US Bancorp DE Trims Position in Devon Energy Co. (NYSE:DVN)

US Bancorp DE lessened its position in shares of Devon Energy Co. (NYSE:DVN) by 13.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 110,739 shares of the energy company’s stock after selling 17,101 shares during the quarter. US Bancorp DE’s holdings in Devon Energy were worth $3,624,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Capital Performance Advisors LLP purchased a new stake in Devon Energy during the third quarter valued at $35,000. True Wealth Design LLC increased 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 valued at $44,000 after acquiring an additional 1,089 shares during the last quarter. Cromwell Holdings LLC increased its position in 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 acquiring an additional 598 shares during the last quarter. Activest Wealth Management increased its position in Devon Energy by 60.4% during the third quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock valued at $50,000 after acquiring an additional 480 shares during the last quarter. Finally, Sierra Ocean LLC purchased a new stake in Devon Energy during the fourth quarter valued at $43,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on DVN shares. Barclays upped their price target on Devon Energy from $43.00 to $44.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 20th. Sanford C. Bernstein upgraded Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price target for the company in a research report on Wednesday, January 15th. Truist Financial upped their price target on Devon Energy from $42.00 to $44.00 and gave the stock a “hold” rating in a research report on Thursday, February 20th. Susquehanna upped their price target on Devon Energy from $50.00 to $52.00 and gave the stock a “positive” rating in a research report on Thursday, February 20th. Finally, Mizuho reduced their price target on Devon Energy from $51.00 to $47.00 and set an “outperform” rating for the company in a research report on Monday, December 16th. Ten research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.87.

Devon Energy Price Performance

Shares of Devon Energy stock opened at $33.64 on Thursday. The stock has a 50 day moving average of $35.07 and a 200 day moving average of $37.85. Devon Energy Co. has a 12 month low of $30.39 and a 12 month high of $55.09. The firm has a market cap of $21.83 billion, a PE ratio of 7.38, 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 (NYSE:DVN) last announced its quarterly earnings results on Tuesday, February 18th. The energy company reported $1.16 EPS for the quarter, beating 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 company had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.25 billion. On average, research analysts expect that Devon Energy Co. will post 4.85 EPS for the current fiscal year.

Devon Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.85%. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. The ex-dividend date is Friday, March 14th. 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.