Devon Energy Co. (NYSE:DVN) Shares Sold by Truist Financial Corp

Truist Financial Corp reduced its position in Devon Energy Co. (NYSE:DVN) by 39.8% in the 4th quarter, Holdings Channel reports. The firm owned 240,856 shares of the energy company’s stock after selling 159,122 shares during the quarter. Truist Financial Corp’s holdings in Devon Energy were worth $10,911,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Lord Abbett & CO. LLC lifted its stake in shares of 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 buying an additional 73,570 shares in the last quarter. Nordea Investment Management AB raised its holdings in Devon Energy by 2.7% in the 3rd quarter. Nordea Investment Management AB now owns 373,757 shares of the energy company’s stock valued at $17,974,000 after acquiring an additional 9,823 shares during the last quarter. Atria Investments Inc lifted its stake in 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 purchasing an additional 21,400 shares in the last quarter. Pearl River Capital LLC boosted its holdings 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 worth $3,580,000 after purchasing an additional 58,997 shares during the last quarter. Finally, Argent Trust Co grew its position in shares of Devon Energy by 22.1% in the third quarter. Argent Trust Co now owns 86,795 shares of the energy company’s stock valued at $4,140,000 after purchasing an additional 15,715 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on DVN shares. Barclays initiated coverage on Devon Energy in a research note on Wednesday, April 10th. They set an “equal weight” rating and a $59.00 price objective on the stock. Wells Fargo & Company upgraded shares of Devon Energy from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $46.00 to $59.00 in a research report on Monday, April 1st. Mizuho decreased their target price on shares of Devon Energy from $54.00 to $53.00 and set a “buy” rating on the stock in a report on Thursday, January 11th. JPMorgan Chase & Co. raised their price target on shares of Devon Energy from $57.00 to $62.00 and gave the stock an “overweight” rating in a report on Monday, April 8th. Finally, Raymond James decreased their price objective on Devon Energy from $53.00 to $52.00 and set an “outperform” rating on the stock in a report on Wednesday, January 24th. Five analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, Devon Energy presently has a consensus rating of “Moderate Buy” and an average target price of $58.33.

Devon Energy Trading Down 1.5 %

NYSE DVN opened at $50.40 on Thursday. Devon Energy Co. has a one year low of $40.47 and a one year high of $55.09. The firm has a 50 day simple moving average of $49.23 and a 200-day simple moving average of $46.24. The firm has a market cap of $32.00 billion, a price-to-earnings ratio of 8.64 and a beta of 2.19. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.99 and a current ratio of 1.07.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, February 27th. The energy company reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.39 by $0.02. The business had revenue of $4.15 billion for the quarter, compared to analyst estimates of $3.88 billion. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The company’s revenue was down 3.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.66 earnings per share. Equities research analysts anticipate that Devon Energy Co. will post 5.28 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were issued a $0.44 dividend. The ex-dividend date was Thursday, March 14th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.49%. Devon Energy’s payout ratio is currently 15.09%.

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.