Atria Wealth Solutions Inc. Cuts Position in Devon Energy Co. (NYSE:DVN)

Atria Wealth Solutions Inc. trimmed its position in Devon Energy Co. (NYSE:DVN) by 10.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 59,963 shares of the energy company’s stock after selling 6,707 shares during the quarter. Atria Wealth Solutions Inc.’s holdings in Devon Energy were worth $1,963,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Legacy Investment Solutions LLC acquired a new stake in Devon Energy during the 3rd quarter valued at approximately $8,002,000. Bridgewater Associates LP acquired a new position in Devon Energy during the 3rd quarter valued at approximately $9,426,000. Petrus Trust Company LTA boosted its position in Devon Energy by 394.7% during the 3rd quarter. Petrus Trust Company LTA now owns 21,827 shares of the energy company’s stock valued at $854,000 after purchasing an additional 17,415 shares during the period. CIBC Asset Management Inc boosted its position in Devon Energy by 6.3% during the 3rd quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company’s stock valued at $4,193,000 after purchasing an additional 6,358 shares during the period. Finally, Smead Capital Management Inc. boosted its position in 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 purchasing an additional 198,193 shares during the period. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Stock Down 2.8 %

Shares of Devon Energy stock opened at $37.49 on Friday. The stock’s fifty day moving average is $34.47 and its 200-day moving average is $38.35. The firm has a market capitalization of $24.33 billion, a PE ratio of 8.22, a price-to-earnings-growth ratio of 1.20 and a beta of 1.98. 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 12-month low of $30.39 and a 12-month high of $55.09.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.16. The company 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%. Equities analysts anticipate that Devon Energy Co. will post 4.85 earnings per share for the current year.

Devon Energy Increases Dividend

The business also recently announced 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 is Friday, March 14th. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.56%. Devon Energy’s payout ratio is 19.30%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on DVN shares. Truist Financial boosted their price objective on Devon Energy from $42.00 to $44.00 and gave the company a “hold” rating in a research report on Thursday. StockNews.com raised Devon Energy from a “sell” rating to a “hold” rating in a research note on Friday, January 3rd. Cowen downgraded Devon Energy to a “hold” rating and cut their target price for the company from $46.00 to $45.00 in a research note on Tuesday, February 18th. Citigroup cut their target price on Devon Energy from $55.00 to $48.00 and set a “buy” rating on the stock in a research note on Tuesday, November 26th. Finally, JPMorgan Chase & Co. downgraded Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 target price on the stock. in a research note on Thursday, December 5th. Ten analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, Devon Energy currently has an average rating of “Moderate Buy” and a consensus price target of $48.83.

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.