Rehmann Capital Advisory Group Sells 1,161 Shares of Devon Energy Co. (NYSE:DVN)

Rehmann Capital Advisory Group lowered its holdings in Devon Energy Co. (NYSE:DVN) by 11.9% in the third quarter, HoldingsChannel.com reports. The firm owned 8,596 shares of the energy company’s stock after selling 1,161 shares during the quarter. Rehmann Capital Advisory Group’s holdings in Devon Energy were worth $336,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently made changes to their positions in DVN. ORG Partners LLC increased its stake in Devon Energy by 738.3% during the 2nd quarter. ORG Partners LLC now owns 1,534 shares of the energy company’s stock worth $73,000 after acquiring an additional 1,351 shares during the period. Envestnet Portfolio Solutions Inc. increased its position in shares of Devon Energy by 5.9% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 6,018 shares of the energy company’s stock worth $285,000 after purchasing an additional 335 shares during the period. Triad Wealth Partners LLC acquired a new position in Devon Energy in the second quarter valued at about $27,000. Blue Trust Inc. raised its stake in Devon Energy by 21.7% in the second quarter. Blue Trust Inc. now owns 10,245 shares of the energy company’s stock valued at $514,000 after purchasing an additional 1,830 shares in the last quarter. Finally, Oak Harbor Wealth Partners LLC lifted its position in Devon Energy by 5.8% during the second quarter. Oak Harbor Wealth Partners LLC now owns 31,985 shares of the energy company’s stock worth $1,516,000 after purchasing an additional 1,755 shares during the period. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Stock Down 1.8 %

Shares of NYSE:DVN opened at $34.14 on Friday. The business has a fifty day simple moving average of $38.92 and a 200 day simple moving average of $42.72. Devon Energy Co. has a 12-month low of $33.88 and a 12-month high of $55.09. The firm has a market cap of $22.43 billion, a P/E ratio of 6.33, a P/E/G ratio of 1.11 and a beta of 1.99. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61.

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 analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The company had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same period last year, the company earned $1.65 earnings per share. The firm’s revenue was up 4.9% compared to the same quarter last year. Analysts predict that Devon Energy Co. will post 4.79 earnings per share for the current year.

Devon Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.58%. The ex-dividend date of this dividend is Friday, December 13th. Devon Energy’s dividend payout ratio (DPR) is presently 16.33%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on DVN shares. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $57.00 price target on shares of Devon Energy in a report on Tuesday, September 3rd. Mizuho cut their target price on Devon Energy from $53.00 to $51.00 and set an “outperform” rating for the company in a research note on Wednesday, October 9th. Barclays lowered their price target on Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a report on Thursday, October 3rd. Morgan Stanley dropped their price objective on Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a research report on Monday, September 16th. Finally, Raymond James lowered their target price on Devon Energy from $58.00 to $51.00 in a research note on Tuesday, November 5th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $50.75.

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.