Devon Energy Co. (NYSE:DVN) Stock Position Lowered by River Global Investors LLP

River Global Investors LLP decreased its holdings in Devon Energy Co. (NYSE:DVN) by 47.0% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 24,890 shares of the energy company’s stock after selling 22,054 shares during the quarter. River Global Investors LLP’s holdings in Devon Energy were worth $1,128,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of DVN. Cornerstone Wealth Management LLC increased its stake in Devon Energy by 1.9% in the 3rd quarter. Cornerstone Wealth Management LLC now owns 11,540 shares of the energy company’s stock valued at $550,000 after buying an additional 218 shares during the period. Clearbridge Investments LLC increased its position in shares of Devon Energy by 2.1% during the third quarter. Clearbridge Investments LLC now owns 11,887 shares of the energy company’s stock valued at $567,000 after purchasing an additional 239 shares during the period. Sound Income Strategies LLC raised its position in Devon Energy by 60.7% in the fourth quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock worth $31,000 after purchasing an additional 255 shares in the last quarter. Kestra Private Wealth Services LLC grew its position in Devon Energy by 0.8% in the third quarter. Kestra Private Wealth Services LLC now owns 34,216 shares of the energy company’s stock valued at $1,632,000 after acquiring an additional 256 shares during the period. Finally, S. R. Schill & Associates increased its position in shares of Devon Energy by 3.8% during the 4th quarter. S. R. Schill & Associates now owns 7,784 shares of the energy company’s stock worth $353,000 after purchasing an additional 282 shares in the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Stock Performance

NYSE DVN traded up $0.20 during trading on Friday, hitting $50.54. 8,953,763 shares of the company’s stock traded hands, compared to its average volume of 7,073,719. The stock has a market capitalization of $32.09 billion, a price-to-earnings ratio of 9.65 and a beta of 2.16. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.99 and a current ratio of 1.04. The business has a 50 day moving average of $49.62 and a 200-day moving average of $46.28. Devon Energy Co. has a 12-month low of $40.47 and a 12-month high of $55.09.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.06. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The firm had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.64 billion. During the same period in the prior year, the business posted $1.46 earnings per share. The company’s revenue was down 5.9% on a year-over-year basis. As a group, equities research analysts anticipate that Devon Energy Co. will post 5.24 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

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

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on DVN. StockNews.com upgraded shares of Devon Energy from a “hold” rating to a “buy” rating in a research report on Friday. Raymond James reduced their target price on shares of Devon Energy from $53.00 to $52.00 and set an “outperform” rating for the company in a report on Wednesday, January 24th. Morgan Stanley raised their price target on Devon Energy from $49.00 to $50.00 and gave the company an “overweight” rating in a research note on Monday, April 15th. Wells Fargo & Company upgraded shares of Devon Energy from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $46.00 to $59.00 in a research note on Monday, April 1st. Finally, Susquehanna increased their price target on Devon Energy from $52.00 to $65.00 and gave the company a “positive” rating in a research note on Monday, April 22nd. Four analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $58.44.

About Devon Energy

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.