Devon Energy Co. (NYSE:DVN) Shares Sold by Carson Advisory Inc.

Carson Advisory Inc. lessened its stake in shares of Devon Energy Co. (NYSE:DVN) by 9.2% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 4,483 shares of the energy company’s stock after selling 453 shares during the period. Carson Advisory Inc.’s holdings in Devon Energy were worth $203,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in DVN. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in shares of Devon Energy during the third quarter worth $27,000. Sound Income Strategies LLC boosted its holdings in Devon Energy by 60.7% in the fourth quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock valued at $31,000 after acquiring an additional 255 shares during the last quarter. Rise Advisors LLC boosted its holdings in Devon Energy by 1,365.3% in the fourth quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock valued at $33,000 after acquiring an additional 669 shares during the last quarter. PFS Partners LLC acquired a new position in Devon Energy in the fourth quarter valued at $36,000. Finally, Naples Money Management LLC acquired a new position in Devon Energy in the fourth quarter valued at $40,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Stock Up 0.4 %

Shares of NYSE DVN traded up $0.19 during midday trading on Friday, reaching $50.54. 8,953,157 shares of the company’s stock were exchanged, compared to its average volume of 7,901,040. The stock has a market capitalization of $32.09 billion, a PE ratio of 9.64 and a beta of 2.16. Devon Energy Co. has a 52-week low of $40.47 and a 52-week high of $55.09. The business’s fifty day moving average price is $49.48 and its two-hundred day moving average price is $46.30. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.99 and a current ratio of 1.07.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.06. The business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.64 billion. Devon Energy had a return on equity of 29.41% and a net margin of 22.27%. The company’s revenue for the quarter was down 5.9% compared to the same quarter last year. During the same period last year, the firm earned $1.46 earnings per share. Analysts forecast that Devon Energy Co. will post 5.28 EPS for the current year.

Devon Energy Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.88 dividend on an annualized basis and a yield of 1.74%. Devon Energy’s dividend payout ratio (DPR) is 16.79%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on DVN. JPMorgan Chase & Co. lifted their target price on Devon Energy from $57.00 to $62.00 and gave the company an “overweight” rating in a report on Monday, April 8th. Truist Financial reduced their target price on Devon Energy from $69.00 to $67.00 and set a “buy” rating on the stock in a report on Friday. Barclays began coverage on Devon Energy in a report on Wednesday, April 10th. They issued an “equal weight” rating and a $59.00 target price on the stock. Mizuho raised their price objective on Devon Energy from $53.00 to $57.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Scotiabank raised their price objective on Devon Energy from $53.00 to $67.00 and gave the company a “sector outperform” rating in a research report on Thursday, April 11th. Four research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, Devon Energy presently has a consensus rating of “Moderate Buy” and a consensus price target of $58.44.

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.