Apollon Wealth Management LLC Has $1.89 Million Stake in Devon Energy Co. (NYSE:DVN)

Apollon Wealth Management LLC decreased its position in shares of Devon Energy Co. (NYSE:DVN) by 23.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 41,609 shares of the energy company’s stock after selling 12,940 shares during the period. Apollon Wealth Management LLC’s holdings in Devon Energy were worth $1,885,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Lord Abbett & CO. LLC lifted its stake in Devon Energy by 15.5% in the 3rd quarter. Lord Abbett & CO. LLC now owns 549,710 shares of the energy company’s stock valued at $26,221,000 after purchasing an additional 73,570 shares during the last quarter. Nordea Investment Management AB grew its holdings in shares of Devon Energy by 2.7% during the third quarter. Nordea Investment Management AB now owns 373,757 shares of the energy company’s stock worth $17,974,000 after purchasing an additional 9,823 shares during the last quarter. Atria Investments Inc increased its stake in shares of Devon Energy by 64.4% in the third quarter. Atria Investments Inc now owns 54,639 shares of the energy company’s stock valued at $2,606,000 after buying an additional 21,400 shares during the period. Pearl River Capital LLC raised its holdings in Devon Energy by 367.7% in the 3rd quarter. Pearl River Capital LLC now owns 75,042 shares of the energy company’s stock valued at $3,580,000 after buying an additional 58,997 shares during the last quarter. Finally, Argent Trust Co boosted its position in Devon Energy by 22.1% during the 3rd quarter. Argent Trust Co now owns 86,795 shares of the energy company’s stock worth $4,140,000 after buying an additional 15,715 shares during the period. 69.72% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, EVP Tana K. Cashion sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the transaction, the executive vice president now directly owns 104,182 shares in the company, valued at approximately $5,317,449.28. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 0.63% of the stock is owned by corporate insiders.

Devon Energy Price Performance

DVN traded down $0.01 during trading on Wednesday, reaching $50.97. 1,470,906 shares of the company were exchanged, compared to its average volume of 7,772,898. The company has a market cap of $32.21 billion, a price-to-earnings ratio of 9.73 and a beta of 2.16. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 0.46. The company’s 50-day moving average is $49.89 and its two-hundred day moving average is $46.28. Devon Energy Co. has a 12-month low of $40.47 and a 12-month high of $55.09.

Devon Energy (NYSE:DVN) last announced its 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 for the quarter, compared to analyst estimates of $3.64 billion. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The company’s quarterly revenue was down 5.9% compared to the same quarter last year. During the same period in the prior year, the company earned $1.46 EPS. Research analysts forecast that Devon Energy Co. will post 5.24 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be given 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 dividend yield of 1.73%. Devon Energy’s dividend payout ratio (DPR) is presently 16.79%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Raymond James reduced their price target on Devon Energy from $53.00 to $52.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 24th. Citigroup lifted their price objective on shares of Devon Energy from $55.00 to $62.00 and gave the company a “buy” rating in a research note on Thursday, April 11th. Morgan Stanley raised their target price on Devon Energy from $49.00 to $50.00 and gave the company an “overweight” rating in a research note on Monday, April 15th. Mizuho lifted their price target on shares of Devon Energy from $53.00 to $57.00 and gave the company a “buy” rating in a research report on Thursday, May 2nd. Finally, Wells Fargo & Company upgraded shares of Devon Energy from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $46.00 to $59.00 in a report on Monday, April 1st. Four investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $58.44.

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.