Cwm LLC Trims Stock Holdings in Devon Energy Co. (NYSE:DVN)

Cwm LLC trimmed its holdings in Devon Energy Co. (NYSE:DVN) by 32.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,635 shares of the energy company’s stock after selling 8,429 shares during the period. Cwm LLC’s holdings in Devon Energy were worth $799,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of the business. Signaturefd LLC grew its position in shares of Devon Energy by 10.2% during the 4th quarter. Signaturefd LLC now owns 15,765 shares of the energy company’s stock valued at $714,000 after purchasing an additional 1,459 shares in the last quarter. Lindbrook Capital LLC grew its position in shares of Devon Energy by 60.3% during the 4th quarter. Lindbrook Capital LLC now owns 3,072 shares of the energy company’s stock valued at $139,000 after purchasing an additional 1,156 shares in the last quarter. Grandfield & Dodd LLC grew its position in shares of Devon Energy by 1.0% during the 4th quarter. Grandfield & Dodd LLC now owns 295,048 shares of the energy company’s stock valued at $13,366,000 after purchasing an additional 2,815 shares in the last quarter. abrdn plc grew its position in shares of Devon Energy by 97.5% during the 4th quarter. abrdn plc now owns 312,685 shares of the energy company’s stock valued at $14,165,000 after purchasing an additional 154,351 shares in the last quarter. Finally, J.W. Cole Advisors Inc. grew its position in shares of Devon Energy by 5.3% during the 4th quarter. J.W. Cole Advisors Inc. now owns 89,742 shares of the energy company’s stock valued at $4,065,000 after purchasing an additional 4,492 shares in the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on DVN. Piper Sandler upped their target price on shares of Devon Energy from $59.00 to $60.00 and gave the stock an “overweight” rating in a research report on Friday, April 19th. UBS Group upped their target price on shares of Devon Energy from $48.00 to $57.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 10th. Truist Financial upped their target price on shares of Devon Energy from $66.00 to $69.00 and gave the stock a “buy” rating in a research report on Monday, April 22nd. Susquehanna upped their target price on shares of Devon Energy from $52.00 to $65.00 and gave the stock a “positive” rating in a research report on Monday, April 22nd. Finally, Morgan Stanley upped their target price on shares of Devon Energy from $49.00 to $50.00 and gave the stock an “overweight” rating in a research report on Monday, April 15th. Five research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat, Devon Energy currently has an average rating of “Moderate Buy” and an average price target of $58.33.

Devon Energy Stock Performance

Shares of NYSE:DVN opened at $53.08 on Tuesday. The company has a market cap of $33.71 billion, a price-to-earnings ratio of 9.10 and a beta of 2.19. The company has a 50-day moving average price of $49.07 and a 200-day moving average price of $46.22. The company has a current ratio of 1.07, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46. Devon Energy Co. has a 12 month low of $40.47 and a 12 month high of $55.09.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, February 27th. The energy company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.39 by $0.02. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The firm had revenue of $4.15 billion during the quarter, compared to the consensus estimate of $3.88 billion. During the same period in the prior year, the firm posted $1.66 earnings per share. The company’s quarterly revenue was down 3.6% compared to the same quarter last year. As a group, equities analysts anticipate that Devon Energy Co. will post 5.28 EPS for the current year.

Devon Energy Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were paid a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 3.32%. The ex-dividend date of this dividend was Thursday, March 14th. Devon Energy’s payout ratio is currently 15.09%.

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.