Devon Energy Co. (NYSE:DVN) Shares Sold by Clear Harbor Asset Management LLC

Clear Harbor Asset Management LLC lessened its stake in shares of Devon Energy Co. (NYSE:DVN) by 6.6% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 39,151 shares of the energy company’s stock after selling 2,789 shares during the period. Clear Harbor Asset Management LLC’s holdings in Devon Energy were worth $1,774,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Coppell Advisory Solutions LLC purchased a new stake in shares of Devon Energy in the second quarter valued at $25,000. Canada Pension Plan Investment Board purchased a new stake in shares of Devon Energy in the first quarter valued at $26,000. KB Financial Partners LLC purchased a new stake in shares of Devon Energy in the first quarter valued at $26,000. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in shares of Devon Energy in the third quarter valued at $27,000. Finally, Sound Income Strategies LLC lifted its holdings in shares of 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 purchasing an additional 255 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Price Performance

Shares of DVN stock traded up $0.72 during trading hours on Thursday, hitting $50.18. The company had a trading volume of 9,244,918 shares, compared to its average volume of 8,151,512. Devon Energy Co. has a 12 month low of $40.47 and a 12 month high of $56.19. The firm has a market capitalization of $31.86 billion, a price-to-earnings ratio of 8.61 and a beta of 2.18. The firm’s fifty day moving average is $44.45 and its 200 day moving average is $45.47. 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 released its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 EPS for the quarter, topping analysts’ consensus estimates of $1.39 by $0.02. The business had revenue of $4.15 billion for the quarter, compared to analyst estimates of $3.88 billion. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. Devon Energy’s revenue for the quarter was down 3.6% on a year-over-year basis. During the same period in the prior year, the company earned $1.66 EPS. On average, sell-side analysts predict that Devon Energy Co. will post 4.83 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 28th. Shareholders of record on Friday, March 15th will be issued a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 3.51%. The ex-dividend date is Thursday, March 14th. Devon Energy’s dividend payout ratio is 15.09%.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on DVN. Stifel Nicolaus reduced their target price on Devon Energy from $75.00 to $65.00 and set a “buy” rating for the company in a report on Friday, March 22nd. Piper Sandler lowered their target price on Devon Energy from $61.00 to $59.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 24th. Citigroup boosted their target price on Devon Energy from $52.00 to $55.00 and gave the company a “buy” rating in a research note on Monday, March 18th. Mizuho lowered their target price on Devon Energy from $54.00 to $53.00 and set a “buy” rating on the stock in a research note on Thursday, January 11th. Finally, UBS Group lowered their target price on Devon Energy from $52.00 to $48.00 and set a “neutral” rating on the stock in a research note on Thursday, December 14th. Five investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $55.19.

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.