Monetary Management Group Inc. Decreases Stake in Devon Energy Co. (NYSE:DVN)

Monetary Management Group Inc. cut its stake in shares of Devon Energy Co. (NYSE:DVN) by 55.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,000 shares of the energy company’s stock after selling 2,500 shares during the quarter. Monetary Management Group Inc.’s holdings in Devon Energy were worth $65,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the company. Hurley Capital LLC purchased a new stake in Devon Energy during the 4th quarter valued at about $26,000. Cromwell Holdings LLC raised its stake in shares of Devon Energy by 98.0% in 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 last quarter. Sierra Ocean LLC acquired a new stake in shares of Devon Energy during the fourth quarter worth about $43,000. Endeavor Private Wealth Inc. purchased a new stake in Devon Energy in the fourth quarter valued at approximately $52,000. Finally, Thompson Investment Management Inc. increased its holdings in Devon Energy by 60.0% in the 4th quarter. Thompson Investment Management Inc. now owns 1,600 shares of the energy company’s stock worth $52,000 after buying an additional 600 shares during the period. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Trading Down 10.7 %

DVN opened at $27.74 on Friday. Devon Energy Co. has a 12-month low of $25.89 and a 12-month high of $55.09. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01. The stock has a market capitalization of $18.00 billion, a PE ratio of 6.08, a P/E/G ratio of 1.20 and a beta of 1.50. The firm’s fifty day moving average price is $34.50 and its 200 day moving average price is $36.22.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) 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 analyst estimates of $4.25 billion. As a group, 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 announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were issued a dividend of $0.24 per share. The ex-dividend date of this dividend was Friday, March 14th. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a dividend yield of 3.46%. Devon Energy’s dividend payout ratio is 21.05%.

Wall Street Analyst Weigh In

Several brokerages have commented on DVN. StockNews.com upgraded shares of Devon Energy from a “sell” rating to a “hold” rating in a research note on Friday, January 3rd. Sanford C. Bernstein upgraded shares of Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 target price for the company in a research report on Wednesday, January 15th. Raymond James cut their price target on Devon Energy from $54.00 to $46.00 and set an “outperform” rating on the stock in a research report on Monday, March 10th. Wells Fargo & Company decreased their price objective on Devon Energy from $49.00 to $43.00 and set an “overweight” rating for the company in a report on Tuesday, December 17th. Finally, Piper Sandler upped their target price on Devon Energy from $54.00 to $55.00 and gave the stock an “overweight” rating in a research note on Monday, February 24th. Ten equities research 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 has an average rating of “Moderate Buy” and an average target price of $47.63.

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.