First Citizens Bank & Trust Co. Sells 295 Shares of Devon Energy Co. (NYSE:DVN)

First Citizens Bank & Trust Co. cut its stake in Devon Energy Co. (NYSE:DVN) by 4.1% in the third quarter, HoldingsChannel.com reports. The fund owned 6,884 shares of the energy company’s stock after selling 295 shares during the period. First Citizens Bank & Trust Co.’s holdings in Devon Energy were worth $269,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Wellington Management Group LLP increased its stake in Devon Energy by 9.8% during the 4th quarter. Wellington Management Group LLP now owns 173,024 shares of the energy company’s stock worth $7,838,000 after purchasing an additional 15,384 shares in the last quarter. Los Angeles Capital Management LLC bought a new stake in Devon Energy during the 1st quarter worth approximately $951,000. Salem Investment Counselors Inc. increased its stake in Devon Energy by 31.4% during the 1st quarter. Salem Investment Counselors Inc. now owns 832 shares of the energy company’s stock worth $42,000 after purchasing an additional 199 shares in the last quarter. Global Assets Advisory LLC bought a new stake in Devon Energy during the 1st quarter worth approximately $10,895,000. Finally, Nepsis Inc. increased its stake in Devon Energy by 1.7% during the 1st quarter. Nepsis Inc. now owns 420,914 shares of the energy company’s stock worth $21,121,000 after purchasing an additional 7,104 shares in the last quarter. 69.72% of the stock is owned by institutional investors.

Analysts Set New Price Targets

DVN has been the subject of a number of recent research reports. Evercore ISI reduced their price target on Devon Energy from $55.00 to $50.00 and set an “in-line” rating for the company in a research report on Monday, September 30th. Piper Sandler reduced their price target on Devon Energy from $57.00 to $56.00 and set an “overweight” rating for the company in a research report on Tuesday, October 15th. Scotiabank reduced their price target on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a research report on Thursday, October 10th. Jefferies Financial Group initiated coverage on Devon Energy in a research report on Thursday, October 3rd. They set a “hold” rating and a $45.00 price target for the company. Finally, Benchmark reaffirmed a “hold” rating on shares of Devon Energy in a research report on Tuesday, October 15th. Nine equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $52.53.

Devon Energy Stock Up 0.2 %

Shares of NYSE DVN opened at $40.66 on Monday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.03 and a current ratio of 1.11. Devon Energy Co. has a 52 week low of $37.76 and a 52 week high of $55.09. The stock has a market capitalization of $25.70 billion, a P/E ratio of 7.76, a PEG ratio of 1.27 and a beta of 2.02. The stock’s fifty day moving average is $42.15 and its 200 day moving average is $46.28.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, topping analysts’ consensus estimates of $1.26 by $0.15. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The company had revenue of $3.92 billion for the quarter, compared to analysts’ expectations of $3.90 billion. During the same quarter last year, the business earned $1.18 earnings per share. Devon Energy’s revenue was up 13.4% on a year-over-year basis. Sell-side analysts forecast that Devon Energy Co. will post 5.01 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were paid a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.16%. The ex-dividend date was Friday, September 13th. Devon Energy’s dividend payout ratio (DPR) 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.