Devon Energy Co. (NYSE:DVN) Shares Sold by Cross Staff Investments Inc

Cross Staff Investments Inc trimmed its holdings in shares of Devon Energy Co. (NYSE:DVN) by 3.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,781 shares of the energy company’s stock after selling 292 shares during the quarter. Cross Staff Investments Inc’s holdings in Devon Energy were worth $352,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Lord Abbett & CO. LLC increased its holdings in Devon Energy by 15.5% in the 3rd quarter. Lord Abbett & CO. LLC now owns 549,710 shares of the energy company’s stock worth $26,221,000 after buying an additional 73,570 shares during the period. Nordea Investment Management AB lifted its holdings in shares of Devon Energy by 2.7% in the 3rd quarter. Nordea Investment Management AB now owns 373,757 shares of the energy company’s stock valued at $17,974,000 after buying an additional 9,823 shares during the period. Atria Investments Inc raised its position in Devon Energy by 64.4% during the third quarter. Atria Investments Inc now owns 54,639 shares of the energy company’s stock valued at $2,606,000 after acquiring an additional 21,400 shares in the last quarter. Pearl River Capital LLC increased its holdings in shares of Devon Energy by 367.7% during the 3rd quarter. Pearl River Capital LLC now owns 75,042 shares of the energy company’s stock valued at $3,580,000 after purchasing an additional 58,997 shares in the last quarter. Finally, Argent Trust Co grew its position in Devon Energy by 22.1% during the third quarter. Argent Trust Co now owns 86,795 shares of the energy company’s stock valued at $4,140,000 after buying an additional 15,715 shares during the period. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms recently weighed in on DVN. Truist Financial upped their price target on Devon Energy from $66.00 to $69.00 and gave the stock a “buy” rating in a report on Monday. Piper Sandler lifted their target price on shares of Devon Energy from $59.00 to $60.00 and gave the company an “overweight” rating in a research report on Friday, April 19th. Scotiabank boosted their price target on Devon Energy from $53.00 to $67.00 and gave the stock a “sector outperform” rating in a research note on Thursday, April 11th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $55.00 price objective on shares of Devon Energy in a report on Thursday, March 7th. Finally, Stifel Nicolaus raised their price target on Devon Energy from $65.00 to $66.00 and gave the company a “buy” rating in a research report on Tuesday. Five analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $58.33.

Devon Energy Trading Up 0.4 %

Shares of Devon Energy stock traded up $0.22 during trading hours on Friday, reaching $52.83. 3,139,093 shares of the company’s stock were exchanged, compared to its average volume of 7,836,357. The company has a fifty day moving average of $48.70 and a 200-day moving average of $46.13. Devon Energy Co. has a 52-week low of $40.47 and a 52-week high of $55.09. The firm has a market capitalization of $33.55 billion, a price-to-earnings ratio of 8.97 and a beta of 2.19. The company has a current ratio of 1.07, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.02. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The business had revenue of $4.15 billion for the quarter, compared to analysts’ expectations of $3.88 billion. During the same period last year, the company earned $1.66 earnings per share. The company’s quarterly revenue was down 3.6% on a year-over-year basis. Sell-side analysts forecast that Devon Energy Co. will post 5.25 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were paid a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 3.33%. The ex-dividend date of this dividend was Thursday, March 14th. Devon Energy’s dividend payout ratio is currently 15.09%.

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.