Private Advisor Group LLC Decreases Position in Devon Energy Co. (NYSE:DVN)

Private Advisor Group LLC trimmed its holdings in Devon Energy Co. (NYSE:DVN) by 4.6% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 91,825 shares of the energy company’s stock after selling 4,391 shares during the quarter. Private Advisor Group LLC’s holdings in Devon Energy were worth $3,005,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Callahan Advisors LLC purchased a new position in shares of Devon Energy in the 4th quarter valued at $207,000. Mraz Amerine & Associates Inc. increased its position in shares of Devon Energy by 20.0% during the fourth quarter. Mraz Amerine & Associates Inc. now owns 37,195 shares of the energy company’s stock worth $1,217,000 after purchasing an additional 6,206 shares in the last quarter. Venturi Wealth Management LLC increased its position in shares of Devon Energy by 34.8% during the fourth quarter. Venturi Wealth Management LLC now owns 4,198 shares of the energy company’s stock worth $137,000 after purchasing an additional 1,084 shares in the last quarter. CIBC Asset Management Inc lifted its holdings in shares of Devon Energy by 5.7% in the 4th quarter. CIBC Asset Management Inc now owns 113,245 shares of the energy company’s stock valued at $3,707,000 after purchasing an additional 6,063 shares during the last quarter. Finally, Woodard & Co. Asset Management Group Inc. ADV acquired a new stake in shares of Devon Energy in the 4th quarter valued at about $1,487,000. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Stock Performance

NYSE:DVN opened at $37.27 on Tuesday. The firm’s fifty day simple moving average is $34.57 and its 200-day simple moving average is $38.26. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. The stock has a market cap of $24.18 billion, a PE ratio of 8.17, a price-to-earnings-growth ratio of 1.20 and a beta of 1.98. Devon Energy Co. has a fifty-two week low of $30.39 and a fifty-two week high of $55.09.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.16. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. The company had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.25 billion. Analysts expect that Devon Energy Co. will post 4.85 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be paid a $0.24 dividend. This is an increase from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a yield of 2.58%. The ex-dividend date of this dividend is Friday, March 14th. Devon Energy’s dividend payout ratio (DPR) is presently 19.30%.

Analysts Set New Price Targets

Several research analysts have commented on DVN shares. Sanford C. Bernstein upgraded Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a research note on Wednesday, January 15th. StockNews.com upgraded shares of Devon Energy from a “sell” rating to a “hold” rating in a research report on Friday, January 3rd. Piper Sandler raised their price objective on shares of Devon Energy from $54.00 to $55.00 and gave the stock an “overweight” rating in a research report on Monday. Truist Financial lifted their price objective on shares of Devon Energy from $42.00 to $44.00 and gave the company a “hold” rating in a research note on Thursday, February 20th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $50.00 target price on shares of Devon Energy in a research note on Friday, January 10th. Ten analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $48.87.

Devon Energy 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.