Wedbush Securities Inc. Sells 6,424 Shares of Devon Energy Co. (NYSE:DVN)

Wedbush Securities Inc. reduced its position in Devon Energy Co. (NYSE:DVN) by 19.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 26,734 shares of the energy company’s stock after selling 6,424 shares during the period. Wedbush Securities Inc.’s holdings in Devon Energy were worth $875,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. Sfmg LLC boosted its stake in Devon Energy by 0.5% during the third quarter. Sfmg LLC now owns 64,871 shares of the energy company’s stock worth $2,538,000 after buying an additional 294 shares during the period. Redwood Wealth Management Group LLC lifted its holdings in shares of Devon Energy by 3.9% in the 4th quarter. Redwood Wealth Management Group LLC now owns 8,141 shares of the energy company’s stock worth $266,000 after acquiring an additional 309 shares during the last quarter. Cornerstone Wealth Management LLC boosted its stake in shares of Devon Energy by 1.6% during the 4th quarter. Cornerstone Wealth Management LLC now owns 21,242 shares of the energy company’s stock worth $695,000 after purchasing an additional 326 shares during the period. Annex Advisory Services LLC grew its holdings in Devon Energy by 1.2% during the 4th quarter. Annex Advisory Services LLC now owns 27,021 shares of the energy company’s stock valued at $884,000 after purchasing an additional 327 shares during the last quarter. Finally, Independence Bank of Kentucky grew its holdings in Devon Energy by 7.8% during the 4th quarter. Independence Bank of Kentucky now owns 4,580 shares of the energy company’s stock valued at $150,000 after purchasing an additional 330 shares during the last quarter. Institutional investors own 69.72% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on DVN. Citigroup dropped their target price on Devon Energy from $46.00 to $43.00 and set a “buy” rating for the company in a research report on Friday. Susquehanna upped their price objective on Devon Energy from $50.00 to $52.00 and gave the company a “positive” rating in a research report on Thursday, February 20th. Barclays lifted their target price on Devon Energy from $43.00 to $44.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 20th. StockNews.com upgraded shares of Devon Energy from a “sell” rating to a “hold” rating in a report on Friday, January 3rd. Finally, Wells Fargo & Company decreased their price objective on shares of Devon Energy from $49.00 to $43.00 and set an “overweight” rating for the company in a report on Tuesday, December 17th. Ten analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $48.17.

Devon Energy Stock Performance

Shares of DVN opened at $29.30 on Monday. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57. The firm has a market cap of $19.01 billion, a PE ratio of 6.42, a P/E/G ratio of 1.20 and a beta of 1.50. Devon Energy Co. has a 12 month low of $28.01 and a 12 month high of $55.09. The stock has a fifty day moving average price of $35.22 and a 200-day moving average price of $36.67.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.16. The business had revenue of $4.40 billion during the quarter, compared to the consensus estimate of $4.25 billion. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. Equities research analysts predict that Devon Energy Co. will post 4.85 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were paid a dividend of $0.24 per share. This is an increase from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a dividend yield of 3.28%. The ex-dividend date was Friday, March 14th. Devon Energy’s payout ratio is presently 21.05%.

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.