Devon Energy Co. (NYSE:DVN) Shares Sold by Guinness Asset Management LTD

Guinness Asset Management LTD reduced its position in Devon Energy Co. (NYSE:DVN) by 14.1% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 258,398 shares of the energy company’s stock after selling 42,568 shares during the period. Guinness Asset Management LTD’s holdings in Devon Energy were worth $10,095,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Triad Wealth Partners LLC purchased a new position in Devon Energy in the 2nd quarter worth approximately $27,000. Tradewinds Capital Management LLC acquired a new position in Devon Energy during the 1st quarter worth $30,000. 1620 Investment Advisors Inc. bought a new position in Devon Energy in the 2nd quarter valued at about $34,000. PSI Advisors LLC increased its stake in shares of Devon Energy by 66.7% during the second quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock valued at $36,000 after acquiring an additional 300 shares during the period. Finally, LRI Investments LLC bought a new stake in shares of Devon Energy in the 1st quarter worth $39,000. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have issued reports on DVN shares. Wolfe Research began coverage on Devon Energy in a report on Thursday, July 18th. They issued a “peer perform” rating on the stock. Bank of America restated a “buy” rating and set a $64.00 price target on shares of Devon Energy in a report on Friday, June 14th. StockNews.com cut Devon Energy from a “buy” rating to a “hold” rating in a research report on Monday, September 2nd. Barclays cut their price objective on Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a research report on Thursday, October 3rd. Finally, Scotiabank decreased their price target on shares of Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating on the stock in a research report on Thursday. Eight analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $52.63.

Devon Energy Stock Performance

Shares of DVN stock traded up $0.10 during trading hours on Friday, hitting $42.96. 5,979,133 shares of the company were exchanged, compared to its average volume of 7,286,286. Devon Energy Co. has a 52-week low of $37.76 and a 52-week high of $55.09. The company has a current ratio of 1.11, a quick ratio of 1.03 and a debt-to-equity ratio of 0.45. The firm has a fifty day simple moving average of $42.37 and a 200 day simple moving average of $46.62. The stock has a market capitalization of $26.90 billion, a price-to-earnings ratio of 7.80, a P/E/G ratio of 1.27 and a beta of 2.02.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.26 by $0.15. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The firm had revenue of $3.92 billion during the quarter, compared to analyst estimates of $3.90 billion. During the same quarter in the previous year, the company posted $1.18 earnings per share. The company’s revenue was up 13.4% compared to the same quarter last year. Research analysts predict that Devon Energy Co. will post 5.01 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.05%. The ex-dividend date was Friday, September 13th. Devon Energy’s payout ratio is currently 15.97%.

Devon Energy Profile

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.