Accurate Wealth Management LLC Sells 2,426 Shares of Devon Energy Co. (NYSE:DVN)

Accurate Wealth Management LLC lowered its position in shares of Devon Energy Co. (NYSE:DVN) by 7.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 28,809 shares of the energy company’s stock after selling 2,426 shares during the period. Accurate Wealth Management LLC’s holdings in Devon Energy were worth $1,077,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Hurley Capital LLC bought a new position in Devon Energy during the fourth quarter valued at approximately $26,000. Accredited Wealth Management LLC purchased a new stake in shares of Devon Energy in the 4th quarter valued at $28,000. Cromwell Holdings LLC grew its holdings in shares of Devon Energy by 98.0% during the 4th quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock valued at $40,000 after purchasing an additional 598 shares during the last quarter. Sierra Ocean LLC purchased a new position in Devon Energy in the 4th quarter worth $43,000. Finally, Thompson Investment Management Inc. raised its position in Devon Energy by 60.0% in the 4th quarter. Thompson Investment Management Inc. now owns 1,600 shares of the energy company’s stock worth $52,000 after purchasing an additional 600 shares during the period. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Stock Performance

Shares of Devon Energy stock opened at $32.66 on Tuesday. The business has a fifty day simple moving average of $30.99 and a two-hundred day simple moving average of $33.69. The firm has a market capitalization of $20.97 billion, a P/E ratio of 7.16, a P/E/G ratio of 1.20 and a beta of 1.02. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57. Devon Energy Co. has a 12 month low of $25.89 and a 12 month high of $49.35.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, May 6th. The energy company reported $1.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.06). The business had revenue of $4.45 billion for the quarter, compared to analysts’ expectations of $4.31 billion. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. The company’s revenue was up 23.8% on a year-over-year basis. During the same period last year, the business earned $1.16 earnings per share. On average, equities analysts forecast that Devon Energy Co. will post 4.85 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be given a $0.24 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.94%. Devon Energy’s dividend payout ratio is currently 21.87%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on DVN. Susquehanna reduced their price objective on Devon Energy from $52.00 to $41.00 and set a “positive” rating on the stock in a research note on Tuesday, April 22nd. Barclays raised their price target on Devon Energy from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Wednesday, May 7th. Royal Bank of Canada lowered their price objective on Devon Energy from $49.00 to $40.00 and set a “sector perform” rating for the company in a research report on Monday, April 14th. Morgan Stanley increased their price objective on Devon Energy from $42.00 to $44.00 and gave the company an “overweight” rating in a research note on Friday, May 23rd. Finally, JPMorgan Chase & Co. decreased their target price on shares of Devon Energy from $48.00 to $42.00 and set a “neutral” rating on the stock in a research note on Thursday, March 13th. Ten analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $43.71.

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.