Guinness Atkinson Asset Management Inc Cuts Stake in Devon Energy Co. (NYSE:DVN)

Guinness Atkinson Asset Management Inc cut its stake in shares of Devon Energy Co. (NYSE:DVN) by 4.9% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,522 shares of the energy company’s stock after selling 391 shares during the quarter. Guinness Atkinson Asset Management Inc’s holdings in Devon Energy were worth $294,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of DVN. Foundation Resource Management Inc. raised its holdings in Devon Energy by 3.8% in the 3rd quarter. Foundation Resource Management Inc. now owns 85,782 shares of the energy company’s stock worth $3,356,000 after acquiring an additional 3,153 shares during the last quarter. Guild Investment Management Inc. purchased a new position in shares of Devon Energy in the third quarter worth $2,545,000. San Luis Wealth Advisors LLC lifted its holdings in shares of Devon Energy by 132.4% during the third quarter. San Luis Wealth Advisors LLC now owns 14,195 shares of the energy company’s stock valued at $555,000 after purchasing an additional 8,086 shares in the last quarter. Modus Advisors LLC lifted its holdings in shares of Devon Energy by 2.4% during the third quarter. Modus Advisors LLC now owns 11,439 shares of the energy company’s stock valued at $447,000 after purchasing an additional 272 shares in the last quarter. Finally, Perpetual Ltd purchased a new stake in shares of Devon Energy during the third quarter valued at $240,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Price Performance

NYSE DVN traded up $0.10 during trading hours on Friday, reaching $42.96. The company’s stock had a trading volume of 5,979,133 shares, compared to its average volume of 7,286,286. Devon Energy Co. has a 1 year low of $37.76 and a 1 year high of $55.09. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.45. The company has a market capitalization of $26.90 billion, a price-to-earnings ratio of 7.80, a PEG ratio of 1.27 and a beta of 2.02. The firm’s 50-day moving average price is $42.37 and its 200-day moving average price is $46.62.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, topping the consensus estimate of $1.26 by $0.15. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The firm had revenue of $3.92 billion for the quarter, compared to the consensus estimate of $3.90 billion. During the same quarter in the previous year, the firm earned $1.18 earnings per share. The company’s quarterly revenue was up 13.4% compared to the same quarter last year. On average, equities research analysts predict that Devon Energy Co. will post 5.01 EPS for the current fiscal year.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.05%. The ex-dividend date was Friday, September 13th. Devon Energy’s dividend payout ratio (DPR) is presently 15.97%.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on DVN shares. JPMorgan Chase & Co. lowered their target price on shares of Devon Energy from $64.00 to $51.00 and set an “overweight” rating on the stock in a research note on Thursday, September 12th. Morgan Stanley dropped their target price on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a report on Monday, September 16th. Jefferies Financial Group started coverage on shares of Devon Energy in a research report on Thursday, October 3rd. They issued a “hold” rating and a $45.00 target price for the company. Royal Bank of Canada reissued a “sector perform” rating and set a $57.00 price target on shares of Devon Energy in a report on Tuesday, September 3rd. Finally, Sanford C. Bernstein cut their price objective on Devon Energy from $48.00 to $43.00 and set a “market perform” rating for the company in a report on Wednesday, July 17th. Eight investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $52.63.

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.