Concurrent Investment Advisors LLC Sells 5,442 Shares of Devon Energy Corporation $DVN

Concurrent Investment Advisors LLC reduced its holdings in shares of Devon Energy Corporation (NYSE:DVN) by 7.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 65,470 shares of the energy company’s stock after selling 5,442 shares during the quarter. Concurrent Investment Advisors LLC’s holdings in Devon Energy were worth $2,083,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. SVB Wealth LLC raised its stake in shares of Devon Energy by 4.1% in the first quarter. SVB Wealth LLC now owns 8,131 shares of the energy company’s stock valued at $304,000 after buying an additional 321 shares during the period. MAS Advisors LLC raised its stake in shares of Devon Energy by 4.3% in the second quarter. MAS Advisors LLC now owns 7,951 shares of the energy company’s stock valued at $253,000 after buying an additional 327 shares during the period. Whittier Trust Co. raised its stake in shares of Devon Energy by 24.3% in the first quarter. Whittier Trust Co. now owns 1,927 shares of the energy company’s stock valued at $72,000 after buying an additional 377 shares during the period. Callan Family Office LLC raised its stake in shares of Devon Energy by 3.7% in the first quarter. Callan Family Office LLC now owns 10,581 shares of the energy company’s stock valued at $396,000 after buying an additional 377 shares during the period. Finally, Hager Investment Management Services LLC raised its stake in shares of Devon Energy by 9.9% in the first quarter. Hager Investment Management Services LLC now owns 4,235 shares of the energy company’s stock valued at $158,000 after buying an additional 380 shares during the period. 69.72% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director Kelt Kindick sold 7,685 shares of the business’s stock in a transaction dated 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 directly owned 31,801 shares in the company, valued at $1,064,061.46. The trade was a 19.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.73% of the stock is currently owned by insiders.

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 business has a 50-day simple moving average of $34.56 and a 200 day simple moving average of $33.02. 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 stock has a market cap of $20.75 billion, a price-to-earnings ratio of 7.33, a PEG ratio of 1.93 and a beta of 1.03.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, August 5th. The energy company reported $0.84 EPS for the quarter, topping 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 analysts’ expectations of $4.01 billion. During the same period in the previous year, the business earned $1.41 earnings per share. The firm’s revenue was up 9.4% on a year-over-year basis. On average, research analysts forecast that Devon Energy Corporation will post 4.85 earnings per share 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 annualized dividend and a yield of 2.9%. The ex-dividend date was Monday, September 15th. Devon Energy’s payout ratio is presently 21.52%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on DVN shares. Mizuho lowered their target price on Devon Energy from $43.00 to $40.00 and set an “outperform” rating on the stock in a research note on Monday, September 15th. Wolfe Research lifted their price target on Devon Energy from $47.00 to $49.00 and gave the company an “outperform” rating in a research report on Monday, June 23rd. Tudor, Pickering, Holt & Co. lifted their price target on Devon Energy from $42.00 to $44.00 in a research report on Thursday, July 3rd. Weiss Ratings reiterated a “hold (c-)” rating on shares of Devon Energy in a research report on Wednesday, October 8th. Finally, UBS Group lifted their price target on Devon Energy from $37.00 to $40.00 and gave the company a “neutral” rating in a research report on Wednesday, August 20th. Seventeen research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price 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.