Devon Energy Co. (NYSE:DVN) Shares Sold by Slagle Financial LLC

Slagle Financial LLC lessened its stake in Devon Energy Co. (NYSE:DVN) by 16.0% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 46,507 shares of the energy company’s stock after selling 8,875 shares during the quarter. Slagle Financial LLC’s holdings in Devon Energy were worth $1,522,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in DVN. True Wealth Design LLC grew its position in shares of Devon Energy by 3,889.3% in the third quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock valued at $44,000 after purchasing an additional 1,089 shares during the period. Cromwell Holdings LLC raised its holdings in Devon Energy by 98.0% in the 4th quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock valued at $40,000 after buying an additional 598 shares during the period. Sierra Ocean LLC purchased a new position in shares of Devon Energy during the 4th quarter worth approximately $43,000. Endeavor Private Wealth Inc. purchased a new position in Devon Energy during the 4th quarter valued at about $52,000. Finally, Thompson Investment Management Inc. grew its holdings 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 valued at $52,000 after purchasing an additional 600 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Price Performance

Shares of Devon Energy stock opened at $36.95 on Friday. 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. The stock’s 50-day simple moving average is $35.41 and its 200-day simple moving average is $36.92. The company has a market capitalization of $23.98 billion, a price-to-earnings ratio of 8.10, a PEG ratio of 1.20 and a beta of 1.91.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.16. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. The company had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.25 billion. As a group, analysts expect that Devon Energy Co. will post 4.85 earnings per share 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. Investors of record on Friday, March 14th will be paid a $0.24 dividend. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. The ex-dividend date is Friday, March 14th. This represents a $0.96 dividend on an annualized basis and a yield of 2.60%. Devon Energy’s dividend payout ratio (DPR) is 21.05%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. Truist Financial raised their target price on shares of Devon Energy from $42.00 to $44.00 and gave the company a “hold” rating in a report on Thursday, February 20th. Sanford C. Bernstein raised Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a report on Wednesday, January 15th. Mizuho reduced 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. Morgan Stanley set a $47.00 target price on shares of Devon Energy and gave the company an “overweight” rating in a report on Wednesday. Finally, JPMorgan Chase & Co. cut their price objective on Devon Energy from $48.00 to $42.00 and set a “neutral” rating for the company in a research report on Thursday, March 13th. Ten equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $48.29.

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.