Adell Harriman & Carpenter Inc. Sells 13,715 Shares of Devon Energy Co. (NYSE:DVN)

Adell Harriman & Carpenter Inc. decreased its stake in shares of Devon Energy Co. (NYSE:DVN) by 29.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 33,110 shares of the energy company’s stock after selling 13,715 shares during the period. Adell Harriman & Carpenter Inc.’s holdings in Devon Energy were worth $1,500,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in DVN. Cornerstone Wealth Management LLC increased its stake in Devon Energy by 1.9% in the 3rd quarter. Cornerstone Wealth Management LLC now owns 11,540 shares of the energy company’s stock worth $550,000 after buying an additional 218 shares during the period. Clearbridge Investments LLC lifted its stake in Devon Energy by 2.1% during the 3rd quarter. Clearbridge Investments LLC now owns 11,887 shares of the energy company’s stock valued at $567,000 after acquiring an additional 239 shares during the period. Sound Income Strategies LLC lifted its stake in Devon Energy by 60.7% during the 4th quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock valued at $31,000 after acquiring an additional 255 shares during the period. Kestra Private Wealth Services LLC lifted its stake in shares of Devon Energy by 0.8% in the 3rd quarter. Kestra Private Wealth Services LLC now owns 34,216 shares of the energy company’s stock valued at $1,632,000 after purchasing an additional 256 shares during the period. Finally, S. R. Schill & Associates increased its holdings in Devon Energy by 3.8% in the 4th quarter. S. R. Schill & Associates now owns 7,784 shares of the energy company’s stock worth $353,000 after acquiring an additional 282 shares in the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have commented on DVN shares. JPMorgan Chase & Co. upped their target price on shares of Devon Energy from $57.00 to $62.00 and gave the company an “overweight” rating in a research report on Monday, April 8th. Mizuho dropped their price target on shares of Devon Energy from $54.00 to $53.00 and set a “buy” rating on the stock in a research note on Thursday, January 11th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $55.00 price target on shares of Devon Energy in a report on Thursday, March 7th. Raymond James reduced their target price on Devon Energy from $53.00 to $52.00 and set an “outperform” rating for the company in a report on Wednesday, January 24th. Finally, Piper Sandler lifted their price target on Devon Energy from $59.00 to $60.00 and gave the stock an “overweight” rating in a research note on Friday, April 19th. Five analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, Devon Energy presently has an average rating of “Moderate Buy” and an average price target of $58.33.

Devon Energy Stock Performance

Shares of DVN stock traded down $1.23 on Tuesday, hitting $51.85. 1,406,476 shares of the stock traded hands, compared to its average volume of 7,740,295. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.07 and a quick ratio of 0.99. The company has a market capitalization of $32.92 billion, a PE ratio of 9.10 and a beta of 2.19. Devon Energy Co. has a 1-year low of $40.47 and a 1-year high of $55.09. The company’s fifty day moving average is $49.07 and its 200 day moving average is $46.22.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.02. The company had revenue of $4.15 billion for the quarter, compared to analysts’ expectations of $3.88 billion. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The firm’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same period last year, the business posted $1.66 earnings per share. On average, equities research analysts predict that Devon Energy Co. will post 5.28 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were paid a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.39%. The ex-dividend date was Thursday, March 14th. Devon Energy’s dividend payout ratio is currently 15.09%.

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.