Private Advisor Group LLC Sells 1,162 Shares of Devon Energy Co. (NYSE:DVN)

Private Advisor Group LLC lowered its holdings in shares of Devon Energy Co. (NYSE:DVN) by 1.3% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 86,038 shares of the energy company’s stock after selling 1,162 shares during the period. Private Advisor Group LLC’s holdings in Devon Energy were worth $3,888,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of DVN. Morgan Stanley increased its holdings in shares of Devon Energy by 23.6% during the third quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock worth $555,567,000 after buying an additional 2,220,194 shares in the last quarter. Victory Capital Management Inc. raised its holdings in Devon Energy by 0.8% in the 4th quarter. Victory Capital Management Inc. now owns 8,539,335 shares of the energy company’s stock valued at $386,832,000 after buying an additional 68,339 shares during the last quarter. Northern Trust Corp grew its holdings in Devon Energy by 1.2% during the 3rd quarter. Northern Trust Corp now owns 6,774,537 shares of the energy company’s stock worth $323,145,000 after acquiring an additional 82,607 shares during the last quarter. Pacer Advisors Inc. increased its position in Devon Energy by 1,279.7% in the 4th quarter. Pacer Advisors Inc. now owns 6,145,605 shares of the energy company’s stock valued at $278,396,000 after acquiring an additional 5,700,167 shares during the period. Finally, Fuller & Thaler Asset Management Inc. grew its stake in shares of Devon Energy by 15.0% in the third quarter. Fuller & Thaler Asset Management Inc. now owns 5,355,552 shares of the energy company’s stock worth $255,460,000 after purchasing an additional 697,849 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

DVN has been the subject of several recent research reports. Morgan Stanley increased their price target on Devon Energy from $49.00 to $50.00 and gave the company an “overweight” rating in a research note on Monday, April 15th. Truist Financial lowered their price target on shares of Devon Energy from $69.00 to $67.00 and set a “buy” rating for the company in a report on Friday, May 3rd. StockNews.com raised shares of Devon Energy from a “hold” rating to a “buy” rating in a research note on Friday, May 3rd. Citigroup lifted their target price on shares of Devon Energy from $55.00 to $62.00 and gave the stock a “buy” rating in a research note on Thursday, April 11th. Finally, Mizuho upped their price target on shares of Devon Energy from $53.00 to $57.00 and gave the company a “buy” rating in a research report on Thursday, May 2nd. Four research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, Devon Energy has an average rating of “Moderate Buy” and a consensus price target of $58.56.

Insider Activity at Devon Energy

In other Devon Energy news, EVP Tana K. Cashion sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total value of $1,020,800.00. Following the completion of the transaction, the executive vice president now owns 104,182 shares in the company, valued at approximately $5,317,449.28. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.63% of the stock is currently owned by corporate insiders.

Devon Energy Stock Performance

DVN stock opened at $50.85 on Friday. The business has a 50 day moving average of $50.16 and a 200-day moving average of $46.35. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 0.46. Devon Energy Co. has a 12-month low of $40.47 and a 12-month high of $55.09. The firm has a market cap of $32.14 billion, a PE ratio of 9.70 and a beta of 2.16.

Devon Energy (NYSE:DVN) last released its earnings results on Wednesday, May 1st. The energy company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.06. The company had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.64 billion. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The business’s revenue for the quarter was down 5.9% compared to the same quarter last year. During the same period in the previous year, the business posted $1.46 EPS. As a group, sell-side analysts expect that Devon Energy Co. will post 5.24 earnings per share for the current year.

Devon Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be given a dividend of $0.22 per share. The ex-dividend date is Friday, June 14th. This represents a $0.88 dividend on an annualized basis and a yield of 1.73%. Devon Energy’s dividend payout ratio is presently 16.79%.

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.