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

Steward Partners Investment Advisory LLC trimmed its position in shares of Devon Energy Co. (NYSE:DVN) by 73.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 100,177 shares of the energy company’s stock after selling 281,978 shares during the quarter. Steward Partners Investment Advisory LLC’s holdings in Devon Energy were worth $3,279,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Grandfield & Dodd LLC boosted its position in shares of Devon Energy by 2.9% during the fourth quarter. Grandfield & Dodd LLC now owns 309,721 shares of the energy company’s stock worth $10,137,000 after purchasing an additional 8,855 shares in the last quarter. Eliot Finkel Investment Counsel LLC bought a new stake in Devon Energy in the 4th quarter valued at $2,868,000. SBI Securities Co. Ltd. bought a new stake in Devon Energy in the 4th quarter valued at $193,000. Jones Financial Companies Lllp lifted its position in Devon Energy by 180.6% in the 4th quarter. Jones Financial Companies Lllp now owns 42,279 shares of the energy company’s stock valued at $1,384,000 after acquiring an additional 27,214 shares in the last quarter. Finally, SRS Capital Advisors Inc. lifted its position in Devon Energy by 887.6% in the 4th quarter. SRS Capital Advisors Inc. now owns 13,342 shares of the energy company’s stock valued at $437,000 after acquiring an additional 11,991 shares in the last quarter. 69.72% of the stock is owned by institutional investors.

Devon Energy Stock Performance

Shares of DVN stock opened at $34.74 on Friday. The company has a market capitalization of $22.54 billion, a price-to-earnings ratio of 7.62, a PEG ratio of 1.20 and a beta of 1.91. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04. The company has a 50-day simple moving average of $35.17 and a 200 day simple moving average of $37.79. Devon Energy Co. has a 52 week low of $30.39 and a 52 week high of $55.09.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, February 18th. The energy company reported $1.16 EPS for the quarter, topping the consensus estimate of $1.00 by $0.16. The business had revenue of $4.40 billion during the quarter, compared to the consensus estimate of $4.25 billion. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. On average, sell-side analysts predict that Devon Energy Co. will post 4.85 earnings per share for the current year.

Devon Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be issued a $0.24 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.96 dividend on an annualized basis and a yield of 2.76%. This is an increase from Devon Energy’s previous quarterly dividend of $0.22. Devon Energy’s payout ratio is currently 21.05%.

Analysts Set New Price Targets

DVN has been the topic of several research reports. Wolfe Research raised shares of Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price objective on the stock in a research report on Friday, January 3rd. Barclays boosted their price objective on shares of Devon Energy from $43.00 to $44.00 and gave the company an “equal weight” rating in a research report on Thursday, February 20th. Truist Financial boosted their price objective on shares of Devon Energy from $42.00 to $44.00 and gave the company a “hold” rating in a research report on Thursday, February 20th. Cowen cut shares of Devon Energy to a “hold” rating and cut their price objective for the company from $46.00 to $45.00 in a research report on Tuesday, February 18th. Finally, Wells Fargo & Company lowered their price target on shares of Devon Energy from $49.00 to $43.00 and set an “overweight” rating on the stock in a research note on Tuesday, December 17th. Ten investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Devon Energy presently has an average rating of “Moderate Buy” and a consensus target price of $48.87.

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.