Adalta Capital Management LLC Sells 1,500 Shares of Devon Energy Co. (NYSE:DVN)

Adalta Capital Management LLC lessened its stake in Devon Energy Co. (NYSE:DVN) by 49.6% in the 4th quarter, Holdings Channel reports. The institutional investor owned 1,525 shares of the energy company’s stock after selling 1,500 shares during the quarter. Adalta Capital Management LLC’s holdings in Devon Energy were worth $50,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in DVN. Hurley Capital LLC acquired a new position in Devon Energy during the 4th quarter worth approximately $26,000. Accredited Wealth Management LLC acquired a new stake in Devon Energy in the 4th quarter valued at $28,000. Cromwell Holdings LLC lifted its position in Devon Energy by 98.0% during the 4th quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock worth $40,000 after buying an additional 598 shares in the last quarter. Sierra Ocean LLC acquired a new position in shares of Devon Energy during the 4th quarter worth about $43,000. Finally, Endeavor Private Wealth Inc. bought a new position in shares of Devon Energy in the 4th quarter valued at about $52,000. 69.72% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts recently issued reports on DVN shares. JPMorgan Chase & Co. dropped their target price on Devon Energy from $48.00 to $42.00 and set a “neutral” rating on the stock in a report on Thursday, March 13th. Wells Fargo & Company boosted their price target on Devon Energy from $44.00 to $46.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 14th. Scotiabank cut their price objective on Devon Energy from $45.00 to $35.00 and set a “sector outperform” rating for the company in a report on Friday, April 11th. Benchmark reissued a “buy” rating and issued a $44.00 target price on shares of Devon Energy in a research note on Thursday, February 20th. Finally, UBS Group dropped their price target on shares of Devon Energy from $41.00 to $35.00 and set a “neutral” rating on the stock in a research report on Monday, April 7th. Ten equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Devon Energy presently has an average rating of “Moderate Buy” and an average price target of $43.83.

Devon Energy Stock Performance

DVN opened at $32.15 on Wednesday. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01. The business has a fifty day simple moving average of $32.43 and a 200 day simple moving average of $34.46. Devon Energy Co. has a 1 year low of $25.89 and a 1 year high of $50.24. The company has a market capitalization of $20.64 billion, a PE ratio of 7.05, a price-to-earnings-growth ratio of 1.20 and a beta of 1.00.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, May 6th. The energy company reported $1.21 earnings per share for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.06). Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The firm had revenue of $4.45 billion for the quarter, compared to analyst estimates of $4.31 billion. During the same period in the prior year, the business posted $1.16 EPS. The firm’s quarterly revenue was up 23.8% compared to the same quarter last year. Research analysts expect that Devon Energy Co. will post 4.85 EPS for the current year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.99%. Devon Energy’s payout ratio is presently 21.87%.

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.