Cadent Capital Advisors LLC Lowers Stock Position in Devon Energy Co. (NYSE:DVN)

Cadent Capital Advisors LLC reduced its position in Devon Energy Co. (NYSE:DVN) by 3.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,104 shares of the energy company’s stock after selling 289 shares during the quarter. Cadent Capital Advisors LLC’s holdings in Devon Energy were worth $298,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. William B. Walkup & Associates Inc. purchased a new stake in shares of Devon Energy during the second quarter worth approximately $1,026,000. Legacy Investment Solutions LLC purchased a new position in shares of Devon Energy during the third quarter worth about $8,002,000. Bridgewater Associates LP acquired a new stake in shares of Devon Energy in the third quarter valued at approximately $9,426,000. Petrus Trust Company LTA boosted its stake in Devon Energy by 394.7% during the 3rd quarter. Petrus Trust Company LTA now owns 21,827 shares of the energy company’s stock worth $854,000 after purchasing an additional 17,415 shares during the period. Finally, CIBC Asset Management Inc grew its holdings in shares of Devon Energy by 6.3% during the third quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company’s stock worth $4,193,000 after buying an additional 6,358 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Trading Up 2.5 %

DVN stock traded up $0.91 during midday trading on Monday, hitting $36.90. The stock had a trading volume of 7,602,393 shares, compared to its average volume of 10,708,998. Devon Energy Co. has a 12-month low of $30.39 and a 12-month high of $55.09. The firm has a market cap of $24.24 billion, a PE ratio of 6.85, a price-to-earnings-growth ratio of 1.07 and a beta of 1.99. The company’s 50-day moving average price is $35.62 and its 200 day moving average price is $40.56. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The business had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same period in the prior year, the firm posted $1.65 EPS. The company’s revenue was up 4.9% on a year-over-year basis. On average, equities research analysts predict that Devon Energy Co. will post 4.79 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were issued a dividend of $0.22 per share. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.38%. Devon Energy’s payout ratio is 16.33%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on DVN. BMO Capital Markets decreased their price target on Devon Energy from $52.00 to $48.00 and set an “outperform” rating for the company in a report on Friday, October 4th. Truist Financial reduced their price objective on shares of Devon Energy from $43.00 to $42.00 and set a “hold” rating for the company in a research report on Monday. Piper Sandler cut their target price on Devon Energy from $57.00 to $53.00 and set an “overweight” rating for the company in a research note on Tuesday, December 17th. Wolfe Research upgraded Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price target on the stock in a research note on Friday, January 3rd. Finally, TD Cowen dropped their price objective on Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a report on Tuesday, November 5th. Eleven research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $49.43.

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.