Stock Yards Bank & Trust Co. Lowers Position in Devon Energy Co. (NYSE:DVN)

Stock Yards Bank & Trust Co. lessened its stake in Devon Energy Co. (NYSE:DVN) by 22.2% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 5,709 shares of the energy company’s stock after selling 1,627 shares during the quarter. Stock Yards Bank & Trust Co.’s holdings in Devon Energy were worth $259,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Lord Abbett & CO. LLC lifted its holdings in shares of Devon Energy by 15.5% in the third 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 in the last quarter. Nordea Investment Management AB lifted its holdings in shares of Devon Energy by 2.7% in the third quarter. Nordea Investment Management AB now owns 373,757 shares of the energy company’s stock worth $17,974,000 after buying an additional 9,823 shares in the last quarter. Atria Investments Inc lifted its holdings in shares of Devon Energy by 64.4% in the third quarter. Atria Investments Inc now owns 54,639 shares of the energy company’s stock worth $2,606,000 after buying an additional 21,400 shares in the last quarter. Pearl River Capital LLC lifted its holdings in shares of Devon Energy by 367.7% in the third quarter. Pearl River Capital LLC now owns 75,042 shares of the energy company’s stock worth $3,580,000 after buying an additional 58,997 shares in the last quarter. Finally, Argent Trust Co lifted its holdings in shares of Devon Energy by 22.1% in the third quarter. Argent Trust Co now owns 86,795 shares of the energy company’s stock worth $4,140,000 after buying an additional 15,715 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on DVN. UBS Group boosted their price target on shares of Devon Energy from $48.00 to $57.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 10th. Morgan Stanley boosted their price target on shares of Devon Energy from $49.00 to $50.00 and gave the stock an “overweight” rating in a research report on Monday, April 15th. Piper Sandler boosted their price target on shares of Devon Energy from $59.00 to $60.00 and gave the stock an “overweight” rating in a research report on Friday, April 19th. Barclays began coverage on shares of Devon Energy in a research report on Wednesday, April 10th. They issued an “equal weight” rating and a $59.00 price target on the stock. Finally, Truist Financial boosted their price target on shares of Devon Energy from $66.00 to $69.00 and gave the stock a “buy” rating in a research report on Monday. Five analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, Devon Energy has an average rating of “Moderate Buy” and an average price target of $58.33.

Devon Energy Trading Down 0.9 %

DVN stock opened at $52.09 on Thursday. The company has a quick ratio of 0.99, a current ratio of 1.07 and a debt-to-equity ratio of 0.46. Devon Energy Co. has a twelve month low of $40.47 and a twelve month high of $55.09. The stock has a market capitalization of $33.08 billion, a price-to-earnings ratio of 8.93 and a beta of 2.19. The firm’s fifty day simple moving average is $48.51 and its two-hundred day simple moving average is $46.09.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.02. The firm had revenue of $4.15 billion during the quarter, compared to analyst estimates of $3.88 billion. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The business’s revenue was down 3.6% on a year-over-year basis. During the same period in the previous year, the firm earned $1.66 earnings per share. As a group, analysts anticipate that Devon Energy Co. will post 5.22 earnings per share for the current year.

Devon Energy Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were paid a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.38%. 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.