Prudential Financial Inc. Trims Stock Position in Devon Energy Co. (NYSE:DVN)

Prudential Financial Inc. decreased its position in Devon Energy Co. (NYSE:DVN) by 64.0% in the fourth quarter, Holdings Channel reports. The firm owned 521,012 shares of the energy company’s stock after selling 924,679 shares during the period. Prudential Financial Inc.’s holdings in Devon Energy were worth $17,053,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. True Wealth Design LLC raised its position in Devon Energy by 3,889.3% during the 3rd 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 in the last quarter. Cromwell Holdings LLC increased its stake in shares of Devon Energy by 98.0% during the fourth 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 bought a new stake in shares of Devon Energy in the fourth quarter valued at about $43,000. Endeavor Private Wealth Inc. purchased a new stake in Devon Energy in the fourth quarter worth about $52,000. Finally, Thompson Investment Management Inc. grew its holdings in Devon Energy by 60.0% during the 4th quarter. Thompson Investment Management Inc. now owns 1,600 shares of the energy company’s stock worth $52,000 after acquiring an additional 600 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on DVN shares. Williams Trading set a $50.00 price target on shares of Devon Energy in a report on Wednesday, March 5th. Sanford C. Bernstein upgraded Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 target price for the company in a report on Wednesday, January 15th. Benchmark reaffirmed a “buy” rating and set a $44.00 target price on shares of Devon Energy in a research report on Thursday, February 20th. JPMorgan Chase & Co. reduced their price target 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. Finally, Piper Sandler raised 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. Ten analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, Devon Energy presently has a consensus rating of “Moderate Buy” and an average target price of $48.29.

Devon Energy Trading Down 1.4 %

NYSE:DVN opened at $36.95 on Friday. The company has a market capitalization of $23.98 billion, a P/E ratio of 8.10, 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. Devon Energy Co. has a 12 month low of $30.39 and a 12 month high of $55.09. The firm has a fifty day simple moving average of $35.41 and a 200-day simple moving average of $36.92.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to the consensus estimate of $4.25 billion. On average, equities 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 declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be given a dividend of $0.24 per share. The ex-dividend date is Friday, March 14th. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a yield of 2.60%. Devon Energy’s dividend payout ratio (DPR) is currently 21.05%.

Devon Energy Company Profile

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.