Devon Energy Co. (NYSE:DVN) Stock Position Decreased by Beacon Pointe Advisors LLC

Beacon Pointe Advisors LLC lowered its holdings in Devon Energy Co. (NYSE:DVN) by 24.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 14,748 shares of the energy company’s stock after selling 4,869 shares during the period. Beacon Pointe Advisors LLC’s holdings in Devon Energy were worth $483,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of DVN. Wilmington Savings Fund Society FSB acquired a new position in Devon Energy during the 3rd quarter valued at approximately $1,576,000. Synovus Financial Corp lifted its stake in Devon Energy by 67.1% in the third quarter. Synovus Financial Corp now owns 38,097 shares of the energy company’s stock valued at $1,490,000 after buying an additional 15,294 shares during the last quarter. Franklin Resources Inc. boosted its holdings in shares of Devon Energy by 90.1% during the third quarter. Franklin Resources Inc. now owns 1,363,090 shares of the energy company’s stock valued at $58,435,000 after acquiring an additional 646,045 shares during the period. Principal Financial Group Inc. grew its position in shares of Devon Energy by 1.0% during the third quarter. Principal Financial Group Inc. now owns 731,978 shares of the energy company’s stock worth $28,635,000 after acquiring an additional 7,487 shares during the last quarter. Finally, Everence Capital Management Inc. increased its holdings in shares of Devon Energy by 19.4% in the 4th quarter. Everence Capital Management Inc. now owns 33,140 shares of the energy company’s stock worth $1,085,000 after acquiring an additional 5,380 shares during the period. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Price Performance

Shares of NYSE:DVN opened at $31.46 on Friday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04. The company has a market capitalization of $20.24 billion, a PE ratio of 6.90, a price-to-earnings-growth ratio of 1.20 and a beta of 1.50. The stock has a fifty day moving average of $32.94 and a 200-day moving average of $35.03. Devon Energy Co. has a one year low of $25.89 and a one year high of $51.46.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, February 18th. The energy company reported $1.16 EPS for the quarter, beating 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 return on equity of 22.52% and a net margin of 18.14%. As a group, equities analysts anticipate that Devon Energy Co. will post 4.85 EPS for the current fiscal year.

Devon Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were given 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 dividend yield of 3.05%. The ex-dividend date of this dividend was Friday, March 14th. Devon Energy’s dividend payout ratio (DPR) is 21.05%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. JPMorgan Chase & Co. reduced their target price on shares of Devon Energy from $48.00 to $42.00 and set a “neutral” rating for the company in a research note on Thursday, March 13th. Citigroup decreased their price objective on Devon Energy from $46.00 to $43.00 and set a “buy” rating for the company in a report on Friday, April 4th. Bank of America cut their target price on Devon Energy from $52.00 to $42.00 and set a “buy” rating on the stock in a research note on Tuesday, April 29th. Truist Financial increased their price target on Devon Energy from $42.00 to $44.00 and gave the stock a “hold” rating in a research note on Thursday, February 20th. Finally, Benchmark restated a “buy” rating and set a $44.00 price objective on shares of Devon Energy in a research note on Thursday, February 20th. Ten investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, Devon Energy has a consensus rating of “Moderate Buy” and an average price target of $43.87.

Devon Energy Company 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.