First National Trust Co Sells 1,041 Shares of Devon Energy Co. (NYSE:DVN)

First National Trust Co lessened its position in shares of Devon Energy Co. (NYSE:DVN) by 6.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,415 shares of the energy company’s stock after selling 1,041 shares during the quarter. First National Trust Co’s holdings in Devon Energy were worth $744,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in DVN. Lord Abbett & CO. LLC increased its position in Devon Energy by 15.5% in the third quarter. Lord Abbett & CO. LLC now owns 549,710 shares of the energy company’s stock worth $26,221,000 after purchasing an additional 73,570 shares during the last quarter. Nordea Investment Management AB grew its stake in shares of Devon Energy by 2.7% in the 3rd quarter. Nordea Investment Management AB now owns 373,757 shares of the energy company’s stock worth $17,974,000 after buying an additional 9,823 shares in the last quarter. Atria Investments Inc increased its holdings in shares of Devon Energy by 64.4% in the 3rd quarter. Atria Investments Inc now owns 54,639 shares of the energy company’s stock worth $2,606,000 after buying an additional 21,400 shares during the last quarter. Pearl River Capital LLC raised its position in shares of Devon Energy by 367.7% during the 3rd quarter. Pearl River Capital LLC now owns 75,042 shares of the energy company’s stock valued at $3,580,000 after buying an additional 58,997 shares in the last quarter. Finally, Argent Trust Co lifted its holdings in shares of Devon Energy by 22.1% in the 3rd quarter. Argent Trust Co now owns 86,795 shares of the energy company’s stock valued at $4,140,000 after acquiring an additional 15,715 shares during the last quarter. Institutional investors own 69.72% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on DVN. Susquehanna boosted their price objective on Devon Energy from $52.00 to $65.00 and gave the stock a “positive” rating in a research note on Monday, April 22nd. Citigroup boosted their target price on Devon Energy from $55.00 to $62.00 and gave the company a “buy” rating in a research report on Thursday, April 11th. Piper Sandler raised their price target on Devon Energy from $59.00 to $60.00 and gave the stock an “overweight” rating in a research report on Friday, April 19th. Barclays started coverage on shares of Devon Energy in a research report on Wednesday, April 10th. They set an “equal weight” rating and a $59.00 price objective on the stock. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $55.00 target price on shares of Devon Energy in a research note on Thursday, March 7th. Four investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Devon Energy currently has a consensus rating of “Moderate Buy” and a consensus price target of $58.44.

Devon Energy Stock Up 0.4 %

DVN stock traded up $0.20 during trading on Friday, reaching $50.54. 8,953,763 shares of the company traded hands, compared to its average volume of 7,073,719. The business has a 50 day simple moving average of $49.62 and a 200 day simple moving average of $46.28. Devon Energy Co. has a 12 month low of $40.47 and a 12 month high of $55.09. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.99 and a current ratio of 1.04. The company has a market capitalization of $32.09 billion, a price-to-earnings ratio of 9.65 and a beta of 2.16.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.10 by $0.06. The business had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.64 billion. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The company’s revenue was down 5.9% compared to the same quarter last year. During the same period last year, the business earned $1.46 EPS. On average, equities research analysts anticipate that Devon Energy Co. will post 5.24 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be issued a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.88 annualized dividend and a dividend yield of 1.74%. 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.