West Michigan Advisors LLC Sells 3,590 Shares of Devon Energy Co. (NYSE:DVN)

West Michigan Advisors LLC cut its holdings in Devon Energy Co. (NYSE:DVN) by 5.8% during the 4th quarter, Holdings Channel reports. The firm owned 58,429 shares of the energy company’s stock after selling 3,590 shares during the period. West Michigan Advisors LLC’s holdings in Devon Energy were worth $1,912,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. State of Alaska Department of Revenue grew its holdings in shares of Devon Energy by 1.5% during the 3rd quarter. State of Alaska Department of Revenue now owns 75,210 shares of the energy company’s stock worth $2,941,000 after acquiring an additional 1,085 shares during the period. Pallas Capital Advisors LLC purchased a new position in shares of Devon Energy during the 3rd quarter worth approximately $285,000. Integrated Advisors Network LLC grew its holdings in shares of Devon Energy by 6.0% during the 3rd quarter. Integrated Advisors Network LLC now owns 7,875 shares of the energy company’s stock worth $308,000 after acquiring an additional 446 shares during the period. New York State Teachers Retirement System grew its holdings in shares of Devon Energy by 14.2% during the 3rd quarter. New York State Teachers Retirement System now owns 704,831 shares of the energy company’s stock worth $27,573,000 after acquiring an additional 87,462 shares during the period. Finally, Pinnacle Associates Ltd. grew its holdings in shares of Devon Energy by 25.6% during the 3rd quarter. Pinnacle Associates Ltd. now owns 141,098 shares of the energy company’s stock worth $5,520,000 after acquiring an additional 28,788 shares during the period. 69.72% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on DVN shares. Cowen downgraded Devon Energy to a “hold” rating and cut their price target for the stock from $46.00 to $45.00 in a research note on Tuesday, February 18th. Piper Sandler upped their price target on Devon Energy from $54.00 to $55.00 and gave the stock an “overweight” rating in a research note on Monday, February 24th. TD Cowen cut their price target on Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a research note on Tuesday, November 5th. Royal Bank of Canada restated a “sector perform” rating and issued a $50.00 price target on shares of Devon Energy in a research note on Friday, January 10th. Finally, Mizuho cut their price target on Devon Energy from $51.00 to $47.00 and set an “outperform” rating on the stock in a research note on Monday, December 16th. Ten equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.87.

Devon Energy Stock Up 1.0 %

DVN stock opened at $36.24 on Friday. The stock has a market capitalization of $23.52 billion, a P/E ratio of 7.95, a P/E/G ratio of 1.20 and a beta of 1.98. The firm has a 50-day simple moving average of $34.94 and a 200-day simple moving average of $38.10. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. Devon Energy Co. has a 52 week low of $30.39 and a 52 week high of $55.09.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data 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. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. The company had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.25 billion. Equities analysts forecast that Devon Energy Co. will post 4.85 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

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