Devon Energy Co. (NYSE:DVN) Shares Sold by Summit Financial LLC

Summit Financial LLC lessened its stake in Devon Energy Co. (NYSE:DVN) by 10.9% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 28,412 shares of the energy company’s stock after selling 3,486 shares during the quarter. Summit Financial LLC’s holdings in Devon Energy were worth $1,287,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Pacer Advisors Inc. grew its position in Devon Energy by 1,279.7% in the 4th quarter. Pacer Advisors Inc. now owns 6,145,605 shares of the energy company’s stock worth $278,396,000 after purchasing an additional 5,700,167 shares during the last quarter. J.P. Morgan Private Wealth Advisors LLC bought a new position in Devon Energy in the 3rd quarter worth about $113,793,000. Morgan Stanley grew its position in Devon Energy by 23.6% in the 3rd quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock worth $555,567,000 after purchasing an additional 2,220,194 shares during the last quarter. International Assets Investment Management LLC grew its position in Devon Energy by 3,885.4% in the 4th quarter. International Assets Investment Management LLC now owns 1,695,206 shares of the energy company’s stock worth $76,793,000 after purchasing an additional 1,652,671 shares during the last quarter. Finally, Schroder Investment Management Group boosted its holdings in shares of Devon Energy by 61.0% in the third quarter. Schroder Investment Management Group now owns 2,673,781 shares of the energy company’s stock valued at $127,539,000 after acquiring an additional 1,013,353 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Stock Up 1.7 %

Shares of NYSE:DVN traded up $0.88 during trading on Thursday, reaching $51.28. 3,391,306 shares of the company traded hands, compared to its average volume of 7,762,211. The firm has a fifty day simple moving average of $49.36 and a 200 day simple moving average of $46.27. The firm has a market cap of $32.56 billion, a P/E ratio of 8.74 and a beta of 2.16. Devon Energy Co. has a 1-year low of $40.47 and a 1-year high of $55.09. 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 (NYSE:DVN) last released its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share for the quarter, beating analysts’ consensus estimates of $1.39 by $0.02. The business had revenue of $4.15 billion for the quarter, compared to the consensus estimate of $3.88 billion. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. Devon Energy’s revenue for the quarter was down 3.6% on a year-over-year basis. During the same quarter last year, the firm earned $1.66 EPS. Analysts anticipate that Devon Energy Co. will post 5.28 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were issued a dividend of $0.44 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.76 annualized dividend and a dividend yield of 3.43%. Devon Energy’s payout ratio is 15.09%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Raymond James decreased their price objective on shares of Devon Energy from $53.00 to $52.00 and set an “outperform” rating for the company in a report on Wednesday, January 24th. Susquehanna increased their target price on shares of Devon Energy from $52.00 to $65.00 and gave the company a “positive” rating in a research note on Monday, April 22nd. Barclays began coverage on shares of Devon Energy in a research note on Wednesday, April 10th. They set an “equal weight” rating and a $59.00 target price for the company. UBS Group increased their target price on shares of Devon Energy from $48.00 to $57.00 and gave the company a “neutral” rating in a research note on Wednesday, April 10th. Finally, Scotiabank increased their target price on shares of Devon Energy from $53.00 to $67.00 and gave the company a “sector outperform” rating in a research note on Thursday, April 11th. Five equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $58.56.

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.