Phoenix Wealth Advisors Sells 26,734 Shares of Devon Energy Co. (NYSE:DVN)

Phoenix Wealth Advisors lessened its stake in Devon Energy Co. (NYSE:DVN) by 58.9% in the fourth quarter, Holdings Channel reports. The firm owned 18,663 shares of the energy company’s stock after selling 26,734 shares during the quarter. Phoenix Wealth Advisors’ holdings in Devon Energy were worth $856,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of DVN. Coppell Advisory Solutions LLC bought a new stake in shares of Devon Energy during the 2nd quarter worth approximately $25,000. Canada Pension Plan Investment Board bought a new position in Devon Energy in the first quarter valued at approximately $26,000. KB Financial Partners LLC acquired a new position in Devon Energy during the first quarter valued at approximately $26,000. Annis Gardner Whiting Capital Advisors LLC bought a new stake in Devon Energy during the third quarter worth $27,000. Finally, Sound Income Strategies LLC boosted its holdings in shares of Devon Energy by 60.7% in the 4th quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock valued at $31,000 after purchasing an additional 255 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.

Devon Energy Trading Down 0.9 %

Shares of DVN traded down $0.50 during mid-day trading on Wednesday, reaching $52.18. 6,991,359 shares of the company were exchanged, compared to its average volume of 7,013,805. The business has a 50 day simple moving average of $47.30 and a two-hundred day simple moving average of $45.78. Devon Energy Co. has a 52 week low of $40.47 and a 52 week high of $56.19. The stock has a market capitalization of $33.13 billion, a PE ratio of 8.95 and a beta of 2.19. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.99 and a current ratio of 1.07.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.02. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The firm had revenue of $4.15 billion for the quarter, compared to the consensus estimate of $3.88 billion. During the same quarter in the previous year, the company earned $1.66 EPS. The company’s revenue for the quarter was down 3.6% on a year-over-year basis. On average, analysts predict that Devon Energy Co. will post 5.02 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were given a dividend of $0.44 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.76 dividend on an annualized basis and a yield of 3.37%. Devon Energy’s dividend payout ratio (DPR) is currently 15.09%.

Analysts Set New Price Targets

DVN has been the topic of several recent analyst reports. Royal Bank of Canada reiterated a “sector perform” rating and issued a $55.00 price target on shares of Devon Energy in a research note on Thursday, March 7th. UBS Group lifted their target price on Devon Energy from $48.00 to $57.00 and gave the company a “neutral” rating in a research report on Wednesday, April 10th. Scotiabank increased their target price on shares of Devon Energy from $53.00 to $67.00 and gave the stock a “sector outperform” rating in a report on Thursday, April 11th. JPMorgan Chase & Co. lifted their price target on shares of Devon Energy from $57.00 to $62.00 and gave the company an “overweight” rating in a report on Monday, April 8th. Finally, Barclays initiated coverage on shares of Devon Energy in a report on Wednesday, April 10th. They set an “equal weight” rating and a $59.00 price target for the company. Five equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $57.89.

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.