Devon Energy Co. (NYSE:DVN) Shares Sold by Cresset Asset Management LLC

Cresset Asset Management LLC decreased its stake in Devon Energy Co. (NYSE:DVN) by 16.5% during the 4th quarter, Holdings Channel reports. The firm owned 157,065 shares of the energy company’s stock after selling 30,948 shares during the quarter. Cresset Asset Management LLC’s holdings in Devon Energy were worth $5,141,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of DVN. Hurley Capital LLC acquired a new position in shares of Devon Energy during the fourth quarter valued at approximately $26,000. Accredited Wealth Management LLC acquired a new stake in shares of Devon Energy in the fourth quarter valued at about $28,000. Cromwell Holdings LLC lifted its stake in shares of Devon Energy by 98.0% in the fourth 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 Devon Energy during the fourth quarter worth about $43,000. Finally, Endeavor Private Wealth Inc. acquired a new stake in Devon Energy in the 4th quarter valued at about $52,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on DVN shares. StockNews.com cut Devon Energy from a “hold” rating to a “sell” rating in a report on Wednesday. Piper Sandler reduced their price target on Devon Energy from $55.00 to $54.00 and set an “overweight” rating on the stock in a report on Tuesday, April 22nd. Raymond James set a $40.00 price objective on shares of Devon Energy in a report on Monday, April 21st. Susquehanna reduced their target price on shares of Devon Energy from $52.00 to $41.00 and set a “positive” rating on the stock in a research note on Tuesday, April 22nd. Finally, Scotiabank dropped their price target on shares of Devon Energy from $45.00 to $35.00 and set a “sector outperform” rating for the company in a research note on Friday, April 11th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $43.96.

Devon Energy Price Performance

Shares of DVN opened at $31.98 on Friday. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57. Devon Energy Co. has a twelve month low of $25.89 and a twelve month high of $51.20. The firm has a market capitalization of $20.57 billion, a PE ratio of 7.01, a P/E/G ratio of 1.20 and a beta of 1.00. The stock’s 50 day moving average is $32.58 and its two-hundred day moving average is $34.80.

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 the consensus estimate of $1.27 by ($0.06). The business had revenue of $4.45 billion for the quarter, compared to analysts’ expectations of $4.31 billion. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. The business’s revenue was up 23.8% compared to the same quarter last year. During the same quarter last year, the business posted $1.16 earnings per share. Research analysts anticipate that Devon Energy Co. will post 4.85 earnings per share for the current year.

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be issued a $0.24 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.96 dividend on an annualized basis and a yield of 3.00%. Devon Energy’s dividend payout ratio (DPR) is 21.05%.

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.