Thoroughbred Financial Services LLC Sells 900 Shares of Devon Energy Co. (NYSE:DVN)

Thoroughbred Financial Services LLC trimmed its position in Devon Energy Co. (NYSE:DVN) by 16.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,660 shares of the energy company’s stock after selling 900 shares during the quarter. Thoroughbred Financial Services LLC’s holdings in Devon Energy were worth $220,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the company. Brown Advisory Inc. grew its stake in shares of Devon Energy by 43.0% during the fourth quarter. Brown Advisory Inc. now owns 11,889 shares of the energy company’s stock worth $539,000 after buying an additional 3,573 shares during the last quarter. TrinityPoint Wealth LLC bought a new stake in Devon Energy during the 4th quarter worth $2,068,000. Hillsdale Investment Management Inc. acquired a new position in Devon Energy in the 4th quarter worth about $442,000. Gladstone Institutional Advisory LLC raised its position in Devon Energy by 21.2% in the fourth quarter. Gladstone Institutional Advisory LLC now owns 8,833 shares of the energy company’s stock valued at $400,000 after purchasing an additional 1,545 shares during the last quarter. Finally, Balentine LLC grew its holdings in shares of Devon Energy by 11.2% during the fourth quarter. Balentine LLC now owns 7,276 shares of the energy company’s stock worth $330,000 after purchasing an additional 735 shares during the last quarter. 69.72% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on DVN shares. Scotiabank cut their target price on shares of Devon Energy from $67.00 to $60.00 and set a “sector outperform” rating on the stock in a research report on Friday, July 12th. BMO Capital Markets upgraded shares of Devon Energy to a “strong-buy” rating in a report on Wednesday, July 3rd. StockNews.com downgraded Devon Energy from a “buy” rating to a “hold” rating in a report on Monday, September 2nd. Truist Financial cut their target price on Devon Energy from $67.00 to $64.00 and set a “buy” rating on the stock in a report on Tuesday, July 9th. Finally, Piper Sandler decreased their price target on Devon Energy from $65.00 to $57.00 and set an “overweight” rating for the company in a research note on Thursday, August 15th. Six investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $57.63.

Devon Energy Stock Up 2.1 %

Shares of NYSE DVN opened at $40.47 on Wednesday. The firm has a market cap of $25.58 billion, a PE ratio of 7.72, a P/E/G ratio of 1.13 and a beta of 2.03. Devon Energy Co. has a 12-month low of $39.02 and a 12-month high of $55.09. The company’s fifty day simple moving average is $44.50 and its 200 day simple moving average is $47.42. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.45.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.26 by $0.15. The business had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.90 billion. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. Devon Energy’s revenue was up 13.4% on a year-over-year basis. During the same period in the prior year, the firm earned $1.18 earnings per share. As a group, sell-side analysts forecast that Devon Energy Co. will post 5.36 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.17%. The ex-dividend date is Friday, September 13th. Devon Energy’s dividend payout ratio is presently 16.79%.

Devon Energy Company 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.