Friday, December 13th. Devon Energy’s dividend payout ratio is currently 16.33%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. Royal Bank of Canada restated a “sector perform” rating and issued a $57.00 price target on shares of Devon Energy in a research report on Tuesday, September 3rd. Sanford C. Bernstein dropped their price target on Devon Energy from $48.00 to $43.00 and set a “market perform” rating for the company in a research report on Wednesday, July 17th. Benchmark restated a “hold” rating on shares of Devon Energy in a research report on Tuesday, October 15th. JPMorgan Chase & Co. dropped their price target on Devon Energy from $64.00 to $51.00 and set an “overweight” rating for the company in a research report on Thursday, September 12th. Finally, Jefferies Financial Group began coverage on Devon Energy in a research report on Thursday, October 3rd. They issued a “hold” rating and a $45.00 price objective for the company. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $51.80.

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.