OLD Point Trust & Financial Services N A Decreases Stake in Devon Energy Co. (NYSE:DVN)

OLD Point Trust & Financial Services N A reduced its stake in shares of Devon Energy Co. (NYSE:DVN) by 6.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 16,575 shares of the energy company’s stock after selling 1,050 shares during the quarter. OLD Point Trust & Financial Services N A’s holdings in Devon Energy were worth $542,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of DVN. True Wealth Design LLC boosted its position in 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 raised its stake in shares of 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 buying an additional 598 shares during the last quarter. Activest Wealth Management boosted its position in shares of Devon Energy by 60.4% in the 3rd quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock worth $50,000 after buying an additional 480 shares in the last quarter. Sierra Ocean LLC acquired a new stake in Devon Energy in the 4th quarter valued at about $43,000. Finally, Endeavor Private Wealth Inc. purchased a new position in Devon Energy during the 4th quarter valued at about $52,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Price Performance

Shares of Devon Energy stock opened at $36.08 on Thursday. The stock has a market capitalization of $23.41 billion, a P/E ratio of 7.91, a PEG ratio of 1.20 and a beta of 1.91. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57. The business’s fifty day moving average price is $35.44 and its 200 day moving average price is $37.13. Devon Energy Co. has a twelve month low of $30.39 and a twelve month high of $55.09.

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

Devon Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders 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 represents a $0.96 annualized dividend and a dividend yield of 2.66%. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. Devon Energy’s dividend payout ratio is presently 21.05%.

Wall Street Analyst Weigh In

Several analysts have issued reports on DVN shares. Susquehanna upped 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. Truist Financial upped their target price on Devon Energy from $42.00 to $44.00 and gave the company a “hold” rating in a research note on Thursday, February 20th. Raymond James dropped their price target on Devon Energy from $54.00 to $46.00 and set an “outperform” rating for the company in a research report on Monday, March 10th. Piper Sandler upped their price objective on Devon Energy from $54.00 to $55.00 and gave the company an “overweight” rating in a research report on Monday, February 24th. Finally, Wells Fargo & Company dropped their price objective on Devon Energy from $49.00 to $43.00 and set an “overweight” rating for the company in a research report on Tuesday, December 17th. Ten investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $48.46.

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.