Congress Wealth Management LLC DE Sells 41,909 Shares of Devon Energy Co. (NYSE:DVN)

Congress Wealth Management LLC DE lessened its stake in shares of Devon Energy Co. (NYSE:DVN) by 46.1% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 49,043 shares of the energy company’s stock after selling 41,909 shares during the period. Congress Wealth Management LLC DE’s holdings in Devon Energy were worth $1,605,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the stock. Great Valley Advisor Group Inc. boosted its holdings in shares of Devon Energy by 17.4% in the 3rd quarter. Great Valley Advisor Group Inc. now owns 7,226 shares of the energy company’s stock valued at $283,000 after buying an additional 1,073 shares during the last quarter. Cerity Partners LLC lifted its stake in Devon Energy by 97.7% in the third quarter. Cerity Partners LLC now owns 208,596 shares of the energy company’s stock valued at $8,160,000 after acquiring an additional 103,094 shares during the last quarter. Algert Global LLC lifted its stake in Devon Energy by 15.5% in the third quarter. Algert Global LLC now owns 11,229 shares of the energy company’s stock valued at $439,000 after acquiring an additional 1,510 shares during the last quarter. Daiwa Securities Group Inc. increased its stake in shares of Devon Energy by 18.2% during the 3rd quarter. Daiwa Securities Group Inc. now owns 92,700 shares of the energy company’s stock worth $3,627,000 after purchasing an additional 14,272 shares during the last quarter. Finally, Loomis Sayles & Co. L P raised its holdings in shares of Devon Energy by 1,365.8% in the 3rd quarter. Loomis Sayles & Co. L P now owns 14,321 shares of the energy company’s stock valued at $560,000 after purchasing an additional 13,344 shares during the period. 69.72% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

DVN has been the subject of a number of research analyst reports. Williams Trading set a $50.00 price target on Devon Energy in a report on Wednesday, March 5th. Morgan Stanley set a $47.00 target price on Devon Energy and gave the stock an “overweight” rating in a report on Wednesday. Benchmark reaffirmed a “buy” rating and set a $44.00 price target on shares of Devon Energy in a report on Thursday, February 20th. Citigroup decreased their price objective on shares of Devon Energy from $48.00 to $46.00 and set a “buy” rating on the stock in a report on Monday, March 17th. Finally, Wells Fargo & Company dropped their price objective on shares of Devon Energy from $49.00 to $43.00 and set an “overweight” rating on the stock in a research report on Tuesday, December 17th. Ten research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $48.29.

Devon Energy Stock Performance

Shares of NYSE:DVN opened at $37.45 on Thursday. The company’s 50 day simple moving average is $35.44 and its 200 day simple moving average is $36.92. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01. Devon Energy Co. has a 1 year low of $30.39 and a 1 year high of $55.09. The stock has a market capitalization of $24.31 billion, a price-to-earnings ratio of 8.21, a price-to-earnings-growth ratio of 1.20 and a beta of 1.91.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.16. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The company had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.25 billion. As a group, research analysts predict that Devon Energy Co. will post 4.85 EPS for the current fiscal 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 issued a $0.24 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.56%. This is a boost from Devon Energy’s previous quarterly dividend of $0.22. Devon Energy’s dividend payout ratio is 21.05%.

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.