Devon Energy Co. (NYSE:DVN) Shares Sold by Parsons Capital Management Inc. RI

Parsons Capital Management Inc. RI trimmed its holdings in shares of Devon Energy Co. (NYSE:DVN) by 54.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 37,904 shares of the energy company’s stock after selling 45,987 shares during the period. Parsons Capital Management Inc. RI’s holdings in Devon Energy were worth $1,241,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Geode Capital Management LLC grew its stake in shares of Devon Energy by 1.3% in the third quarter. Geode Capital Management LLC now owns 15,892,970 shares of the energy company’s stock valued at $619,747,000 after buying an additional 206,884 shares in the last quarter. EnCap Energy Capital Fund XI L.P. purchased a new position in Devon Energy in the 3rd quarter worth approximately $461,857,000. Pacer Advisors Inc. grew its position in Devon Energy by 16.9% in the third quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock valued at $453,446,000 after acquiring an additional 1,677,652 shares in the last quarter. EnCap Partners GP LLC purchased a new stake in shares of Devon Energy during the third quarter valued at approximately $408,653,000. Finally, Victory Capital Management Inc. lifted its position in shares of Devon Energy by 3.8% during the third quarter. Victory Capital Management Inc. now owns 9,971,343 shares of the energy company’s stock worth $390,079,000 after purchasing an additional 361,968 shares in the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Stock Down 1.8 %

Devon Energy stock opened at $35.33 on Tuesday. Devon Energy Co. has a fifty-two week low of $30.39 and a fifty-two week high of $55.09. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. The firm has a market capitalization of $23.20 billion, a price-to-earnings ratio of 6.55, a PEG ratio of 1.21 and a beta of 2.00. The company’s 50 day simple moving average is $35.20 and its 200 day simple moving average is $39.78.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. The company had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. Devon Energy’s revenue was up 4.9% compared to the same quarter last year. During the same quarter last year, the firm posted $1.65 earnings per share. As a group, sell-side analysts anticipate that Devon Energy Co. will post 4.7 EPS for the current year.

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were paid a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.49%. The ex-dividend date was Friday, December 13th. Devon Energy’s payout ratio is 16.33%.

Analysts Set New Price Targets

Several analysts have recently weighed in on DVN shares. BMO Capital Markets lowered their target price on Devon Energy from $52.00 to $48.00 and set an “outperform” rating for the company in a research note on Friday, October 4th. Wells Fargo & Company lowered their price objective on Devon Energy from $49.00 to $43.00 and set an “overweight” rating for the company in a research note on Tuesday, December 17th. Benchmark raised Devon Energy from a “hold” rating to a “buy” rating and set a $44.00 target price on the stock in a research report on Tuesday, January 14th. Barclays reduced their target price on Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a research note on Thursday, October 3rd. Finally, Piper Sandler dropped their price target on shares of Devon Energy from $57.00 to $53.00 and set an “overweight” rating for the company in a research note on Tuesday, December 17th. Nine equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, Devon Energy presently has an average rating of “Moderate Buy” and an average target price of $49.41.

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.