Devon Energy Co. (NYSE:DVN) Shares Sold by Parkside Investments LLC

Parkside Investments LLC reduced its stake in Devon Energy Co. (NYSE:DVN) by 11.1% during the 4th quarter, HoldingsChannel.com reports. The fund owned 152,931 shares of the energy company’s stock after selling 19,013 shares during the quarter. Parkside Investments LLC’s holdings in Devon Energy were worth $5,005,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Capital Performance Advisors LLP acquired a new position in Devon Energy during the third quarter worth $35,000. Future Financial Wealth Managment LLC acquired a new position in Devon Energy during the 3rd quarter worth about $39,000. True Wealth Design LLC boosted its holdings in Devon Energy by 3,889.3% during the 3rd 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 during the period. Hazlett Burt & Watson Inc. grew its position in Devon Energy by 29.8% in the 3rd 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. Finally, Activest Wealth Management increased its stake in Devon Energy by 60.4% during the third quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock worth $50,000 after purchasing an additional 480 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Trading Down 1.3 %

DVN opened at $35.98 on Monday. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. Devon Energy Co. has a 52 week low of $30.39 and a 52 week high of $55.09. The business’s 50 day moving average is $35.27 and its two-hundred day moving average is $39.86. The firm has a market cap of $23.64 billion, a price-to-earnings ratio of 6.68, a price-to-earnings-growth ratio of 1.21 and a beta of 2.00.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. The business had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $3.72 billion. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The company’s quarterly revenue was up 4.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.65 EPS. On average, research analysts predict that Devon Energy Co. will post 4.7 EPS for the current year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were paid a dividend of $0.22 per share. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.45%. Devon Energy’s dividend payout ratio (DPR) is 16.33%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on DVN shares. Mizuho dropped their price objective on shares of Devon Energy from $51.00 to $47.00 and set an “outperform” rating for the company in a report on Monday, December 16th. Wolfe Research raised Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price objective on the stock in a research report on Friday, January 3rd. Royal Bank of Canada reiterated a “sector perform” rating and issued a $50.00 target price on shares of Devon Energy in a report on Friday, January 10th. Jefferies Financial Group started coverage on Devon Energy in a report on Thursday, October 3rd. They set a “hold” rating and a $45.00 price target on the stock. Finally, StockNews.com upgraded Devon Energy from a “sell” rating to a “hold” rating in a research note on Friday, January 3rd. Nine equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $49.41.

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.