Devon Energy Co. (NYSE:DVN) Holdings Decreased by Sowell Financial Services LLC

Sowell Financial Services LLC reduced its holdings in Devon Energy Co. (NYSE:DVN) by 18.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 30,816 shares of the energy company’s stock after selling 6,884 shares during the period. Sowell Financial Services LLC’s holdings in Devon Energy were worth $1,009,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the business. Geode Capital Management LLC lifted its position in shares of Devon Energy by 1.3% in the third quarter. Geode Capital Management LLC now owns 15,892,970 shares of the energy company’s stock worth $619,747,000 after purchasing an additional 206,884 shares in the last quarter. EnCap Energy Capital Fund XI L.P. acquired a new position in Devon Energy in the 3rd quarter valued at approximately $461,857,000. Pacer Advisors Inc. lifted its position in Devon Energy by 16.9% in the 3rd quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock worth $453,446,000 after buying an additional 1,677,652 shares in the last quarter. EnCap Partners GP LLC acquired a new stake in shares of Devon Energy during the 3rd quarter valued at $408,653,000. Finally, Victory Capital Management Inc. grew its holdings in shares of Devon Energy by 2.3% during the 4th quarter. Victory Capital Management Inc. now owns 10,203,812 shares of the energy company’s stock valued at $333,971,000 after acquiring an additional 232,469 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently issued reports on DVN shares. JPMorgan Chase & Co. lowered Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price objective for the company. in a report on Thursday, December 5th. Sanford C. Bernstein upgraded Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price target for the company in a report on Wednesday, January 15th. Mizuho lowered their price target on Devon Energy from $51.00 to $47.00 and set an “outperform” rating for the company in a research note on Monday, December 16th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $50.00 price objective on shares of Devon Energy in a research report on Friday, January 10th. Finally, Piper Sandler boosted their target price on shares of Devon Energy from $54.00 to $55.00 and gave the stock an “overweight” rating in a research report on Monday, February 24th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $48.58.

Devon Energy Price Performance

Shares of NYSE:DVN opened at $34.18 on Tuesday. The company has a market cap of $22.18 billion, a price-to-earnings ratio of 7.49, a PEG ratio of 1.20 and a beta of 1.91. The business has a 50 day moving average price of $35.29 and a 200 day moving average price of $37.57. 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 twelve month low of $30.39 and a twelve month high of $55.09.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.16. The company had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.25 billion. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. Research analysts predict that Devon Energy Co. will post 4.85 earnings per share for the current year.

Devon Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.81%. 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 currently 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.