Global Retirement Partners LLC Reduces Position in Devon Energy Co. (NYSE:DVN)

Global Retirement Partners LLC lowered its holdings in Devon Energy Co. (NYSE:DVN) by 42.8% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 10,180 shares of the energy company’s stock after selling 7,630 shares during the period. Global Retirement Partners LLC’s holdings in Devon Energy were worth $333,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the business. Capital Performance Advisors LLP acquired a new position in shares of Devon Energy in the 3rd quarter valued at approximately $35,000. True Wealth Design LLC raised its holdings 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 acquiring an additional 1,089 shares in the last quarter. Hazlett Burt & Watson Inc. raised its holdings 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 valued at $49,000 after acquiring an additional 290 shares in the last quarter. Activest Wealth Management boosted its stake in Devon Energy by 60.4% during the 3rd 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. Finally, Sierra Ocean LLC acquired a new position in Devon Energy during the 4th quarter worth $43,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Price Performance

Shares of NYSE DVN opened at $37.27 on Tuesday. The stock has a market cap of $24.18 billion, a P/E ratio of 8.17, a P/E/G ratio of 1.20 and a beta of 1.98. The firm’s 50-day simple moving average is $34.57 and its 200 day simple moving average is $38.26. Devon Energy Co. has a fifty-two week low of $30.39 and a fifty-two week high of $55.09. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, February 18th. The energy company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.16. The company had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.25 billion. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. Equities analysts expect that Devon Energy Co. will post 4.85 EPS for the current year.

Devon Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be paid a dividend of $0.24 per share. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a yield of 2.58%. The ex-dividend date of this dividend is Friday, March 14th. Devon Energy’s dividend payout ratio (DPR) is presently 19.30%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on DVN shares. Benchmark reaffirmed a “buy” rating and set a $44.00 price target on shares of Devon Energy in a research report on Thursday, February 20th. Raymond James increased their target price on Devon Energy from $53.00 to $54.00 and gave the stock an “outperform” rating in a report on Thursday, January 23rd. Mizuho lowered their price target on Devon Energy from $51.00 to $47.00 and set an “outperform” rating for the company in a report on Monday, December 16th. Piper Sandler raised their price objective on Devon Energy from $54.00 to $55.00 and gave the stock an “overweight” rating in a research note on Monday. Finally, Truist Financial boosted their target price on shares of Devon Energy from $42.00 to $44.00 and gave the company a “hold” rating in a research note on Thursday, February 20th. Ten equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, Devon Energy has a consensus rating of “Moderate Buy” and an average target price of $48.87.

Devon Energy 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.