Wellington Shields Capital Management LLC Trims Stake in Devon Energy Co. (NYSE:DVN)

Wellington Shields Capital Management LLC lessened its holdings in Devon Energy Co. (NYSE:DVN) by 89.1% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 1,400 shares of the energy company’s stock after selling 11,500 shares during the quarter. Wellington Shields Capital Management LLC’s holdings in Devon Energy were worth $46,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the business. True Wealth Design LLC raised its holdings in shares of Devon Energy by 3,889.3% in the 3rd quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock valued at $44,000 after acquiring an additional 1,089 shares in the last quarter. Cromwell Holdings LLC raised its stake in Devon Energy by 98.0% in the fourth quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock valued at $40,000 after purchasing an additional 598 shares in the last quarter. Activest Wealth Management lifted its position in Devon Energy by 60.4% during the third quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock valued at $50,000 after purchasing an additional 480 shares during the last quarter. Sierra Ocean LLC purchased a new position in Devon Energy in the 4th quarter worth approximately $43,000. Finally, Endeavor Private Wealth Inc. bought a new position in shares of Devon Energy in the 4th quarter worth $52,000. Institutional investors own 69.72% of the company’s stock.

Devon Energy Price Performance

Shares of Devon Energy stock opened at $34.50 on Friday. The business has a 50 day moving average of $35.38 and a 200 day moving average of $37.37. Devon Energy Co. has a 52 week low of $30.39 and a 52 week high of $55.09. The company has a market cap of $22.39 billion, a PE ratio of 7.56, a P/E/G ratio of 1.20 and a beta of 1.91. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57.

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

Devon Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be issued a dividend of $0.24 per share. This is an increase 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 2.78%. Devon Energy’s dividend payout ratio is 21.05%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Mizuho dropped their price objective on shares of Devon Energy from $51.00 to $47.00 and set an “outperform” rating for the company in a report on Monday, December 16th. Citigroup lowered Devon Energy from a “buy” rating to a “reduce” rating in a research note on Wednesday, March 5th. Barclays increased their price objective on Devon Energy from $43.00 to $44.00 and gave the company an “equal weight” rating in a research report on Thursday, February 20th. Wells Fargo & Company dropped their target price on Devon Energy from $49.00 to $43.00 and set an “overweight” rating for the company in a research report on Tuesday, December 17th. Finally, Sanford C. Bernstein upgraded shares of Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price target on the stock in a research report on Wednesday, January 15th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Devon Energy has an average rating of “Moderate Buy” and a consensus target price of $48.54.

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.