Graypoint LLC Trims Stock Position in Devon Energy Co. (NYSE:DVN)

Graypoint LLC cut its stake in shares of Devon Energy Co. (NYSE:DVN) by 31.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 7,457 shares of the energy company’s stock after selling 3,434 shares during the quarter. Graypoint LLC’s holdings in Devon Energy were worth $244,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Geode Capital Management LLC increased its holdings in Devon Energy by 1.3% during the third quarter. Geode Capital Management LLC now owns 15,892,970 shares of the energy company’s stock valued at $619,747,000 after buying an additional 206,884 shares during the period. EnCap Energy Capital Fund XI L.P. purchased a new position in Devon Energy during the third quarter valued at approximately $461,857,000. Pacer Advisors Inc. increased its holdings in Devon Energy by 16.9% during the third quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock valued at $453,446,000 after buying an additional 1,677,652 shares during the period. EnCap Partners GP LLC purchased a new position in Devon Energy during the third quarter valued at approximately $408,653,000. Finally, Victory Capital Management Inc. increased its holdings in Devon Energy by 3.8% during the third quarter. Victory Capital Management Inc. now owns 9,971,343 shares of the energy company’s stock valued at $390,079,000 after buying an additional 361,968 shares during the period. 69.72% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on DVN shares. Morgan Stanley cut their price objective on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a report on Monday, September 16th. Wells Fargo & Company cut their price objective on shares of Devon Energy from $49.00 to $43.00 and set an “overweight” rating on the stock in a report on Tuesday, December 17th. Raymond James cut their price target on shares of Devon Energy from $58.00 to $51.00 in a report on Tuesday, November 5th. TD Cowen cut their price target on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a report on Tuesday, November 5th. Finally, Mizuho cut their price target on shares of Devon Energy from $51.00 to $47.00 and set an “outperform” rating on the stock in a report on Monday, December 16th. Eleven analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $49.48.

Devon Energy Trading Up 2.7 %

NYSE DVN opened at $36.10 on Monday. The company has a market capitalization of $23.71 billion, a PE ratio of 6.70, a P/E/G ratio of 1.07 and a beta of 1.99. The company has a fifty day moving average of $35.62 and a 200 day moving average of $40.56. Devon Energy Co. has a 1 year low of $30.39 and a 1 year high of $55.09. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. The company had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.72 billion. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The firm’s quarterly revenue was up 4.9% on a year-over-year basis. During the same period in the previous year, the firm posted $1.65 earnings per share. Research analysts forecast that Devon Energy Co. will post 4.79 earnings per share for the current year.

Devon Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Friday, December 13th were given a dividend of $0.22 per share. The ex-dividend date was Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.44%. Devon Energy’s dividend payout ratio is presently 16.33%.

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.