World Investment Advisors Sells 115,978 Shares of Devon Energy Co. (NYSE:DVN)

World Investment Advisors lowered its position in Devon Energy Co. (NYSE:DVN) by 77.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 33,459 shares of the energy company’s stock after selling 115,978 shares during the period. World Investment Advisors’ holdings in Devon Energy were worth $1,095,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. Cromwell Holdings LLC raised its position 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 worth $40,000 after purchasing an additional 598 shares during the period. Sierra Ocean LLC bought a new stake in Devon Energy during the 4th quarter worth approximately $43,000. Endeavor Private Wealth Inc. acquired a new stake in Devon Energy during the 4th quarter worth approximately $52,000. Thompson Investment Management Inc. lifted its stake in Devon Energy by 60.0% in the fourth quarter. Thompson Investment Management Inc. now owns 1,600 shares of the energy company’s stock valued at $52,000 after buying an additional 600 shares in the last quarter. Finally, Asset Planning Inc acquired a new position in shares of Devon Energy in the fourth quarter valued at approximately $54,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on DVN shares. Williams Trading set a $50.00 target price on shares of Devon Energy in a research note on Wednesday, March 5th. Sanford C. Bernstein raised Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a research report on Wednesday, January 15th. Truist Financial lifted their target price on Devon Energy from $42.00 to $44.00 and gave the company a “hold” rating in a research report on Thursday, February 20th. Benchmark reaffirmed a “buy” rating and set a $44.00 price target on shares of Devon Energy in a research report on Thursday, February 20th. Finally, Piper Sandler lifted their price objective on shares of Devon Energy from $54.00 to $55.00 and gave the company an “overweight” rating in a report on Monday, February 24th. 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 MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $48.17.

Devon Energy Trading Down 11.7 %

Shares of NYSE:DVN opened at $29.30 on Friday. The stock has a market cap of $19.01 billion, a PE ratio of 6.42, a P/E/G ratio of 1.20 and a beta of 1.50. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. Devon Energy Co. has a 12-month low of $29.06 and a 12-month high of $55.09. The business has a 50 day moving average of $35.22 and a 200-day moving average of $36.70.

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

Devon Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders 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 annualized dividend and a yield of 3.28%. Devon Energy’s 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.