Forte Capital LLC ADV Sells 16,785 Shares of Devon Energy Co. (NYSE:DVN)

Forte Capital LLC ADV cut its holdings in Devon Energy Co. (NYSE:DVN) by 39.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 25,914 shares of the energy company’s stock after selling 16,785 shares during the period. Forte Capital LLC ADV’s holdings in Devon Energy were worth $848,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Hazlett Burt & Watson Inc. boosted its holdings in Devon Energy by 29.8% in the 3rd quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock worth $49,000 after buying an additional 290 shares during the period. Sfmg LLC boosted its holdings in Devon Energy by 0.5% in the 3rd quarter. Sfmg LLC now owns 64,871 shares of the energy company’s stock valued at $2,538,000 after purchasing an additional 294 shares during the period. Redwood Wealth Management Group LLC boosted its holdings in 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 valued at $266,000 after purchasing an additional 309 shares during the period. Brighton Jones LLC boosted its holdings in Devon Energy by 0.7% in the 3rd quarter. Brighton Jones LLC now owns 42,510 shares of the energy company’s stock valued at $1,663,000 after purchasing an additional 310 shares during the period. Finally, Cornerstone Wealth Management LLC boosted its holdings in Devon Energy by 1.6% in the 4th quarter. Cornerstone Wealth Management LLC now owns 21,242 shares of the energy company’s stock valued at $695,000 after purchasing an additional 326 shares during the period. 69.72% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have commented on DVN shares. Benchmark reissued a “buy” rating and issued a $44.00 price target on shares of Devon Energy in a report on Thursday. Susquehanna raised their price target on shares of Devon Energy from $50.00 to $52.00 and gave the company a “positive” rating in a report on Thursday. Raymond James raised their price target on shares of Devon Energy from $53.00 to $54.00 and gave the company an “outperform” rating in a report on Thursday, January 23rd. Cowen cut shares of Devon Energy to a “hold” rating and lowered their price objective for the company from $46.00 to $45.00 in a research report on Tuesday. Finally, JPMorgan Chase & Co. cut shares of Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price objective on the stock. in a research report on Thursday, December 5th. Ten analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $48.83.

Devon Energy Price Performance

Shares of Devon Energy stock opened at $38.60 on Friday. The firm has a market cap of $25.35 billion, a PE ratio of 8.46, a price-to-earnings-growth ratio of 1.09 and a beta of 1.98. Devon Energy Co. has a 12-month low of $30.39 and a 12-month high of $55.09. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. The company’s fifty day simple moving average is $34.40 and its two-hundred day simple moving average is $38.40.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.16. The business had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.25 billion. Devon Energy had a net margin of 18.14% and a return on equity of 23.17%. As a group, equities analysts expect that Devon Energy Co. will post 4.85 EPS for the current year.

Devon Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be paid a dividend of $0.24 per share. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. The ex-dividend date is Friday, March 14th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.49%. Devon Energy’s payout ratio is presently 19.30%.

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.