Summit Securities Group LLC Cuts Stake in Devon Energy Co. (NYSE:DVN)

Summit Securities Group LLC trimmed its position in Devon Energy Co. (NYSE:DVN) by 24.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 3,700 shares of the energy company’s stock after selling 1,200 shares during the period. Summit Securities Group LLC’s holdings in Devon Energy were worth $121,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of DVN. True Wealth Design LLC increased its position in shares of 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 purchasing an additional 1,089 shares in the last quarter. Cromwell Holdings LLC boosted its stake in Devon Energy by 98.0% during the 4th quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock worth $40,000 after purchasing an additional 598 shares during the last quarter. Sierra Ocean LLC purchased a new stake in shares of Devon Energy during the fourth quarter worth $43,000. Endeavor Private Wealth Inc. acquired a new stake in shares of Devon Energy in the fourth quarter valued at about $52,000. Finally, Thompson Investment Management Inc. lifted its stake in shares of Devon Energy by 60.0% in the fourth quarter. Thompson Investment Management Inc. now owns 1,600 shares of the energy company’s stock worth $52,000 after buying an additional 600 shares in the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Trading Down 0.3 %

NYSE:DVN opened at $36.79 on Friday. Devon Energy Co. has a 1 year low of $30.39 and a 1 year high of $55.09. The stock has a market cap of $23.87 billion, a P/E ratio of 8.07, a P/E/G ratio of 1.20 and a beta of 1.91. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04. The stock has a 50-day simple moving average of $35.38 and a 200-day simple moving average of $36.87.

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

Devon Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be given a $0.24 dividend. The ex-dividend date of this dividend is Friday, March 14th. This is a boost from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a yield of 2.61%. Devon Energy’s payout ratio is 21.05%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on DVN shares. Cowen cut shares of Devon Energy to a “hold” rating and dropped their price objective for the company from $46.00 to $45.00 in a research note on Tuesday, February 18th. Piper Sandler increased their price target on Devon Energy from $54.00 to $55.00 and gave the company an “overweight” rating in a report on Monday, February 24th. Truist Financial boosted their price objective on Devon Energy from $42.00 to $44.00 and gave the stock a “hold” rating in a research note on Thursday, February 20th. Wolfe Research raised Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 target price for the company in a research note on Friday, January 3rd. Finally, Barclays boosted their price target on shares of Devon Energy from $43.00 to $44.00 and gave the company an “equal weight” rating in a research report on Thursday, February 20th. Ten investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $48.29.

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.