Bogart Wealth LLC Cuts Stake in Devon Energy Co. (NYSE:DVN)

Bogart Wealth LLC lessened its holdings in Devon Energy Co. (NYSE:DVN) by 20.2% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,100 shares of the energy company’s stock after selling 530 shares during the period. Bogart Wealth LLC’s holdings in Devon Energy were worth $95,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in Devon Energy during the 3rd quarter worth about $27,000. Sound Income Strategies LLC lifted its stake in Devon Energy by 60.7% in the fourth quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock worth $31,000 after acquiring an additional 255 shares during the last quarter. Rise Advisors LLC grew its holdings in Devon Energy by 1,365.3% during the 4th quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock worth $33,000 after acquiring an additional 669 shares in the last quarter. PFS Partners LLC purchased a new stake in shares of Devon Energy in the 4th quarter valued at approximately $36,000. Finally, Naples Money Management LLC acquired a new stake in shares of Devon Energy in the 4th quarter valued at $40,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Insider Buying and Selling at Devon Energy

In other Devon Energy news, EVP Tana K. Cashion sold 20,000 shares of the firm’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the completion of the transaction, the executive vice president now owns 104,182 shares of the company’s stock, valued at $5,317,449.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.63% of the company’s stock.

Devon Energy Price Performance

DVN stock traded down $0.42 during trading on Wednesday, reaching $50.56. 5,145,206 shares of the company were exchanged, compared to its average volume of 7,815,697. Devon Energy Co. has a 52-week low of $40.47 and a 52-week high of $55.09. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.97 and a current ratio of 1.04. The company has a market cap of $31.95 billion, a P/E ratio of 9.65 and a beta of 2.16. The stock’s 50 day moving average price is $50.02 and its 200 day moving average price is $46.31.

Devon Energy (NYSE:DVN) last posted its earnings results on Wednesday, May 1st. The energy company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.06. The company had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.64 billion. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. Devon Energy’s quarterly revenue was down 5.9% compared to the same quarter last year. During the same period in the previous year, the business earned $1.46 earnings per share. As a group, analysts predict that Devon Energy Co. will post 5.24 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 1.74%. The ex-dividend date of this dividend is Friday, June 14th. Devon Energy’s payout ratio is currently 16.79%.

Analyst Ratings Changes

DVN has been the topic of a number of analyst reports. Wells Fargo & Company upgraded Devon Energy from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $46.00 to $59.00 in a research note on Monday, April 1st. UBS Group increased their price target on shares of Devon Energy from $48.00 to $57.00 and gave the company a “neutral” rating in a research note on Wednesday, April 10th. Susquehanna lifted their target price on Devon Energy from $52.00 to $65.00 and gave the stock a “positive” rating in a research report on Monday, April 22nd. Mizuho boosted their price objective on Devon Energy from $53.00 to $57.00 and gave the company a “buy” rating in a research note on Thursday, May 2nd. Finally, Scotiabank lifted their target price on shares of Devon Energy from $53.00 to $67.00 and gave the company a “sector outperform” rating in a report on Thursday, April 11th. Four equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $58.44.

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.