Devon Energy Co. (NYSE:DVN) Stock Position Lowered by Modus Advisors LLC

Modus Advisors LLC trimmed its position in shares of Devon Energy Co. (NYSE:DVN) by 58.6% during the 4th quarter, HoldingsChannel reports. The firm owned 4,734 shares of the energy company’s stock after selling 6,705 shares during the quarter. Modus Advisors LLC’s holdings in Devon Energy were worth $155,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Capital Performance Advisors LLP purchased a new position in Devon Energy during the third quarter valued at approximately $35,000. Future Financial Wealth Managment LLC acquired a new stake in shares of Devon Energy during the 3rd quarter valued at $39,000. True Wealth Design LLC grew its holdings in shares of Devon Energy by 3,889.3% during 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. Hazlett Burt & Watson Inc. increased its stake in shares of Devon Energy by 29.8% in the third quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock worth $49,000 after acquiring an additional 290 shares during the last quarter. Finally, Activest Wealth Management raised its holdings in shares of Devon Energy by 60.4% during the third quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock worth $50,000 after acquiring an additional 480 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Price Performance

NYSE DVN traded up $0.40 during trading hours on Friday, reaching $33.80. 1,566,805 shares of the company’s stock were exchanged, compared to its average volume of 5,663,636. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. The stock has a market cap of $22.20 billion, a PE ratio of 6.27, a price-to-earnings-growth ratio of 1.10 and a beta of 1.99. The firm has a fifty day moving average of $36.07 and a 200-day moving average of $41.12. Devon Energy Co. has a one year low of $30.39 and a one year high of $55.09.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.01. The firm had revenue of $4.02 billion during the quarter, compared to analysts’ expectations of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The company’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same period in the previous year, the business posted $1.65 EPS. On average, equities research analysts predict that Devon Energy Co. will post 4.79 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were paid a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.60%. The ex-dividend date was Friday, December 13th. Devon Energy’s dividend payout ratio is 16.33%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. JPMorgan Chase & Co. lowered Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 target price on the stock. in a research report on Thursday, December 5th. Wolfe Research upgraded shares of Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price target on the stock in a research note on Friday. TD Cowen cut their price target on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a report on Tuesday, November 5th. Scotiabank decreased their price objective on shares of Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. Finally, Benchmark restated a “hold” rating on shares of Devon Energy in a report on Tuesday, October 15th. Eleven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $49.81.

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.