Parallel Advisors LLC Sells 1,303 Shares of Devon Energy Co. (NYSE:DVN)

Parallel Advisors LLC reduced its stake in Devon Energy Co. (NYSE:DVN) by 8.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 13,687 shares of the energy company’s stock after selling 1,303 shares during the period. Parallel Advisors LLC’s holdings in Devon Energy were worth $448,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of DVN. Pathstone Holdings LLC raised its stake in Devon Energy by 20.6% during the third quarter. Pathstone Holdings LLC now owns 199,218 shares of the energy company’s stock worth $7,797,000 after acquiring an additional 34,056 shares in the last quarter. Prospera Financial Services Inc increased its position in shares of Devon Energy by 20.4% during the 3rd quarter. Prospera Financial Services Inc now owns 22,813 shares of the energy company’s stock worth $893,000 after purchasing an additional 3,867 shares in the last quarter. B. Metzler seel. Sohn & Co. Holding AG bought a new position in Devon Energy during the 3rd quarter valued at about $806,000. PNC Financial Services Group Inc. lifted its holdings in Devon Energy by 14.8% during the 3rd quarter. PNC Financial Services Group Inc. now owns 174,495 shares of the energy company’s stock valued at $6,826,000 after purchasing an additional 22,534 shares during the last quarter. Finally, Avior Wealth Management LLC boosted its position in Devon Energy by 15.7% in the third quarter. Avior Wealth Management LLC now owns 9,515 shares of the energy company’s stock valued at $372,000 after buying an additional 1,293 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Piper Sandler lifted their target price on shares of Devon Energy from $54.00 to $55.00 and gave the company an “overweight” rating in a research note on Monday, February 24th. Royal Bank of Canada reissued a “sector perform” rating and issued a $50.00 price objective on shares of Devon Energy in a research note on Friday, January 10th. Mizuho lowered their target price on Devon Energy from $51.00 to $47.00 and set an “outperform” rating for the company in a research note on Monday, December 16th. Citigroup reduced their price target on shares of Devon Energy from $48.00 to $46.00 and set a “buy” rating on the stock in a research report on Monday, March 17th. Finally, Wells Fargo & Company lowered their price objective on shares of Devon Energy from $49.00 to $43.00 and set an “overweight” rating for the company in a research report on Tuesday, December 17th. Ten research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $48.46.

Devon Energy Trading Up 0.1 %

NYSE DVN opened at $36.18 on Friday. Devon Energy Co. has a 12 month low of $30.39 and a 12 month high of $55.09. The stock has a 50-day simple moving average of $35.46 and a 200 day simple moving average of $37.06. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57. The company has a market capitalization of $23.48 billion, a PE ratio of 7.93, a P/E/G ratio of 1.20 and a beta of 1.91.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, February 18th. The energy company reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.16. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The company had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.25 billion. Research analysts forecast that Devon Energy Co. will post 4.85 EPS for the current year.

Devon Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be issued a $0.24 dividend. 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 annualized dividend and a yield of 2.65%. Devon Energy’s dividend payout ratio (DPR) is 21.05%.

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.