Adell Harriman & Carpenter Inc. Sells 13,715 Shares of Devon Energy Co. (NYSE:DVN)

Adell Harriman & Carpenter Inc. trimmed its position in Devon Energy Co. (NYSE:DVN) by 29.3% during the fourth quarter, HoldingsChannel.com reports. The firm owned 33,110 shares of the energy company’s stock after selling 13,715 shares during the quarter. Adell Harriman & Carpenter Inc.’s holdings in Devon Energy were worth $1,500,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Annis Gardner Whiting Capital Advisors LLC bought a new stake in Devon Energy in the third quarter valued at approximately $27,000. Sound Income Strategies LLC raised its stake in Devon Energy by 60.7% in the fourth quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock valued at $31,000 after buying an additional 255 shares during the period. Rise Advisors LLC grew its position in shares of Devon Energy by 1,365.3% in the fourth quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock valued at $33,000 after purchasing an additional 669 shares during the last quarter. PFS Partners LLC acquired a new position in shares of Devon Energy in the fourth quarter valued at approximately $36,000. Finally, Naples Money Management LLC acquired a new position in shares of Devon Energy in the fourth quarter valued at approximately $40,000. 69.72% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently commented on DVN. Wells Fargo & Company raised Devon Energy from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $46.00 to $59.00 in a research report on Monday, April 1st. Scotiabank upped their target price on Devon Energy from $53.00 to $67.00 and gave the company a “sector outperform” rating in a research report on Thursday, April 11th. UBS Group upped their target price 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 report on Tuesday, April 23rd. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $55.00 price target on shares of Devon Energy in a research report on Thursday, March 7th. Five investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $58.33.

Devon Energy Trading Down 2.3 %

Devon Energy stock traded down $1.23 during trading hours on Tuesday, reaching $51.85. 1,406,476 shares of the company’s stock were exchanged, compared to its average volume of 7,740,295. The company has a quick ratio of 0.99, a current ratio of 1.07 and a debt-to-equity ratio of 0.46. The firm’s 50 day simple moving average is $49.07 and its 200 day simple moving average is $46.22. Devon Energy Co. has a twelve month low of $40.47 and a twelve month high of $55.09. The firm has a market capitalization of $32.92 billion, a PE ratio of 9.10 and a beta of 2.19.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.39 by $0.02. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The firm had revenue of $4.15 billion during the quarter, compared to the consensus estimate of $3.88 billion. During the same period last year, the business posted $1.66 EPS. The business’s revenue was down 3.6% compared to the same quarter last year. Research analysts predict that Devon Energy Co. will post 5.28 earnings per share for the current year.

Devon Energy Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were paid a $0.44 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.76 annualized dividend and a dividend yield of 3.39%. Devon Energy’s dividend payout ratio is presently 15.09%.

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.