Fifth Third Wealth Advisors LLC Decreases Stake in Devon Energy Corporation $DVN

Fifth Third Wealth Advisors LLC lowered its position in Devon Energy Corporation (NYSE:DVN) by 55.8% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,824 shares of the energy company’s stock after selling 8,621 shares during the quarter. Fifth Third Wealth Advisors LLC’s holdings in Devon Energy were worth $217,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Cantor Fitzgerald Investment Advisors L.P. lifted its position in shares of Devon Energy by 10.8% during the 1st quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 272,990 shares of the energy company’s stock worth $10,210,000 after buying an additional 26,519 shares during the last quarter. Autumn Glory Partners LLC raised its position in Devon Energy by 93.6% in the 1st quarter. Autumn Glory Partners LLC now owns 41,368 shares of the energy company’s stock valued at $1,547,000 after purchasing an additional 20,000 shares during the last quarter. Intact Investment Management Inc. purchased a new stake in Devon Energy in the 1st quarter valued at $2,524,000. Praxis Investment Management Inc. raised its position in Devon Energy by 41.8% in the 1st quarter. Praxis Investment Management Inc. now owns 47,000 shares of the energy company’s stock valued at $1,758,000 after purchasing an additional 13,860 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its position in Devon Energy by 38.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 847,759 shares of the energy company’s stock valued at $31,850,000 after purchasing an additional 236,624 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Price Performance

Devon Energy stock opened at $32.69 on Wednesday. Devon Energy Corporation has a 52 week low of $25.89 and a 52 week high of $41.84. The company has a quick ratio of 1.13, a current ratio of 1.22 and a debt-to-equity ratio of 0.55. The firm’s 50-day simple moving average is $34.56 and its 200 day simple moving average is $33.02. The firm has a market capitalization of $20.75 billion, a PE ratio of 7.33, a P/E/G ratio of 1.93 and a beta of 1.03.

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

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Monday, September 15th were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend was Monday, September 15th. Devon Energy’s dividend payout ratio is 21.52%.

Insider Transactions at Devon Energy

In related news, Director Kelt Kindick sold 7,685 shares of the stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $33.46, for a total transaction of $257,140.10. Following the completion of the sale, the director owned 31,801 shares of the company’s stock, valued at approximately $1,064,061.46. This represents a 19.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.73% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have issued reports on DVN shares. Barclays dropped their price objective on shares of Devon Energy from $42.00 to $40.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 7th. UBS Group boosted their price objective on shares of Devon Energy from $37.00 to $40.00 and gave the company a “neutral” rating in a research note on Wednesday, August 20th. William Blair started coverage on shares of Devon Energy in a research note on Monday, August 25th. They issued an “outperform” rating on the stock. Weiss Ratings reissued a “hold (c-)” rating on shares of Devon Energy in a research note on Wednesday, October 8th. Finally, Morgan Stanley dropped their price objective on shares of Devon Energy from $49.00 to $47.00 and set an “overweight” rating on the stock in a research note on Tuesday. Seventeen analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. According to data from MarketBeat.com, Devon Energy presently has an average rating of “Moderate Buy” and a consensus price target of $43.68.

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.