Hennessy Advisors Inc. Cuts Holdings in Devon Energy Co. (NYSE:DVN)

Hennessy Advisors Inc. lessened its holdings in Devon Energy Co. (NYSE:DVN) by 5.6% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 57,300 shares of the energy company’s stock after selling 3,400 shares during the period. Hennessy Advisors Inc.’s holdings in Devon Energy were worth $1,875,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of DVN. Capital Performance Advisors LLP bought a new stake in Devon Energy during the third quarter worth $35,000. Future Financial Wealth Managment LLC bought a new position in Devon Energy during the third quarter valued at about $39,000. True Wealth Design LLC increased its holdings in Devon Energy by 3,889.3% during the third quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock worth $44,000 after buying an additional 1,089 shares during the last quarter. Hazlett Burt & Watson Inc. raised its position in Devon Energy by 29.8% in the third quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock worth $49,000 after acquiring an additional 290 shares during the period. Finally, Activest Wealth Management boosted its stake in Devon Energy by 60.4% in the third quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock valued at $50,000 after acquiring an additional 480 shares during the last quarter. 69.72% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently commented on DVN. Sanford C. Bernstein raised shares of Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price target on the stock in a report on Wednesday. Mizuho lowered their target price on Devon Energy from $51.00 to $47.00 and set an “outperform” rating on the stock in a research note on Monday, December 16th. Piper Sandler cut their price target on Devon Energy from $57.00 to $53.00 and set an “overweight” rating for the company in a research note on Tuesday, December 17th. Barclays lowered their price objective on Devon Energy from $55.00 to $46.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 3rd. Finally, Jefferies Financial Group initiated coverage on shares of Devon Energy in a research report on Thursday, October 3rd. They set a “hold” rating and a $45.00 target price for the company. Nine analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $49.27.

Devon Energy Stock Performance

Devon Energy stock opened at $37.98 on Friday. Devon Energy Co. has a fifty-two week low of $30.39 and a fifty-two week high of $55.09. The firm’s fifty day moving average price is $35.48 and its 200-day moving average price is $40.27. The stock has a market cap of $24.95 billion, a P/E ratio of 7.05, a price-to-earnings-growth ratio of 1.14 and a beta of 2.00. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The firm had revenue of $4.02 billion during the quarter, compared to analyst estimates of $3.72 billion. During the same quarter in the previous year, the company posted $1.65 earnings per share. The company’s revenue was up 4.9% compared to the same quarter last year. On average, equities research analysts expect that Devon Energy Co. will post 4.72 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were paid a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.32%. The ex-dividend date of this dividend was Friday, December 13th. Devon Energy’s dividend payout ratio is currently 16.33%.

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.