Sonora Investment Management Group LLC Lowers Stock Holdings in Devon Energy Co. (NYSE:DVN)

Sonora Investment Management Group LLC reduced its stake in Devon Energy Co. (NYSE:DVN) by 4.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 6,838 shares of the energy company’s stock after selling 350 shares during the quarter. Sonora Investment Management Group LLC’s holdings in Devon Energy were worth $256,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Covestor Ltd lifted its holdings in shares of Devon Energy by 15.9% in the 4th quarter. Covestor Ltd now owns 2,521 shares of the energy company’s stock valued at $83,000 after buying an additional 345 shares during the period. Horizon Investments LLC lifted its holdings in shares of Devon Energy by 4.1% in the 4th quarter. Horizon Investments LLC now owns 8,843 shares of the energy company’s stock valued at $289,000 after buying an additional 347 shares during the period. Tocqueville Asset Management L.P. lifted its holdings in shares of Devon Energy by 3.0% in the 4th quarter. Tocqueville Asset Management L.P. now owns 12,242 shares of the energy company’s stock valued at $401,000 after buying an additional 359 shares during the period. Parkside Financial Bank & Trust lifted its holdings in shares of Devon Energy by 14.8% in the 4th quarter. Parkside Financial Bank & Trust now owns 3,130 shares of the energy company’s stock valued at $102,000 after buying an additional 404 shares during the period. Finally, Stolper Co lifted its holdings in shares of Devon Energy by 0.3% in the 1st quarter. Stolper Co now owns 134,671 shares of the energy company’s stock valued at $5,037,000 after buying an additional 416 shares during the period. 69.72% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Susquehanna reduced their price target on Devon Energy from $52.00 to $41.00 and set a “positive” rating for the company in a report on Tuesday, April 22nd. Raymond James set a $40.00 price target on Devon Energy in a report on Monday, April 21st. Williams Trading set a $50.00 price objective on Devon Energy in a report on Wednesday, March 5th. Cowen cut Devon Energy to a “hold” rating and reduced their price objective for the stock from $46.00 to $45.00 in a report on Tuesday, February 18th. Finally, Truist Financial lifted their price objective on Devon Energy from $42.00 to $44.00 and gave the stock a “hold” rating in a report on Thursday, February 20th. Ten investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $43.71.

Devon Energy Price Performance

Shares of NYSE:DVN opened at $33.47 on Wednesday. The company has a market cap of $21.49 billion, a P/E ratio of 7.34, a P/E/G ratio of 1.20 and a beta of 1.02. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. Devon Energy Co. has a 52 week low of $25.89 and a 52 week high of $49.35. The business has a fifty day simple moving average of $31.00 and a 200-day simple moving average of $33.69.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, May 6th. The energy company reported $1.21 EPS for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.06). The business had revenue of $4.45 billion during the quarter, compared to analysts’ expectations of $4.31 billion. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. Devon Energy’s revenue for the quarter was up 23.8% on a year-over-year basis. During the same period in the prior year, the firm earned $1.16 EPS. Equities research analysts forecast that Devon Energy Co. will post 4.85 EPS for the current year.

Devon Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.87%. The ex-dividend date is Friday, June 13th. Devon Energy’s dividend payout ratio is currently 21.87%.

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.