44 Wealth Management LLC Reduces Position in Devon Energy Co. (NYSE:DVN)

44 Wealth Management LLC decreased its holdings in shares of Devon Energy Co. (NYSE:DVN) by 12.3% during the 4th quarter, Holdings Channel.com reports. The firm owned 27,339 shares of the energy company’s stock after selling 3,833 shares during the period. 44 Wealth Management LLC’s holdings in Devon Energy were worth $895,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Capital Performance Advisors LLP acquired a new position in Devon Energy in the third quarter valued at $35,000. Cromwell Holdings LLC lifted its stake in shares of Devon Energy by 98.0% during the fourth quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock worth $40,000 after purchasing an additional 598 shares in the last quarter. Sierra Ocean LLC acquired a new position in shares of Devon Energy during the fourth quarter worth about $43,000. True Wealth Design LLC lifted its stake in shares of Devon Energy by 3,889.3% during the third quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock worth $44,000 after purchasing an additional 1,089 shares in the last quarter. Finally, Hazlett Burt & Watson Inc. lifted its stake in shares of Devon Energy by 29.8% during the third quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock worth $49,000 after purchasing an additional 290 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Stock Performance

Shares of DVN stock opened at $37.49 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. The business has a 50 day moving average of $34.47 and a two-hundred day moving average of $38.37. Devon Energy Co. has a 52 week low of $30.39 and a 52 week high of $55.09. The company has a market cap of $24.62 billion, a P/E ratio of 8.22, a PEG ratio of 1.17 and a beta of 1.98.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, February 18th. The energy company reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.16. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The company had revenue of $4.40 billion during the quarter, compared to the consensus estimate of $4.25 billion. As a group, analysts anticipate that Devon Energy Co. will post 4.85 EPS for the current year.

Devon Energy Increases Dividend

The firm 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 dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, March 14th. This is an increase from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a dividend yield of 2.56%. Devon Energy’s payout ratio is currently 21.05%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on DVN shares. Citigroup dropped their target price on Devon Energy from $55.00 to $48.00 and set a “buy” rating on the stock in a research report on Tuesday, November 26th. Wolfe Research raised Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 target price on the stock in a research report on Friday, January 3rd. Wells Fargo & Company dropped their target price on Devon Energy from $49.00 to $43.00 and set an “overweight” rating on the stock in a research report on Tuesday, December 17th. JPMorgan Chase & Co. lowered Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 target price on the stock. in a research report on Thursday, December 5th. Finally, Truist Financial lifted their target price on Devon Energy from $42.00 to $44.00 and gave the stock a “hold” rating in a research report on Thursday. Ten analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, Devon Energy currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.83.

Devon Energy Company 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.