Phoenix Wealth Advisors Has $856,000 Stock Position in Devon Energy Co. (NYSE:DVN)

Phoenix Wealth Advisors lessened its holdings in Devon Energy Co. (NYSE:DVN) by 58.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 18,663 shares of the energy company’s stock after selling 26,734 shares during the period. Phoenix Wealth Advisors’ holdings in Devon Energy were worth $856,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of DVN. Canada Pension Plan Investment Board acquired a new stake in shares of Devon Energy in the first quarter worth about $26,000. Fortis Capital Advisors LLC bought a new position in shares of Devon Energy in the 4th quarter valued at approximately $31,000. KB Financial Partners LLC acquired a new stake in Devon Energy in the 1st quarter worth approximately $26,000. Coppell Advisory Solutions LLC bought a new stake in Devon Energy during the second quarter worth approximately $25,000. Finally, Annis Gardner Whiting Capital Advisors LLC acquired a new position in Devon Energy during the third quarter valued at approximately $27,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Price Performance

NYSE DVN traded down $0.50 during trading on Wednesday, reaching $52.18. 6,991,359 shares of the company traded hands, compared to its average volume of 7,013,805. Devon Energy Co. has a 1-year low of $40.47 and a 1-year high of $56.19. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.99 and a current ratio of 1.07. The stock’s 50 day moving average price is $47.30 and its two-hundred day moving average price is $45.78. The company has a market cap of $33.13 billion, a price-to-earnings ratio of 8.95 and a beta of 2.19.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.39 by $0.02. The business had revenue of $4.15 billion for the quarter, compared to analyst estimates of $3.88 billion. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. Devon Energy’s quarterly revenue was down 3.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.66 EPS. As a group, analysts anticipate that Devon Energy Co. will post 5.02 EPS for the current year.

Devon Energy Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were issued a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 3.37%. The ex-dividend date was Thursday, March 14th. Devon Energy’s dividend payout ratio is currently 15.09%.

Analyst Upgrades and Downgrades

DVN has been the subject of a number of analyst reports. Truist Financial reduced their price objective on shares of Devon Energy from $69.00 to $66.00 and set a “buy” rating for the company in a research note on Friday, April 5th. Barclays initiated coverage on Devon Energy in a research note on Wednesday, April 10th. They issued an “equal weight” rating and a $59.00 price objective on the stock. Raymond James decreased their target price on Devon Energy from $53.00 to $52.00 and set an “outperform” rating for the company in a research note on Wednesday, January 24th. Wells Fargo & Company upgraded Devon Energy from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $46.00 to $59.00 in a report on Monday, April 1st. Finally, Mizuho lowered their price objective on shares of Devon Energy from $54.00 to $53.00 and set a “buy” rating on the stock in a research note on Thursday, January 11th. Five investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $57.89.

About Devon Energy

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.