Hennion & Walsh Asset Management Inc. Lowers Stock Position in Devon Energy Co. (NYSE:DVN)

Hennion & Walsh Asset Management Inc. cut its position in shares of Devon Energy Co. (NYSE:DVN) by 19.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 82,791 shares of the energy company’s stock after selling 19,368 shares during the quarter. Hennion & Walsh Asset Management Inc.’s holdings in Devon Energy were worth $4,154,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in DVN. MCF Advisors LLC increased its position in shares of Devon Energy by 5.6% during the 1st quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock valued at $202,000 after purchasing an additional 215 shares during the last quarter. First Dallas Securities Inc. increased its holdings in Devon Energy by 83.0% during the first quarter. First Dallas Securities Inc. now owns 13,562 shares of the energy company’s stock worth $681,000 after buying an additional 6,151 shares during the last quarter. Hodges Capital Management Inc. raised its position in Devon Energy by 3.5% in the first quarter. Hodges Capital Management Inc. now owns 18,443 shares of the energy company’s stock worth $925,000 after acquiring an additional 631 shares during the period. 180 Wealth Advisors LLC boosted its stake in Devon Energy by 30.5% in the first quarter. 180 Wealth Advisors LLC now owns 18,296 shares of the energy company’s stock valued at $918,000 after acquiring an additional 4,273 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its position in shares of Devon Energy by 63.4% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 1,420,702 shares of the energy company’s stock valued at $71,291,000 after acquiring an additional 551,004 shares during the period. 69.72% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently commented on DVN. Susquehanna lifted their price target on shares of Devon Energy from $52.00 to $65.00 and gave the stock a “positive” rating in a report on Monday, April 22nd. UBS Group upped their price target on Devon Energy from $48.00 to $57.00 and gave the company a “neutral” rating in a research report on Wednesday, April 10th. Stifel Nicolaus increased their price target on Devon Energy from $65.00 to $66.00 and gave the stock a “buy” rating in a research note on Tuesday, April 23rd. Morgan Stanley boosted their price objective on Devon Energy from $49.00 to $50.00 and gave the company an “overweight” rating in a research note on Monday, April 15th. Finally, Bank of America reiterated a “buy” rating and set a $64.00 target price on shares of Devon Energy in a research report on Friday, June 14th. Four research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $59.24.

Devon Energy Price Performance

NYSE:DVN opened at $47.40 on Friday. Devon Energy Co. has a 52-week low of $40.47 and a 52-week high of $55.09. The stock has a fifty day moving average of $48.73 and a 200 day moving average of $46.91. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.97 and a current ratio of 1.04. The firm has a market capitalization of $29.96 billion, a price-to-earnings ratio of 9.05, a P/E/G ratio of 1.25 and a beta of 2.08.

Devon Energy (NYSE:DVN) last issued its quarterly 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. The firm had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.64 billion. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The company’s revenue for the quarter was down 5.9% on a year-over-year basis. During the same quarter last year, the company posted $1.46 EPS. On average, research analysts expect that Devon Energy Co. will post 5.25 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.86%. The ex-dividend date was Friday, June 14th. Devon Energy’s payout ratio is 16.79%.

Insider Activity

In related news, EVP Tana K. Cashion sold 20,000 shares of the company’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $51.04, for a total value of $1,020,800.00. Following the completion of the transaction, the executive vice president now directly owns 104,182 shares in the company, valued at $5,317,449.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.73% of the company’s stock.

Devon Energy Company 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.