Devon Energy Co. (NYSE:DVN) Shares Sold by CIBC Private Wealth Group LLC

CIBC Private Wealth Group LLC trimmed its position in Devon Energy Co. (NYSE:DVN) by 4.2% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 16,332 shares of the energy company’s stock after selling 710 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in Devon Energy were worth $574,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Cromwell Holdings LLC lifted its position in shares of Devon Energy by 98.0% in the fourth quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock valued at $40,000 after acquiring an additional 598 shares in the last quarter. Sierra Ocean LLC acquired a new position in Devon Energy in the 4th quarter valued at $43,000. Endeavor Private Wealth Inc. purchased a new position in Devon Energy in the 4th quarter valued at $52,000. Thompson Investment Management Inc. boosted its stake in Devon Energy by 60.0% during the 4th quarter. Thompson Investment Management Inc. now owns 1,600 shares of the energy company’s stock worth $52,000 after purchasing an additional 600 shares during the last quarter. Finally, Asset Planning Inc purchased a new stake in shares of Devon Energy during the fourth quarter worth $54,000. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Stock Down 11.7 %

Shares of NYSE DVN opened at $29.30 on Friday. Devon Energy Co. has a 12-month low of $29.06 and a 12-month high of $55.09. The stock has a market cap of $19.01 billion, a P/E ratio of 6.42, a PEG ratio of 1.20 and a beta of 1.50. 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 business’s fifty day simple moving average is $35.22 and its 200-day simple moving average is $36.72.

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 return on equity of 22.52% and a net margin of 18.14%. The business had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.25 billion. As a group, equities analysts predict that Devon Energy Co. will post 4.85 EPS for the current fiscal year.

Devon Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.28%. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. The ex-dividend date was Friday, March 14th. Devon Energy’s dividend payout ratio (DPR) is presently 21.05%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Wolfe Research upgraded shares of Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price target on the stock in a research report on Friday, January 3rd. Sanford C. Bernstein upgraded Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price target for the company in a research report on Wednesday, January 15th. Royal Bank of Canada reiterated a “sector perform” rating and set a $50.00 price objective on shares of Devon Energy in a research report on Friday, January 10th. Susquehanna upped their target price on Devon Energy from $50.00 to $52.00 and gave the company a “positive” rating in a report on Thursday, February 20th. Finally, Mizuho cut 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. Ten investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $48.17.

Devon Energy 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.