Peloton Wealth Strategists Cuts Stock Position in Devon Energy Co. (NYSE:DVN)

Peloton Wealth Strategists decreased its holdings in Devon Energy Co. (NYSE:DVN) by 31.3% in the 4th quarter, HoldingsChannel reports. The fund owned 21,950 shares of the energy company’s stock after selling 9,985 shares during the quarter. Peloton Wealth Strategists’ holdings in Devon Energy were worth $718,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Capital Performance Advisors LLP purchased a new position in Devon Energy in the third quarter worth $35,000. True Wealth Design LLC raised its position in Devon Energy by 3,889.3% in the third quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock worth $44,000 after acquiring an additional 1,089 shares in the last quarter. Cromwell Holdings LLC raised its position in Devon Energy by 98.0% in the fourth quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock worth $40,000 after acquiring an additional 598 shares in the last quarter. Hazlett Burt & Watson Inc. raised its position in Devon Energy by 29.8% in the third quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock worth $49,000 after acquiring an additional 290 shares in the last quarter. Finally, Activest Wealth Management raised its position in Devon Energy by 60.4% in the third quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock worth $50,000 after acquiring an additional 480 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. JPMorgan Chase & Co. cut Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price objective for the company. in a research report on Thursday, December 5th. Cowen lowered Devon Energy to a “hold” rating and lowered their target price for the company from $46.00 to $45.00 in a report on Tuesday, February 18th. TD Cowen lowered their target price on Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a report on Tuesday, November 5th. Citigroup lowered their target price on Devon Energy from $55.00 to $48.00 and set a “buy” rating on the stock in a report on Tuesday, November 26th. Finally, Wolfe Research raised Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 target price on the stock in a report on Friday, January 3rd. Ten investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $48.87.

Devon Energy Stock Up 1.1 %

Shares of NYSE:DVN opened at $35.85 on Friday. The stock’s 50-day moving average price is $34.83 and its two-hundred day moving average price is $38.16. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57. 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 $23.26 billion, a price-to-earnings ratio of 7.86, a PEG ratio of 1.20 and a beta of 1.98.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.16. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The firm had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.25 billion. On average, research analysts forecast that Devon Energy Co. will post 4.85 EPS for the current year.

Devon Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.68%. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. The ex-dividend date is Friday, March 14th. Devon Energy’s dividend payout ratio (DPR) is presently 21.05%.

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.