Kingswood Wealth Advisors LLC Reduces Holdings in Devon Energy Co. (NYSE:DVN)

Kingswood Wealth Advisors LLC reduced its holdings in shares of Devon Energy Co. (NYSE:DVN) by 9.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 38,024 shares of the energy company’s stock after selling 4,079 shares during the period. Kingswood Wealth Advisors LLC’s holdings in Devon Energy were worth $1,245,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Geode Capital Management LLC grew its position in shares of Devon Energy by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 15,892,970 shares of the energy company’s stock valued at $619,747,000 after acquiring an additional 206,884 shares during the period. EnCap Energy Capital Fund XI L.P. purchased a new position in Devon Energy during the third quarter valued at $461,857,000. Pacer Advisors Inc. grew its holdings in Devon Energy by 16.9% during the third quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock valued at $453,446,000 after purchasing an additional 1,677,652 shares during the period. EnCap Partners GP LLC purchased a new stake in Devon Energy in the third quarter worth about $408,653,000. Finally, Victory Capital Management Inc. raised its stake in shares of Devon Energy by 3.8% in the third quarter. Victory Capital Management Inc. now owns 9,971,343 shares of the energy company’s stock worth $390,079,000 after buying an additional 361,968 shares during the period. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Trading Down 1.8 %

Shares of DVN stock opened at $35.33 on Tuesday. The company has a market cap of $23.20 billion, a PE ratio of 6.55, a price-to-earnings-growth ratio of 1.21 and a beta of 2.00. Devon Energy Co. has a 1 year low of $30.39 and a 1 year high of $55.09. The stock’s 50 day simple moving average is $35.20 and its two-hundred day simple moving average is $39.78. 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 released its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, beating 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%. Devon Energy’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.65 EPS. Research analysts predict that Devon Energy Co. will post 4.7 earnings per share for the current year.

Devon Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Friday, December 13th were paid a dividend of $0.22 per share. The ex-dividend date was Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.49%. Devon Energy’s dividend payout ratio is presently 16.33%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on DVN. Wells Fargo & Company cut their price objective on Devon Energy from $49.00 to $43.00 and set an “overweight” rating for the company in a research note on Tuesday, December 17th. Truist Financial reduced their price objective on shares of Devon Energy from $43.00 to $42.00 and set a “hold” rating for the company in a research note on Monday, January 13th. Benchmark upgraded shares of Devon Energy from a “hold” rating to a “buy” rating and set a $44.00 target price on the stock in a research note on Tuesday, January 14th. Raymond James upped their target price on shares of Devon Energy from $53.00 to $54.00 and gave the stock an “outperform” rating in a report on Thursday, January 23rd. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $50.00 price target on shares of Devon Energy in a report on Friday, January 10th. Nine analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $49.41.

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.