River Global Investors LLP Sells 22,054 Shares of Devon Energy Co. (NYSE:DVN)

River Global Investors LLP trimmed its position in Devon Energy Co. (NYSE:DVN) by 47.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 24,890 shares of the energy company’s stock after selling 22,054 shares during the quarter. River Global Investors LLP’s holdings in Devon Energy were worth $1,128,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Lord Abbett & CO. LLC raised its position in Devon Energy by 15.5% in the 3rd 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 period. Nordea Investment Management AB grew its stake in Devon Energy by 2.7% in the third quarter. Nordea Investment Management AB now owns 373,757 shares of the energy company’s stock valued at $17,974,000 after purchasing an additional 9,823 shares during the last quarter. Atria Investments Inc lifted its position in Devon Energy by 64.4% during the third quarter. Atria Investments Inc now owns 54,639 shares of the energy company’s stock valued at $2,606,000 after acquiring an additional 21,400 shares during the last quarter. Pearl River Capital LLC increased its position in 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 grew its position in Devon Energy by 22.1% during the 3rd quarter. Argent Trust Co now owns 86,795 shares of the energy company’s stock worth $4,140,000 after purchasing an additional 15,715 shares during the last quarter. 69.72% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on DVN shares. Royal Bank of Canada reiterated a “sector perform” rating and set a $55.00 price objective on shares of Devon Energy in a research note on Thursday, March 7th. Truist Financial lowered their target price on Devon Energy from $69.00 to $67.00 and set a “buy” rating on the stock in a report on Friday. Scotiabank lifted their target price on shares of Devon Energy from $53.00 to $67.00 and gave the stock a “sector outperform” rating in a research note on Thursday, April 11th. Barclays assumed 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 for the company. Finally, Susquehanna raised their price target on shares of Devon Energy from $52.00 to $65.00 and gave the company a “positive” rating in a research report on Monday, April 22nd. Four analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, Devon Energy has an average rating of “Moderate Buy” and a consensus price target of $58.44.

Devon Energy Stock Up 0.4 %

NYSE DVN traded up $0.20 during trading hours on Friday, reaching $50.54. 8,953,763 shares of the company’s stock were exchanged, compared to its average volume of 7,073,719. 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. The company’s 50-day moving average is $49.62 and its two-hundred day moving average is $46.28. Devon Energy Co. has a one year low of $40.47 and a one year high of $55.09.

Devon Energy (NYSE:DVN) last posted its quarterly 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 business had revenue of $3.60 billion during 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%. Devon Energy’s quarterly revenue was down 5.9% on a year-over-year basis. During the same quarter last year, the company posted $1.46 earnings per share. On average, analysts forecast that Devon Energy Co. will post 5.24 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The business also recently announced 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. This represents a $0.88 annualized dividend and a dividend yield of 1.74%. The ex-dividend date of this dividend is Friday, June 14th. Devon Energy’s dividend payout ratio (DPR) is currently 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.