Independent Solutions Wealth Management LLC Lowers Stock Position in Devon Energy Co. (NYSE:DVN)

Independent Solutions Wealth Management LLC cut its stake in shares of Devon Energy Co. (NYSE:DVN) by 29.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 9,681 shares of the energy company’s stock after selling 4,100 shares during the quarter. Independent Solutions Wealth Management LLC’s holdings in Devon Energy were worth $317,000 at the end of the most recent reporting period.

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

Analyst Ratings Changes

A number of research firms have recently weighed in on DVN. StockNews.com raised Devon Energy from a “sell” rating to a “hold” rating in a research note on Friday, January 3rd. Barclays upped their price target on Devon Energy from $43.00 to $44.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 20th. Piper Sandler lifted their price objective on shares of Devon Energy from $54.00 to $55.00 and gave the company an “overweight” rating in a research report on Monday, February 24th. Sanford C. Bernstein upgraded shares of Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 target price for the company in a research report on Wednesday, January 15th. Finally, Cowen downgraded shares of Devon Energy to a “hold” rating and reduced their price target for the company from $46.00 to $45.00 in a report on Tuesday, February 18th. Ten investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, Devon Energy currently has an average rating of “Moderate Buy” and an average target price of $48.46.

Devon Energy Price Performance

Devon Energy stock opened at $36.14 on Friday. Devon Energy Co. has a 12-month low of $30.39 and a 12-month high of $55.09. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57. The firm has a 50-day moving average price of $35.46 and a 200-day moving average price of $37.12. The firm has a market capitalization of $23.46 billion, a PE ratio of 7.93, a price-to-earnings-growth ratio of 1.20 and a beta of 1.91.

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

Devon Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.66%. The ex-dividend date is Friday, March 14th. This is an increase from Devon Energy’s previous quarterly dividend of $0.22. Devon Energy’s dividend payout ratio is 21.05%.

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.