Envestnet Portfolio Solutions Inc. Sells 61,130 Shares of Devon Energy Co. (NYSE:DVN)

Envestnet Portfolio Solutions Inc. reduced its holdings in shares of Devon Energy Co. (NYSE:DVN) by 91.4% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 5,752 shares of the energy company’s stock after selling 61,130 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Devon Energy were worth $261,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Pacer Advisors Inc. grew its position in shares of Devon Energy by 1,279.7% in the fourth quarter. Pacer Advisors Inc. now owns 6,145,605 shares of the energy company’s stock valued at $278,396,000 after purchasing an additional 5,700,167 shares in the last quarter. J.P. Morgan Private Wealth Advisors LLC purchased a new position in Devon Energy during the 3rd quarter valued at about $113,793,000. Morgan Stanley lifted its holdings in shares of Devon Energy by 23.6% in the third quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock worth $555,567,000 after buying an additional 2,220,194 shares in the last quarter. International Assets Investment Management LLC boosted its position in shares of Devon Energy by 3,885.4% in the fourth quarter. International Assets Investment Management LLC now owns 1,695,206 shares of the energy company’s stock valued at $76,793,000 after acquiring an additional 1,652,671 shares during the period. Finally, Dimensional Fund Advisors LP grew its stake in Devon Energy by 26.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company’s stock valued at $320,609,000 after acquiring an additional 1,488,374 shares in the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, EVP Tana K. Cashion sold 20,000 shares of the stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the completion of the sale, the executive vice president now owns 104,182 shares of the company’s stock, valued at $5,317,449.28. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.63% of the stock is owned by corporate insiders.

Devon Energy Price Performance

Shares of Devon Energy stock opened at $48.15 on Friday. The stock has a market capitalization of $30.43 billion, a price-to-earnings ratio of 9.19 and a beta of 2.15. The company has a fifty day moving average of $50.87 and a 200-day moving average of $46.54. Devon Energy Co. has a 52-week low of $40.47 and a 52-week high of $55.09. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.97 and a current ratio of 1.04.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.06. The business had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.64 billion. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The company’s revenue was down 5.9% on a year-over-year basis. During the same period in the prior year, the business posted $1.46 earnings per share. Equities research analysts expect that Devon Energy Co. will post 5.21 EPS for the current year.

Devon Energy Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.88 annualized dividend and a yield of 1.83%. Devon Energy’s payout ratio is 16.79%.

Analyst Ratings Changes

DVN has been the topic of several recent analyst reports. UBS Group increased their target price on shares of Devon Energy from $48.00 to $57.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 10th. Mizuho increased their price objective on Devon Energy from $57.00 to $61.00 and gave the stock a “buy” rating in a research report on Monday, May 13th. Susquehanna boosted their target price on Devon Energy from $52.00 to $65.00 and gave the stock a “positive” rating in a research report on Monday, April 22nd. Wells Fargo & Company raised Devon Energy from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $46.00 to $59.00 in a report on Monday, April 1st. Finally, Morgan Stanley boosted their price objective on Devon Energy from $49.00 to $50.00 and gave the stock an “overweight” rating in a report on Monday, April 15th. Four investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $58.83.

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.