Dana Investment Advisors Inc. Sells 4,659 Shares of Devon Energy Co. (NYSE:DVN)

Dana Investment Advisors Inc. lowered its position in Devon Energy Co. (NYSE:DVN) by 33.2% in the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 9,386 shares of the energy company’s stock after selling 4,659 shares during the period. Dana Investment Advisors Inc.’s holdings in Devon Energy were worth $307,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. EnCap Energy Capital Fund XI L.P. purchased a new stake in shares of Devon Energy in the 3rd quarter worth approximately $461,857,000. EnCap Partners GP LLC purchased a new position in shares of Devon Energy in the 3rd quarter worth $408,653,000. EnCap Energy Capital Fund X L.P. purchased a new position in shares of Devon Energy in the 3rd quarter worth $230,928,000. Pacer Advisors Inc. boosted its stake in shares of Devon Energy by 16.9% in the 3rd quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock worth $453,446,000 after buying an additional 1,677,652 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its stake in shares of Devon Energy by 90.8% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 2,724,407 shares of the energy company’s stock worth $89,170,000 after buying an additional 1,296,590 shares during the last quarter. Institutional investors own 69.72% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently issued reports on DVN. Mizuho dropped their price target on Devon Energy from $51.00 to $47.00 and set an “outperform” rating on the stock in a research note on Monday, December 16th. Benchmark restated a “buy” rating and issued a $44.00 price target on shares of Devon Energy in a research note on Thursday, February 20th. Raymond James raised their price target on Devon Energy from $53.00 to $54.00 and gave the stock an “outperform” rating in a research note on Thursday, January 23rd. Piper Sandler raised their target price on Devon Energy from $54.00 to $55.00 and gave the stock an “overweight” rating in a report on Monday, February 24th. Finally, JPMorgan Chase & Co. cut Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 target price on the stock. in a report on Thursday, December 5th. Ten investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $48.87.

Devon Energy Price Performance

NYSE:DVN opened at $34.74 on Monday. 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 business’s 50-day simple moving average is $35.24 and its two-hundred day simple moving average is $37.63. The stock has a market cap of $22.54 billion, a PE ratio of 7.62, a P/E/G ratio of 1.20 and a beta of 1.91. Devon Energy Co. has a 52 week low of $30.39 and a 52 week high of $55.09.

Devon Energy (NYSE:DVN) last issued 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. The firm had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.25 billion. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. As a group, analysts forecast that Devon Energy Co. will post 4.85 EPS for the current fiscal year.

Devon Energy Increases Dividend

The company 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 dividend of $0.24 per share. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.76%. Devon Energy’s dividend payout ratio (DPR) is presently 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.