HighTower Advisors LLC Sells 59,648 Shares of Devon Energy Corporation $DVN

HighTower Advisors LLC lowered its position in shares of Devon Energy Corporation (NYSE:DVN) by 26.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 166,775 shares of the energy company’s stock after selling 59,648 shares during the quarter. HighTower Advisors LLC’s holdings in Devon Energy were worth $5,847,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. Cidel Asset Management Inc. boosted its stake in Devon Energy by 12.8% during the third quarter. Cidel Asset Management Inc. now owns 11,002 shares of the energy company’s stock worth $386,000 after acquiring an additional 1,250 shares in the last quarter. Metis Global Partners LLC lifted its holdings in shares of Devon Energy by 2.5% during the third quarter. Metis Global Partners LLC now owns 35,882 shares of the energy company’s stock valued at $1,258,000 after purchasing an additional 887 shares during the last quarter. Public Sector Pension Investment Board boosted its position in shares of Devon Energy by 3.6% in the 3rd quarter. Public Sector Pension Investment Board now owns 136,871 shares of the energy company’s stock worth $4,799,000 after purchasing an additional 4,710 shares in the last quarter. Varma Mutual Pension Insurance Co grew its stake in shares of Devon Energy by 8.6% in the 3rd quarter. Varma Mutual Pension Insurance Co now owns 361,470 shares of the energy company’s stock worth $12,673,000 after buying an additional 28,600 shares during the last quarter. Finally, Savvy Advisors Inc. increased its position in Devon Energy by 69.5% during the 3rd quarter. Savvy Advisors Inc. now owns 18,642 shares of the energy company’s stock valued at $654,000 after buying an additional 7,641 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.

Devon Energy Price Performance

Shares of NYSE:DVN opened at $43.66 on Tuesday. The company has a quick ratio of 0.90, a current ratio of 0.98 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $27.07 billion, a PE ratio of 10.47, a price-to-earnings-growth ratio of 4.09 and a beta of 0.61. The firm’s 50 day moving average price is $39.07 and its 200-day moving average price is $36.25. Devon Energy Corporation has a twelve month low of $25.89 and a twelve month high of $46.15.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, February 17th. The energy company reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.81 by $0.01. The business had revenue of $17.19 billion during the quarter, compared to analysts’ expectations of $3.67 billion. Devon Energy had a net margin of 15.37% and a return on equity of 16.28%. The firm’s revenue was down 6.4% on a year-over-year basis. During the same period in the prior year, the company earned $1.10 earnings per share. Equities research analysts expect that Devon Energy Corporation will post 4.85 EPS for the current year.

Devon Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend is Friday, March 13th. Devon Energy’s dividend payout ratio (DPR) is currently 23.02%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on DVN. Zacks Research cut Devon Energy from a “hold” rating to a “strong sell” rating in a research note on Monday, January 26th. BMO Capital Markets dropped their price target on shares of Devon Energy from $48.00 to $45.00 and set an “outperform” rating on the stock in a research note on Monday, January 12th. Wells Fargo & Company raised their price objective on shares of Devon Energy from $43.00 to $51.00 and gave the company an “overweight” rating in a research note on Friday. JPMorgan Chase & Co. decreased their target price on shares of Devon Energy from $44.00 to $41.00 and set an “overweight” rating for the company in a report on Thursday, January 15th. Finally, Argus upgraded shares of Devon Energy to a “strong-buy” rating in a research note on Wednesday, November 26th. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $47.23.

Devon Energy Profile

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.