Gilliland Jeter Wealth Management LLC Sells 3,513 Shares of Devon Energy Corporation $DVN

Gilliland Jeter Wealth Management LLC reduced its position in shares of Devon Energy Corporation (NYSE:DVN) by 14.0% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 21,644 shares of the energy company’s stock after selling 3,513 shares during the quarter. Gilliland Jeter Wealth Management LLC’s holdings in Devon Energy were worth $688,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Commerzbank Aktiengesellschaft FI bought a new stake in Devon Energy during the 2nd quarter worth about $520,000. Stiles Financial Services Inc increased its stake in shares of Devon Energy by 2.3% in the 2nd quarter. Stiles Financial Services Inc now owns 58,986 shares of the energy company’s stock valued at $1,876,000 after acquiring an additional 1,347 shares during the last quarter. Coordinated Financial Services Inc. bought a new stake in shares of Devon Energy in the 2nd quarter valued at about $236,000. IFP Advisors Inc increased its stake in shares of Devon Energy by 2.3% in the 2nd quarter. IFP Advisors Inc now owns 20,522 shares of the energy company’s stock valued at $653,000 after acquiring an additional 466 shares during the last quarter. Finally, Callan Family Office LLC increased its stake in shares of Devon Energy by 74.8% in the 2nd quarter. Callan Family Office LLC now owns 18,491 shares of the energy company’s stock valued at $588,000 after acquiring an additional 7,910 shares during the last quarter. 69.72% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Devon Energy news, Director Kelt Kindick sold 7,685 shares of the company’s stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $33.46, for a total transaction of $257,140.10. Following the completion of the transaction, the director owned 31,801 shares of the company’s stock, valued at $1,064,061.46. This represents a 19.46% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.71% of the stock is currently owned by company insiders.

Devon Energy Price Performance

Shares of DVN opened at $34.37 on Friday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.13 and a current ratio of 1.22. The stock has a 50 day simple moving average of $34.52 and a 200 day simple moving average of $33.14. Devon Energy Corporation has a 52-week low of $25.89 and a 52-week high of $43.29. The firm has a market capitalization of $21.82 billion, a PE ratio of 7.71, a P/E/G ratio of 2.04 and a beta of 1.03.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, August 5th. The energy company reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.83 by $0.01. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.The business had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.01 billion. During the same period in the previous year, the firm earned $1.41 EPS. Devon Energy’s quarterly revenue was up 9.4% compared to the same quarter last year. Sell-side analysts predict that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th were given a dividend of $0.24 per share. The ex-dividend date of this dividend was Monday, September 15th. This represents a $0.96 dividend on an annualized basis and a yield of 2.8%. Devon Energy’s dividend payout ratio is 21.52%.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Wells Fargo & Company upped their price target on Devon Energy from $42.00 to $43.00 and gave the company an “overweight” rating in a research note on Tuesday, August 12th. Jefferies Financial Group upped their price target on Devon Energy from $31.00 to $33.00 and gave the company a “hold” rating in a research note on Monday, July 14th. Evercore ISI upped their price target on Devon Energy from $34.00 to $37.00 and gave the company an “in-line” rating in a research note on Monday. Barclays lowered their price target on Devon Energy from $42.00 to $40.00 and set an “equal weight” rating for the company in a research note on Tuesday. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Devon Energy in a research note on Wednesday. Sixteen analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat.com, Devon Energy presently has a consensus rating of “Moderate Buy” and an average target price of $43.74.

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.