Choreo LLC Reduces Stock Holdings in Devon Energy Co. (NYSE:DVN)

Choreo LLC decreased its holdings in Devon Energy Co. (NYSE:DVN) by 7.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,947 shares of the energy company’s stock after selling 455 shares during the quarter. Choreo LLC’s holdings in Devon Energy were worth $269,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in DVN. SVB Wealth LLC lifted its position in Devon Energy by 5.6% during the third quarter. SVB Wealth LLC now owns 8,105 shares of the energy company’s stock valued at $387,000 after buying an additional 430 shares during the period. Stratos Wealth Partners LTD. lifted its position in Devon Energy by 2.2% during the third quarter. Stratos Wealth Partners LTD. now owns 27,834 shares of the energy company’s stock valued at $1,328,000 after buying an additional 594 shares during the period. Stratos Wealth Advisors LLC purchased a new position in Devon Energy during the third quarter valued at $477,000. Independent Advisor Alliance lifted its position in Devon Energy by 51.9% during the third quarter. Independent Advisor Alliance now owns 29,766 shares of the energy company’s stock valued at $1,420,000 after buying an additional 10,171 shares during the period. Finally, Brown Advisory Inc. lifted its position in Devon Energy by 77.2% during the third quarter. Brown Advisory Inc. now owns 8,316 shares of the energy company’s stock valued at $397,000 after buying an additional 3,622 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Analyst Ratings Changes

DVN has been the subject of several recent research reports. Wells Fargo & Company raised Devon Energy from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $46.00 to $59.00 in a research report on Monday, April 1st. Stifel Nicolaus raised their price objective on Devon Energy from $65.00 to $66.00 and gave the company a “buy” rating in a research report on Tuesday, April 23rd. Morgan Stanley lifted their price target on Devon Energy from $49.00 to $50.00 and gave the stock an “overweight” rating in a research report on Monday, April 15th. StockNews.com raised shares of Devon Energy from a “hold” rating to a “buy” rating in a research report on Friday. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $55.00 target price on shares of Devon Energy in a report on Thursday, March 7th. Four investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Devon Energy currently has an average rating of “Moderate Buy” and a consensus target price of $58.44.

Devon Energy Stock Performance

DVN opened at $50.54 on Friday. The firm has a market cap of $32.09 billion, a P/E ratio of 9.64 and a beta of 2.16. Devon Energy Co. has a 1-year low of $40.47 and a 1-year high of $55.09. The company has a 50 day simple moving average of $49.48 and a two-hundred day simple moving average of $46.30. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.07 and a quick ratio of 0.99.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.06. The business had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.64 billion. Devon Energy had a net margin of 22.27% and a return on equity of 29.41%. The company’s revenue was down 5.9% on a year-over-year basis. During the same period in the prior year, the business posted $1.46 earnings per share. Equities analysts forecast that Devon Energy Co. will post 5.28 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

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

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.