Waverly Advisors LLC Sells 9,246 Shares of Devon Energy Co. (NYSE:DVN)

Waverly Advisors LLC trimmed its position in shares of Devon Energy Co. (NYSE:DVN) by 24.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 29,321 shares of the energy company’s stock after selling 9,246 shares during the period. Waverly Advisors LLC’s holdings in Devon Energy were worth $1,471,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of DVN. Vanguard Group Inc. increased its holdings in Devon Energy by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock valued at $3,836,615,000 after buying an additional 2,559,039 shares during the period. Raymond James & Associates raised its stake in Devon Energy by 8.9% during the first quarter. Raymond James & Associates now owns 9,044,859 shares of the energy company’s stock worth $453,871,000 after acquiring an additional 736,449 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Devon Energy by 0.8% during the fourth quarter. Victory Capital Management Inc. now owns 8,539,335 shares of the energy company’s stock valued at $386,832,000 after acquiring an additional 68,339 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Devon Energy by 26.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company’s stock valued at $320,609,000 after purchasing an additional 1,488,374 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. grew its holdings in shares of Devon Energy by 3.6% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 4,529,487 shares of the energy company’s stock worth $227,290,000 after purchasing an additional 156,230 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Stock Up 2.1 %

NYSE:DVN opened at $47.16 on Wednesday. The company has a market cap of $29.81 billion, a PE ratio of 8.81, a PEG ratio of 0.76 and a beta of 2.07. The stock has a 50-day simple moving average of $47.03 and a 200 day simple moving average of $47.19. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.97 and a current ratio of 1.04. Devon Energy Co. has a 52-week low of $40.47 and a 52-week high of $55.09.

Devon Energy (NYSE:DVN) last released its earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.10 by $0.06. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The business had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.64 billion. During the same quarter in the previous year, the business earned $1.46 earnings per share. Devon Energy’s quarterly revenue was down 5.9% on a year-over-year basis. On average, sell-side analysts expect that Devon Energy Co. will post 5.4 EPS for the current fiscal year.

Insider Buying and Selling at Devon Energy

In other news, EVP Tana K. Cashion sold 20,000 shares of the stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total value of $1,020,800.00. Following the completion of the sale, the executive vice president now owns 104,182 shares of the company’s stock, valued at approximately $5,317,449.28. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.73% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on DVN shares. Barclays started coverage on shares of Devon Energy in a research report on Wednesday, April 10th. They issued an “equal weight” rating and a $59.00 price target on the stock. Wolfe Research assumed coverage on Devon Energy in a report on Thursday, July 18th. They set a “peer perform” rating for the company. Bank of America reaffirmed a “buy” rating and issued a $64.00 target price on shares of Devon Energy in a research note on Friday, June 14th. JPMorgan Chase & Co. raised their price objective on shares of Devon Energy from $62.00 to $64.00 and gave the company an “overweight” rating in a research note on Monday, July 8th. Finally, Mizuho boosted their target price on Devon Energy from $57.00 to $61.00 and gave the stock a “buy” rating in a research report on Monday, May 13th. Six research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Devon Energy presently has an average rating of “Moderate Buy” and a consensus price target of $59.13.

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.