Devon Energy Co. (NYSE:DVN) Position Cut by HUB Investment Partners LLC

HUB Investment Partners LLC trimmed its stake in Devon Energy Co. (NYSE:DVN) by 53.6% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 55,255 shares of the energy company’s stock after selling 63,752 shares during the quarter. HUB Investment Partners LLC’s holdings in Devon Energy were worth $1,808,000 as of its most recent filing with the SEC.

Other hedge funds also recently added to or reduced their stakes in the company. Geode Capital Management LLC raised its stake in shares of Devon Energy by 1.3% during the third quarter. Geode Capital Management LLC now owns 15,892,970 shares of the energy company’s stock valued at $619,747,000 after purchasing an additional 206,884 shares in the last quarter. EnCap Energy Capital Fund XI L.P. bought a new stake in shares of Devon Energy during the third quarter valued at about $461,857,000. Pacer Advisors Inc. raised its stake in shares of Devon Energy by 16.9% during the third quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock valued at $453,446,000 after purchasing an additional 1,677,652 shares in the last quarter. EnCap Partners GP LLC bought a new stake in shares of Devon Energy during the third quarter valued at about $408,653,000. Finally, Victory Capital Management Inc. grew its holdings in Devon Energy by 2.3% during the fourth quarter. Victory Capital Management Inc. now owns 10,203,812 shares of the energy company’s stock worth $333,971,000 after acquiring an additional 232,469 shares during the period. 69.72% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on DVN shares. Truist Financial lifted their target price on Devon Energy from $42.00 to $44.00 and gave the stock a “hold” rating in a report on Thursday, February 20th. Citigroup lowered their target price on Devon Energy from $48.00 to $46.00 and set a “buy” rating on the stock in a report on Monday. Wells Fargo & Company dropped their price target on Devon Energy from $49.00 to $43.00 and set an “overweight” rating on the stock in a research note on Tuesday, December 17th. Barclays lifted their price target on Devon Energy from $43.00 to $44.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 20th. Finally, Benchmark reissued a “buy” rating and issued a $44.00 price target on shares of Devon Energy in a research note on Thursday, February 20th. Ten research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Devon Energy presently has a consensus rating of “Moderate Buy” and an average target price of $48.46.

Devon Energy Stock Performance

DVN opened at $36.14 on Friday. The stock has a market cap of $23.46 billion, a PE ratio of 7.93, a P/E/G ratio of 1.20 and a beta of 1.91. 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 1 year low of $30.39 and a 1 year high of $55.09. The stock’s 50 day simple moving average is $35.46 and its 200-day simple moving average is $37.12.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, beating 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 analysts’ expectations of $4.25 billion. Sell-side analysts forecast that Devon Energy Co. will post 4.85 EPS 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 dividend on an annualized basis and a yield of 2.66%. This is a boost from Devon Energy’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Friday, March 14th. Devon Energy’s dividend payout ratio is 21.05%.

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.