Philadelphia Trust Co. Sells 4,536 Shares of Devon Energy Co. (NYSE:DVN)

Philadelphia Trust Co. cut its stake in Devon Energy Co. (NYSE:DVN) by 11.6% during the 4th quarter, HoldingsChannel.com reports. The fund owned 34,605 shares of the energy company’s stock after selling 4,536 shares during the period. Philadelphia Trust Co.’s holdings in Devon Energy were worth $1,133,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the company. Rockefeller Capital Management L.P. increased its position in Devon Energy by 45.9% in the 4th quarter. Rockefeller Capital Management L.P. now owns 437,397 shares of the energy company’s stock valued at $14,323,000 after buying an additional 137,599 shares in the last quarter. Quinn Opportunity Partners LLC boosted its holdings in Devon Energy by 150.0% during the fourth quarter. Quinn Opportunity Partners LLC now owns 50,000 shares of the energy company’s stock worth $1,636,000 after purchasing an additional 30,000 shares during the last quarter. Heritage Trust Co bought a new stake in Devon Energy during the fourth quarter worth $1,839,000. Covestor Ltd boosted its holdings in shares of Devon Energy by 15.9% in the 4th quarter. Covestor Ltd now owns 2,521 shares of the energy company’s stock worth $83,000 after buying an additional 345 shares during the last quarter. Finally, Bessemer Group Inc. increased its stake in shares of Devon Energy by 1.7% during the 4th quarter. Bessemer Group Inc. now owns 120,919 shares of the energy company’s stock worth $3,957,000 after purchasing an additional 2,011 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Stock Performance

Shares of Devon Energy stock opened at $28.23 on Friday. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. Devon Energy Co. has a 52 week low of $25.89 and a 52 week high of $55.09. The firm has a market capitalization of $18.32 billion, a P/E ratio of 6.19, a PEG ratio of 1.20 and a beta of 1.50. The company has a 50 day moving average price of $34.38 and a 200 day moving average price of $36.14.

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

Devon Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 3.40%. The ex-dividend date was Friday, March 14th. This is a boost from Devon Energy’s previous quarterly dividend of $0.22. Devon Energy’s payout ratio is 21.05%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Truist Financial lifted their price target on Devon Energy from $42.00 to $44.00 and gave the company a “hold” rating in a research report on Thursday, February 20th. Sanford C. Bernstein raised Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 target price for the company in a research note on Wednesday, January 15th. Raymond James dropped their target price on Devon Energy from $54.00 to $46.00 and set an “outperform” rating for the company in a report on Monday, March 10th. JPMorgan Chase & Co. dropped their target price on shares of Devon Energy from $48.00 to $42.00 and set a “neutral” rating for the company in a report on Thursday, March 13th. Finally, Piper Sandler boosted their price target on shares of Devon Energy from $54.00 to $55.00 and gave the company an “overweight” rating in a research report on Monday, February 24th. Ten investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $47.08.

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.