Virtu Financial LLC Sells 114,274 Shares of Devon Energy Co. (NYSE:DVN)

Virtu Financial LLC lessened its holdings in Devon Energy Co. (NYSE:DVN) by 59.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 76,619 shares of the energy company’s stock after selling 114,274 shares during the quarter. Virtu Financial LLC’s holdings in Devon Energy were worth $2,508,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the business. Geode Capital Management LLC raised its holdings in Devon Energy by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 15,892,970 shares of the energy company’s stock valued at $619,747,000 after buying an additional 206,884 shares during the last quarter. EnCap Energy Capital Fund XI L.P. bought a new position in Devon Energy in the 3rd quarter valued at approximately $461,857,000. EnCap Partners GP LLC bought a new position in Devon Energy during the 3rd quarter worth approximately $408,653,000. Victory Capital Management Inc. raised its holdings in Devon Energy by 2.3% during the 4th quarter. Victory Capital Management Inc. now owns 10,203,812 shares of the energy company’s stock worth $333,971,000 after purchasing an additional 232,469 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Devon Energy by 1.1% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 6,793,610 shares of the energy company’s stock worth $265,766,000 after purchasing an additional 70,848 shares during the last quarter. Institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Performance

NYSE DVN opened at $36.18 on Friday. The company has a fifty day simple moving average of $35.46 and a 200 day simple moving average of $37.02. Devon Energy Co. has a 12-month low of $30.39 and a 12-month high of $55.09. 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 cap of $23.48 billion, a P/E ratio of 7.93, a PEG ratio of 1.20 and a beta of 1.91.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.16. The business had revenue of $4.40 billion during the quarter, compared to the consensus estimate of $4.25 billion. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. Sell-side analysts predict that Devon Energy Co. will post 4.85 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.65%. This is an increase from Devon Energy’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Friday, March 14th. Devon Energy’s payout ratio is currently 21.05%.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. Mizuho lowered their price target on shares of Devon Energy from $51.00 to $47.00 and set an “outperform” rating for the company in a report on Monday, December 16th. JPMorgan Chase & Co. lowered their price target on shares of Devon Energy from $48.00 to $42.00 and set a “neutral” rating for the company in a report on Thursday, March 13th. Wolfe Research upgraded shares of Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price target for the company in a report on Friday, January 3rd. Truist Financial raised their price target on shares of Devon Energy from $42.00 to $44.00 and gave the stock a “hold” rating in a report on Thursday, February 20th. Finally, Susquehanna raised their price target on shares of Devon Energy from $50.00 to $52.00 and gave the stock a “positive” rating in a report on Thursday, February 20th. Ten investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, Devon Energy presently has an average rating of “Moderate Buy” and a consensus target price of $48.46.

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.