Lindenwold Advisors INC Reduces Stock Holdings in Devon Energy Co. (NYSE:DVN)

Lindenwold Advisors INC lowered its holdings in shares of Devon Energy Co. (NYSE:DVN) by 47.2% in the 4th quarter, Holdings Channel.com reports. The firm owned 14,106 shares of the energy company’s stock after selling 12,624 shares during the quarter. Lindenwold Advisors INC’s holdings in Devon Energy were worth $462,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in DVN. KBC Group NV grew its position in shares of Devon Energy by 14.0% during the 3rd quarter. KBC Group NV now owns 72,780 shares of the energy company’s stock valued at $2,847,000 after acquiring an additional 8,920 shares during the period. CIBC Asset Management Inc increased its position in Devon Energy by 6.3% in the third quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company’s stock worth $4,193,000 after buying an additional 6,358 shares in the last quarter. Pathstone Holdings LLC raised its stake in shares of Devon Energy by 20.6% in the third quarter. Pathstone Holdings LLC now owns 199,218 shares of the energy company’s stock worth $7,797,000 after buying an additional 34,056 shares during the period. Caprock Group LLC lifted its position in shares of Devon Energy by 114.6% during the 3rd quarter. Caprock Group LLC now owns 50,585 shares of the energy company’s stock valued at $1,979,000 after buying an additional 27,012 shares in the last quarter. Finally, Smead Capital Management Inc. grew its stake in shares of Devon Energy by 3.5% during the 3rd quarter. Smead Capital Management Inc. now owns 5,879,516 shares of the energy company’s stock valued at $230,007,000 after acquiring an additional 198,193 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on DVN shares. JPMorgan Chase & Co. decreased their target price on shares of Devon Energy from $48.00 to $42.00 and set a “neutral” rating on the stock in a research note on Thursday, March 13th. Williams Trading set a $50.00 target price on shares of Devon Energy in a research note on Wednesday, March 5th. Piper Sandler upped their price objective on Devon Energy from $54.00 to $55.00 and gave the stock an “overweight” rating in a research note on Monday, February 24th. StockNews.com upgraded shares of Devon Energy from a “sell” rating to a “hold” rating in a research report on Friday, January 3rd. Finally, Wolfe Research upgraded Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price target for the company in a report on Friday, January 3rd. Ten investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.46.

Devon Energy Stock Performance

Shares of NYSE:DVN opened at $35.35 on Wednesday. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. The company has a market capitalization of $22.94 billion, a price-to-earnings ratio of 7.75, a price-to-earnings-growth ratio of 1.20 and a beta of 1.91. The firm has a 50 day moving average of $35.42 and a 200 day moving average of $37.14. Devon Energy Co. has a 52 week low of $30.39 and a 52 week high of $55.09.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.16. The firm had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.25 billion. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. On average, 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 disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be given a $0.24 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.72%. This is an increase from Devon Energy’s previous quarterly dividend of $0.22. Devon Energy’s payout ratio is presently 21.05%.

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.