First Horizon Advisors Inc. Sells 400 Shares of Devon Energy Co. (NYSE:DVN)

First Horizon Advisors Inc. lowered its stake in shares of Devon Energy Co. (NYSE:DVN) by 24.0% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 1,264 shares of the energy company’s stock after selling 400 shares during the quarter. First Horizon Advisors Inc.’s holdings in Devon Energy were worth $57,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of DVN. Annis Gardner Whiting Capital Advisors LLC bought a new stake in Devon Energy in the 3rd quarter valued at $27,000. Sound Income Strategies LLC boosted its holdings in shares of Devon Energy by 60.7% during the 4th quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock valued at $31,000 after purchasing an additional 255 shares during the last quarter. Rise Advisors LLC grew its position in shares of Devon Energy by 1,365.3% during the fourth quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock valued at $33,000 after purchasing an additional 669 shares in the last quarter. PFS Partners LLC bought a new stake in shares of Devon Energy in the fourth quarter worth about $36,000. Finally, Naples Money Management LLC purchased a new stake in shares of Devon Energy in the fourth quarter worth about $40,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Scotiabank raised their price target on Devon Energy from $53.00 to $67.00 and gave the company a “sector outperform” rating in a report on Thursday, April 11th. JPMorgan Chase & Co. boosted their price target on shares of Devon Energy from $57.00 to $62.00 and gave the stock an “overweight” rating in a research report on Monday, April 8th. Piper Sandler increased their price objective on shares of Devon Energy from $59.00 to $60.00 and gave the company an “overweight” rating in a research report on Friday, April 19th. Morgan Stanley lifted their price objective on shares of Devon Energy from $49.00 to $50.00 and gave the stock an “overweight” rating in a research note on Monday, April 15th. Finally, Susquehanna increased their price target on shares of Devon Energy from $52.00 to $65.00 and gave the company a “positive” rating in a report on Monday, April 22nd. Four investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, Devon Energy presently has a consensus rating of “Moderate Buy” and a consensus target price of $58.44.

Devon Energy Trading Up 0.2 %

DVN opened at $50.98 on Wednesday. Devon Energy Co. has a 52 week low of $40.47 and a 52 week high of $55.09. The company has a market capitalization of $32.22 billion, a P/E ratio of 9.73 and a beta of 2.16. The stock’s fifty day moving average is $49.89 and its two-hundred day moving average is $46.28. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 0.46.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.10 by $0.06. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The firm had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.64 billion. During the same quarter last year, the firm posted $1.46 earnings per share. The business’s revenue for the quarter was down 5.9% on a year-over-year basis. Analysts forecast that Devon Energy Co. will post 5.24 earnings per share for the current year.

Devon Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be issued a $0.22 dividend. The ex-dividend date is Friday, June 14th. This represents a $0.88 annualized dividend and a dividend yield of 1.73%. Devon Energy’s dividend payout ratio is currently 16.79%.

Insider Activity

In other Devon Energy news, EVP Tana K. Cashion sold 20,000 shares of the company’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the completion of the sale, the executive vice president now owns 104,182 shares in the company, valued at $5,317,449.28. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 0.63% of the company’s stock.

Devon Energy 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.