Devon Energy Co. (NYSE:DVN) Holdings Lowered by Hazlett Burt & Watson Inc.

Hazlett Burt & Watson Inc. cut its stake in Devon Energy Co. (NYSE:DVN) by 35.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 820 shares of the energy company’s stock after selling 443 shares during the period. Hazlett Burt & Watson Inc.’s holdings in Devon Energy were worth $26,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the stock. Sfmg LLC lifted its position in Devon Energy by 0.5% in the third quarter. Sfmg LLC now owns 64,871 shares of the energy company’s stock worth $2,538,000 after purchasing an additional 294 shares during the period. Redwood Wealth Management Group LLC lifted its holdings in shares of Devon Energy by 3.9% in the fourth quarter. Redwood Wealth Management Group LLC now owns 8,141 shares of the energy company’s stock valued at $266,000 after buying an additional 309 shares during the period. Cornerstone Wealth Management LLC boosted its stake in Devon Energy by 1.6% during the fourth quarter. Cornerstone Wealth Management LLC now owns 21,242 shares of the energy company’s stock valued at $695,000 after buying an additional 326 shares in the last quarter. Annex Advisory Services LLC grew its holdings in Devon Energy by 1.2% during the fourth quarter. Annex Advisory Services LLC now owns 27,021 shares of the energy company’s stock worth $884,000 after acquiring an additional 327 shares during the period. Finally, Independence Bank of Kentucky raised its position in Devon Energy by 7.8% in the fourth quarter. Independence Bank of Kentucky now owns 4,580 shares of the energy company’s stock worth $150,000 after acquiring an additional 330 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Wall Street Analyst Weigh In

DVN has been the topic of several recent research reports. Mizuho lowered their price objective on shares of Devon Energy from $51.00 to $47.00 and set an “outperform” rating on the stock in a research note on Monday, December 16th. StockNews.com upgraded shares of Devon Energy from a “sell” rating to a “hold” rating in a research report on Friday, January 3rd. Piper Sandler increased 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. Royal Bank of Canada restated a “sector perform” rating and issued a $50.00 target price on shares of Devon Energy in a report on Friday, January 10th. Finally, JPMorgan Chase & Co. reduced their target price on Devon Energy from $48.00 to $42.00 and set a “neutral” rating for the company in a report on Thursday, March 13th. Ten investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $48.29.

Devon Energy Stock Performance

Shares of DVN stock opened at $37.46 on Tuesday. The firm has a market cap of $24.31 billion, a P/E ratio of 8.22, a PEG ratio of 1.20 and a beta of 1.91. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01. Devon Energy Co. has a fifty-two week low of $30.39 and a fifty-two week high of $55.09. The stock’s 50-day moving average is $35.37 and its two-hundred day moving average is $36.83.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.16. The firm had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.25 billion. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. Analysts predict that Devon Energy Co. will post 4.85 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were issued a $0.24 dividend. The ex-dividend date of this dividend was Friday, March 14th. This is a boost from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a yield of 2.56%. Devon Energy’s dividend payout ratio is currently 21.05%.

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.