Hollencrest Capital Management Sells 291 Shares of Devon Energy Co. (NYSE:DVN)

Hollencrest Capital Management lowered its holdings in shares of Devon Energy Co. (NYSE:DVN) by 20.4% in the 3rd quarter, Holdings Channel.com reports. The fund owned 1,136 shares of the energy company’s stock after selling 291 shares during the period. Hollencrest Capital Management’s holdings in Devon Energy were worth $44,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. William B. Walkup & Associates Inc. bought a new position in Devon Energy during the 2nd quarter worth $1,026,000. Gordian Capital Singapore Pte Ltd bought a new position in shares of Devon Energy during the second quarter worth about $711,000. New York State Teachers Retirement System lifted its stake in shares of Devon Energy by 14.2% in the third quarter. New York State Teachers Retirement System now owns 704,831 shares of the energy company’s stock worth $27,573,000 after acquiring an additional 87,462 shares during the period. CWM LLC raised its holdings in Devon Energy by 73.4% during the 3rd quarter. CWM LLC now owns 38,969 shares of the energy company’s stock worth $1,524,000 after purchasing an additional 16,490 shares during the last quarter. Finally, J.W. Cole Advisors Inc. boosted its stake in shares of Devon Energy by 11.9% in the 3rd quarter. J.W. Cole Advisors Inc. now owns 120,800 shares of the energy company’s stock valued at $4,726,000 after purchasing an additional 12,882 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Stock Performance

Shares of DVN stock opened at $38.87 on Friday. Devon Energy Co. has a one year low of $37.76 and a one year high of $55.09. The company has a market cap of $24.34 billion, a P/E ratio of 7.05, a P/E/G ratio of 1.20 and a beta of 2.03. The firm has a 50-day moving average of $40.48 and a 200-day moving average of $44.89. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.11 and a quick ratio of 1.03.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, topping the consensus estimate of $1.09 by $0.01. The firm had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $3.72 billion. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The company’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter last year, the firm earned $1.65 EPS. Equities research analysts forecast that Devon Energy Co. will post 4.93 EPS for the current fiscal year.

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.88 annualized dividend and a yield of 2.26%. Devon Energy’s payout ratio is currently 15.97%.

Analyst Ratings Changes

DVN has been the topic of several recent analyst reports. Sanford C. Bernstein dropped their target price on shares of Devon Energy from $48.00 to $43.00 and set a “market perform” rating on the stock in a report on Wednesday, July 17th. BMO Capital Markets dropped their price objective on Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a research note on Friday, October 4th. Wolfe Research assumed coverage on Devon Energy in a report on Thursday, July 18th. They issued a “peer perform” rating for the company. Evercore ISI reduced their price objective on shares of Devon Energy from $55.00 to $50.00 and set an “in-line” rating for the company in a research report on Monday, September 30th. Finally, Wells Fargo & Company dropped their target price on shares of Devon Energy from $50.00 to $49.00 and set an “overweight” rating on the stock in a research report on Thursday. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, Devon Energy presently has an average rating of “Moderate Buy” and an average target price of $51.80.

About Devon Energy

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.