Steward Partners Investment Advisory LLC Sells 281,978 Shares of Devon Energy Co. (NYSE:DVN)

Steward Partners Investment Advisory LLC lessened its stake in Devon Energy Co. (NYSE:DVN) by 73.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 100,177 shares of the energy company’s stock after selling 281,978 shares during the period. Steward Partners Investment Advisory LLC’s holdings in Devon Energy were worth $3,279,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Capital Performance Advisors LLP bought a new stake in shares of Devon Energy in the third quarter valued at about $35,000. True Wealth Design LLC lifted its stake in shares of 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 valued at $44,000 after buying an additional 1,089 shares during the period. Cromwell Holdings LLC lifted its stake in shares of Devon Energy by 98.0% in the fourth quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock valued at $40,000 after buying an additional 598 shares during the period. Activest Wealth Management lifted its stake in shares of Devon Energy by 60.4% in the third quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock valued at $50,000 after buying an additional 480 shares during the period. Finally, Sierra Ocean LLC bought a new stake in shares of Devon Energy in the fourth quarter valued at about $43,000. Institutional investors own 69.72% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Truist Financial increased their target price on shares of Devon Energy from $42.00 to $44.00 and gave the company a “hold” rating in a research note on Thursday, February 20th. Wells Fargo & Company dropped their price target on shares of Devon Energy from $49.00 to $43.00 and set an “overweight” rating for the company in a research report on Tuesday, December 17th. StockNews.com raised shares of Devon Energy from a “sell” rating to a “hold” rating in a research report on Friday, January 3rd. Royal Bank of Canada reissued a “sector perform” rating and issued a $50.00 price target on shares of Devon Energy in a research report on Friday, January 10th. Finally, Susquehanna increased their price target on shares of Devon Energy from $50.00 to $52.00 and gave the stock a “positive” rating in a research report on Thursday, February 20th. Ten research analysts have rated the stock with a hold rating and fourteen have assigned 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 price target of $48.87.

Devon Energy Stock Performance

Shares of Devon Energy stock opened at $34.74 on Friday. Devon Energy Co. has a fifty-two week low of $30.39 and a fifty-two week high of $55.09. The firm has a market cap of $22.54 billion, a P/E ratio of 7.62, a P/E/G ratio of 1.20 and a beta of 1.91. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01. The firm has a 50 day simple moving average of $35.17 and a 200 day simple moving average of $37.79.

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

Devon Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.76%. This is a boost 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%.

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.