Daymark Wealth Partners LLC Cuts Holdings in Devon Energy Co. (NYSE:DVN)

Daymark Wealth Partners LLC decreased its position in Devon Energy Co. (NYSE:DVN) by 91.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 20,741 shares of the energy company’s stock after selling 226,213 shares during the quarter. Daymark Wealth Partners LLC’s holdings in Devon Energy were worth $679,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. Capital Performance Advisors LLP purchased a new position in shares of Devon Energy in the third quarter worth about $35,000. Future Financial Wealth Managment LLC purchased a new position in Devon Energy in the 3rd quarter worth approximately $39,000. True Wealth Design LLC lifted its position in Devon Energy by 3,889.3% in the third quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock valued at $44,000 after purchasing an additional 1,089 shares during the last quarter. Hazlett Burt & Watson Inc. boosted its position in Devon Energy by 29.8% during the 3rd quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock valued at $49,000 after buying an additional 290 shares during the period. Finally, Activest Wealth Management grew its holdings in Devon Energy by 60.4% in the 3rd quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock worth $50,000 after acquiring an additional 480 shares during the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Scotiabank dropped their target price on shares of Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. Evercore ISI lowered their price objective on Devon Energy from $55.00 to $50.00 and set an “in-line” rating for the company in a research report on Monday, September 30th. Wells Fargo & Company reduced their target price on shares of Devon Energy from $49.00 to $43.00 and set an “overweight” rating on the stock in a research report on Tuesday, December 17th. Jefferies Financial Group began coverage on shares of Devon Energy in a research note on Thursday, October 3rd. They set a “hold” rating and a $45.00 target price for the company. Finally, Piper Sandler dropped their target price on Devon Energy from $57.00 to $53.00 and set an “overweight” rating on the stock in a report on Tuesday, December 17th. Nine 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, the company has a consensus rating of “Moderate Buy” and a consensus target price of $49.41.

Devon Energy Trading Down 0.1 %

Shares of NYSE:DVN opened at $36.43 on Friday. Devon Energy Co. has a 52-week low of $30.39 and a 52-week high of $55.09. The stock has a market capitalization of $23.93 billion, a price-to-earnings ratio of 6.76, a PEG ratio of 1.22 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. The stock’s 50-day simple moving average is $35.31 and its two-hundred day simple moving average is $40.02.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The company had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter last year, the firm posted $1.65 earnings per share. The firm’s revenue was up 4.9% compared to the same quarter last year. Analysts expect that Devon Energy Co. will post 4.68 EPS for the current year.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were paid a $0.22 dividend. The ex-dividend date was Friday, December 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.42%. Devon Energy’s dividend payout ratio (DPR) is 16.33%.

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.