Devon Energy Co. (NYSE:DVN) Shares Sold by Verus Capital Partners LLC

Verus Capital Partners LLC lessened its stake in shares of Devon Energy Co. (NYSE:DVN) by 35.2% in the 4th quarter, Holdings Channel.com reports. The firm owned 13,955 shares of the energy company’s stock after selling 7,589 shares during the quarter. Verus Capital Partners LLC’s holdings in Devon Energy were worth $457,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the stock. Hazlett Burt & Watson Inc. raised 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 worth $49,000 after buying an additional 290 shares during the last quarter. Sfmg LLC increased its stake in shares of Devon Energy by 0.5% during the third quarter. Sfmg LLC now owns 64,871 shares of the energy company’s stock worth $2,538,000 after acquiring an additional 294 shares during the period. Redwood Wealth Management Group LLC raised its holdings in Devon Energy by 3.9% during the fourth quarter. Redwood Wealth Management Group LLC now owns 8,141 shares of the energy company’s stock worth $266,000 after purchasing an additional 309 shares in the last quarter. Cornerstone Wealth Management LLC lifted its position in Devon Energy by 1.6% in the fourth quarter. Cornerstone Wealth Management LLC now owns 21,242 shares of the energy company’s stock valued at $695,000 after purchasing an additional 326 shares during the period. Finally, Annex Advisory Services LLC boosted its holdings in Devon Energy by 1.2% in the 4th quarter. Annex Advisory Services LLC now owns 27,021 shares of the energy company’s stock valued at $884,000 after purchasing an additional 327 shares in the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Stock Up 1.0 %

DVN opened at $36.24 on Friday. The firm has a market cap of $23.52 billion, a P/E ratio of 7.95, a PEG ratio of 1.20 and a beta of 1.98. The business’s fifty day simple moving average is $34.94 and its 200 day simple moving average is $38.10. Devon Energy Co. has a 52 week low of $30.39 and a 52 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 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.16. The company had revenue of $4.40 billion for the quarter, compared to analysts’ expectations of $4.25 billion. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. As a group, equities research analysts anticipate that Devon Energy Co. will post 4.85 EPS for the current fiscal year.

Devon Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be paid a $0.24 dividend. This is a boost from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a yield of 2.65%. The ex-dividend date is Friday, March 14th. Devon Energy’s payout ratio is presently 21.05%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Mizuho cut their target price 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. StockNews.com upgraded Devon Energy from a “sell” rating to a “hold” rating in a research report on Friday, January 3rd. JPMorgan Chase & Co. lowered shares of Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 target price on the stock. in a research report on Thursday, December 5th. Susquehanna increased their price target on shares of Devon Energy from $50.00 to $52.00 and gave the company a “positive” rating in a report on Thursday, February 20th. Finally, Barclays raised their price objective on shares of Devon Energy from $43.00 to $44.00 and gave the company an “equal weight” rating in a research note on Thursday, February 20th. Ten analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $48.87.

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.