Investors Asset Management of Georgia Inc. GA ADV Trims Stock Position in Devon Energy Co. (NYSE:DVN)

Investors Asset Management of Georgia Inc. GA ADV trimmed its holdings in Devon Energy Co. (NYSE:DVN) by 11.8% during the 4th quarter, Holdings Channel.com reports. The firm owned 11,776 shares of the energy company’s stock after selling 1,580 shares during the period. Investors Asset Management of Georgia Inc. GA ADV’s holdings in Devon Energy were worth $385,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in DVN. Capital Performance Advisors LLP acquired a new position in shares of Devon Energy in the 3rd quarter valued at about $35,000. True Wealth Design LLC boosted its position in Devon Energy by 3,889.3% in the 3rd 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 in the last quarter. Cromwell Holdings LLC grew 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 worth $40,000 after purchasing an additional 598 shares during the period. Hazlett Burt & Watson Inc. grew its stake in shares of Devon Energy by 29.8% during the 3rd quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock worth $49,000 after purchasing an additional 290 shares during the period. Finally, Activest Wealth Management increased its holdings in shares of Devon Energy by 60.4% during the 3rd quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock valued at $50,000 after purchasing an additional 480 shares in the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Stock Up 2.7 %

DVN opened at $38.60 on Friday. Devon Energy Co. has a 52 week low of $30.39 and a 52 week high of $55.09. The business has a 50 day moving average price of $34.40 and a two-hundred day moving average price of $38.40. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. The company has a market cap of $25.35 billion, a PE ratio of 8.46, a P/E/G ratio of 1.09 and a beta of 1.98.

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, topping analysts’ consensus estimates of $1.00 by $0.16. Devon Energy had a net margin of 18.14% and a return on equity of 23.17%. The business had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.25 billion. As a group, research analysts anticipate that Devon Energy Co. will post 4.85 EPS for the current year.

Devon Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be given a dividend of $0.24 per share. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a dividend yield of 2.49%. The ex-dividend date is Friday, March 14th. Devon Energy’s payout ratio is presently 19.30%.

Wall Street Analysts Forecast Growth

DVN has been the topic of several analyst reports. StockNews.com upgraded shares of Devon Energy from a “sell” rating to a “hold” rating in a research report on Friday, January 3rd. Cowen cut Devon Energy to a “hold” rating and dropped their target price for the company from $46.00 to $45.00 in a research report on Tuesday. Piper Sandler upped their price target on Devon Energy from $53.00 to $54.00 and gave the stock an “overweight” rating in a report on Wednesday, January 29th. Wolfe Research upgraded Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price target on the stock in a research report on Friday, January 3rd. Finally, Benchmark restated a “buy” rating and issued a $44.00 price objective on shares of Devon Energy in a research report on Thursday. Ten equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, Devon Energy has a consensus rating of “Moderate Buy” and an average target price of $48.83.

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.