Inspire Investing LLC Trims Holdings in Devon Energy Co. (NYSE:DVN)

Inspire Investing LLC cut its stake in Devon Energy Co. (NYSE:DVN) by 5.6% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 62,463 shares of the energy company’s stock after selling 3,696 shares during the quarter. Inspire Investing LLC’s holdings in Devon Energy were worth $2,044,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in DVN. EnCap Energy Capital Fund XI L.P. purchased a new position in shares of Devon Energy in the third quarter valued at $461,857,000. EnCap Partners GP LLC bought a new stake in Devon Energy during the third quarter valued at $408,653,000. EnCap Energy Capital Fund X L.P. bought a new stake in Devon Energy during the third quarter valued at $230,928,000. International Assets Investment Management LLC boosted its stake in Devon Energy by 4,125.7% during the third quarter. International Assets Investment Management LLC now owns 2,280,961 shares of the energy company’s stock valued at $89,231,000 after buying an additional 2,226,983 shares during the period. Finally, Pacer Advisors Inc. boosted its stake in Devon Energy by 16.9% during the third quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock valued at $453,446,000 after buying an additional 1,677,652 shares during the period. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

DVN has been the subject of several research analyst reports. Mizuho dropped their price objective on Devon Energy from $51.00 to $47.00 and set an “outperform” rating for the company in a research note on Monday, December 16th. Raymond James dropped their price objective on Devon Energy from $58.00 to $51.00 in a research note on Tuesday, November 5th. TD Cowen dropped their price objective on Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a research note on Tuesday, November 5th. Truist Financial dropped their price target on Devon Energy from $43.00 to $42.00 and set a “hold” rating for the company in a research note on Monday, January 13th. Finally, Scotiabank dropped their price target on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. Nine analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $49.27.

Devon Energy Stock Down 0.7 %

Shares of NYSE:DVN opened at $36.46 on Thursday. Devon Energy Co. has a 1 year low of $30.39 and a 1 year high of $55.09. The company has a market cap of $23.95 billion, a PE ratio of 6.76, a P/E/G ratio of 1.22 and a beta of 2.00. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. The stock’s 50-day moving average is $35.37 and its 200 day moving average is $40.05.

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

Devon Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Friday, December 13th were issued a dividend of $0.22 per share. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.41%. Devon Energy’s dividend payout ratio is presently 16.33%.

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.