Ardevora Asset Management LLP Sells 255,778 Shares of Devon Energy Co. (NYSE:DVN)

Ardevora Asset Management LLP decreased its position in shares of Devon Energy Co. (NYSE:DVN) by 68.0% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 120,435 shares of the energy company’s stock after selling 255,778 shares during the period. Ardevora Asset Management LLP’s holdings in Devon Energy were worth $5,456,000 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 company. Annis Gardner Whiting Capital Advisors LLC purchased a new position in shares of Devon Energy in the third quarter worth about $27,000. Sound Income Strategies LLC increased its holdings in shares of Devon Energy by 60.7% in the fourth quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock worth $31,000 after buying an additional 255 shares during the period. Rise Advisors LLC increased its holdings in shares of Devon Energy by 1,365.3% in the fourth quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock worth $33,000 after buying an additional 669 shares during the period. PFS Partners LLC purchased a new position in shares of Devon Energy in the fourth quarter worth about $36,000. Finally, Naples Money Management LLC purchased a new position in Devon Energy during the 4th quarter valued at about $40,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Performance

NYSE DVN traded up $0.30 on Monday, reaching $52.13. 1,799,183 shares of the company’s stock traded hands, compared to its average volume of 7,921,695. The stock has a 50 day moving average price of $47.89 and a 200-day moving average price of $45.92. The firm has a market cap of $33.10 billion, a price-to-earnings ratio of 8.97 and a beta of 2.19. Devon Energy Co. has a fifty-two week low of $40.47 and a fifty-two week high of $55.09. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.99 and a current ratio of 1.07.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, February 27th. The energy company reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.39 by $0.02. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The business had revenue of $4.15 billion during the quarter, compared to the consensus estimate of $3.88 billion. During the same quarter in the prior year, the firm posted $1.66 earnings per share. The company’s revenue was down 3.6% compared to the same quarter last year. Equities research analysts predict that Devon Energy Co. will post 5.14 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were given a dividend of $0.44 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.76 annualized dividend and a dividend yield of 3.38%. Devon Energy’s dividend payout ratio (DPR) is presently 15.09%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on DVN. Wells Fargo & Company upgraded Devon Energy from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $46.00 to $59.00 in a report on Monday, April 1st. Piper Sandler boosted their price target on Devon Energy from $59.00 to $60.00 and gave the company an “overweight” rating in a report on Friday. Mizuho reduced their price target on Devon Energy from $54.00 to $53.00 and set a “buy” rating on the stock in a report on Thursday, January 11th. Stifel Nicolaus cut their price objective on Devon Energy from $75.00 to $65.00 and set a “buy” rating on the stock in a research report on Friday, March 22nd. Finally, Susquehanna lifted their price objective on Devon Energy from $52.00 to $65.00 and gave the company a “positive” rating in a research report on Monday. Five analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, Devon Energy currently has a consensus rating of “Moderate Buy” and an average price target of $58.11.

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.