First Trust Direct Indexing L.P. Cuts Stock Position in Devon Energy Co. (NYSE:DVN)

First Trust Direct Indexing L.P. trimmed its position in shares of Devon Energy Co. (NYSE:DVN) by 11.8% in the 4th quarter, Holdings Channel reports. The institutional investor owned 16,350 shares of the energy company’s stock after selling 2,191 shares during the quarter. First Trust Direct Indexing L.P.’s holdings in Devon Energy were worth $741,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of DVN. Annis Gardner Whiting Capital Advisors LLC purchased a new position in Devon Energy during the third quarter worth $27,000. Sound Income Strategies LLC boosted its stake in Devon Energy by 60.7% during the fourth quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock worth $31,000 after buying an additional 255 shares during the period. Rise Advisors LLC boosted its stake in Devon Energy by 1,365.3% during the fourth quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock worth $33,000 after buying an additional 669 shares during the period. PFS Partners LLC purchased a new position in Devon Energy during the fourth quarter worth $36,000. Finally, Naples Money Management LLC purchased a new position in Devon Energy during the fourth quarter worth $40,000. 69.72% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on DVN shares. Mizuho lifted their price objective on shares of Devon Energy from $53.00 to $57.00 and gave the stock a “buy” rating in a research note on Thursday. StockNews.com upgraded Devon Energy from a “hold” rating to a “buy” rating in a research report on Friday. Citigroup lifted their target price on Devon Energy from $55.00 to $62.00 and gave the stock a “buy” rating in a research report on Thursday, April 11th. UBS Group lifted their target price on Devon Energy from $48.00 to $57.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 10th. Finally, Scotiabank lifted their target price on Devon Energy from $53.00 to $67.00 and gave the stock a “sector outperform” rating in a research report on Thursday, April 11th. Four investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $58.44.

Devon Energy Stock Performance

DVN stock opened at $50.54 on Friday. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.04 and a quick ratio of 0.99. The business has a 50-day moving average price of $49.62 and a 200 day moving average price of $46.31. The company has a market capitalization of $32.09 billion, a P/E ratio of 9.65 and a beta of 2.16. Devon Energy Co. has a 1-year low of $40.47 and a 1-year high of $55.09.

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

Devon Energy Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders 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 dividend on an annualized basis and a yield of 1.74%. Devon Energy’s dividend payout ratio is presently 16.79%.

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.