Bedell Frazier Investment Counselling LLC Cuts Stock Position in Devon Energy Co. (NYSE:DVN)

Bedell Frazier Investment Counselling LLC reduced its holdings in shares of Devon Energy Co. (NYSE:DVN) by 76.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,043 shares of the energy company’s stock after selling 39,553 shares during the period. Bedell Frazier Investment Counselling LLC’s holdings in Devon Energy were worth $394,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. Algert Global LLC grew its holdings in Devon Energy by 15.5% during the third quarter. Algert Global LLC now owns 11,229 shares of the energy company’s stock worth $439,000 after acquiring an additional 1,510 shares during the period. FMR LLC boosted its position in Devon Energy by 39.8% during the third quarter. FMR LLC now owns 1,722,145 shares of the energy company’s stock worth $67,370,000 after acquiring an additional 489,964 shares during the last quarter. Townsquare Capital LLC increased its holdings in shares of Devon Energy by 40.4% in the third quarter. Townsquare Capital LLC now owns 22,773 shares of the energy company’s stock valued at $891,000 after purchasing an additional 6,554 shares during the last quarter. Freedom Investment Management Inc. acquired a new stake in shares of Devon Energy in the 3rd quarter worth $346,000. Finally, Glenmede Trust Co. NA boosted its holdings in Devon Energy by 121.9% in the 3rd quarter. Glenmede Trust Co. NA now owns 35,654 shares of the energy company’s stock valued at $1,395,000 after purchasing an additional 19,589 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on DVN shares. Susquehanna boosted their price target on shares of Devon Energy from $50.00 to $52.00 and gave the company a “positive” rating in a research note on Thursday, February 20th. Piper Sandler lifted their price target on Devon Energy from $54.00 to $55.00 and gave the stock an “overweight” rating in a report on Monday, February 24th. Raymond James reduced their price target on shares of Devon Energy from $54.00 to $46.00 and set an “outperform” rating for the company in a research report on Monday, March 10th. Williams Trading set a $50.00 price target on shares of Devon Energy in a research report on Wednesday, March 5th. Finally, JPMorgan Chase & Co. dropped their target price on Devon Energy from $48.00 to $42.00 and set a “neutral” rating on the stock in a report on Thursday, March 13th. Ten research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.29.

Devon Energy Stock Down 0.3 %

Shares of NYSE DVN opened at $36.79 on Monday. Devon Energy Co. has a 52-week low of $30.39 and a 52-week high of $55.09. The stock has a market cap of $23.87 billion, a P/E ratio of 8.07, a P/E/G ratio of 1.20 and a beta of 1.91. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04. The firm has a 50 day moving average price of $35.38 and a 200 day moving average price of $36.84.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share (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 business had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.25 billion. Analysts expect that Devon Energy Co. will post 4.85 EPS for the current year.

Devon Energy Increases Dividend

The business 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 $0.24 dividend. This is an increase from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a dividend yield of 2.61%. The ex-dividend date of this dividend is Friday, March 14th. Devon Energy’s payout ratio is currently 21.05%.

Devon Energy Company Profile

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.