Tcfg Wealth Management LLC Sells 736 Shares of Devon Energy Corporation $DVN

Tcfg Wealth Management LLC cut its holdings in shares of Devon Energy Corporation (NYSE:DVN) by 3.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 18,559 shares of the energy company’s stock after selling 736 shares during the quarter. Tcfg Wealth Management LLC’s holdings in Devon Energy were worth $590,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in DVN. Opal Wealth Advisors LLC bought a new stake in shares of Devon Energy in the second quarter valued at approximately $25,000. Financial Gravity Asset Management Inc. bought a new position in Devon Energy in the 1st quarter worth approximately $26,000. Banque Cantonale Vaudoise purchased a new position in Devon Energy in the 1st quarter valued at approximately $26,000. Trust Co. of Vermont raised its holdings in Devon Energy by 241.3% during the 2nd quarter. Trust Co. of Vermont now owns 942 shares of the energy company’s stock valued at $30,000 after acquiring an additional 666 shares during the period. Finally, Rakuten Securities Inc. lifted its position in shares of Devon Energy by 94.6% during the first quarter. Rakuten Securities Inc. now owns 833 shares of the energy company’s stock worth $31,000 after acquiring an additional 405 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Performance

NYSE:DVN opened at $34.91 on Tuesday. The stock has a market cap of $22.16 billion, a P/E ratio of 7.83, a PEG ratio of 2.00 and a beta of 1.03. The company has a quick ratio of 1.13, a current ratio of 1.22 and a debt-to-equity ratio of 0.55. The business’s 50-day moving average price is $34.46 and its two-hundred day moving average price is $33.13. Devon Energy Corporation has a twelve month low of $25.89 and a twelve month high of $43.29.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, August 5th. The energy company reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.01. The company had revenue of $4.28 billion for the quarter, compared to analysts’ expectations of $4.01 billion. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. Devon Energy’s revenue for the quarter was up 9.4% compared to the same quarter last year. During the same period in the prior year, the business earned $1.41 earnings per share. As a group, equities analysts predict that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th were given a dividend of $0.24 per share. The ex-dividend date was Monday, September 15th. This represents a $0.96 annualized dividend and a dividend yield of 2.7%. Devon Energy’s dividend payout ratio (DPR) is 21.52%.

Insider Activity

In other news, Director Kelt Kindick sold 7,685 shares of Devon Energy stock in a transaction on Monday, August 11th. The shares were sold at an average price of $33.46, for a total transaction of $257,140.10. Following the completion of the sale, the director directly owned 31,801 shares of the company’s stock, valued at approximately $1,064,061.46. The trade was a 19.46% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.73% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Wells Fargo & Company lifted their price target on Devon Energy from $42.00 to $43.00 and gave the company an “overweight” rating in a research report on Tuesday, August 12th. Bernstein Bank cut their target price on Devon Energy from $45.00 to $43.00 and set an “outperform” rating for the company in a research note on Monday, July 7th. Raymond James Financial reaffirmed an “outperform” rating and set a $45.00 target price (up previously from $40.00) on shares of Devon Energy in a report on Tuesday, July 22nd. Tudor, Pickering, Holt & Co. increased their price target on shares of Devon Energy from $42.00 to $44.00 in a report on Thursday, July 3rd. Finally, Scotiabank restated an “outperform” rating on shares of Devon Energy in a research report on Friday, July 11th. Sixteen investment analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $43.56.

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.