Aspen Wealth Strategies LLC Sells 267 Shares of Devon Energy Co. (NYSE:DVN)

Aspen Wealth Strategies LLC cut its position in Devon Energy Co. (NYSE:DVN) by 5.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,426 shares of the energy company’s stock after selling 267 shares during the quarter. Aspen Wealth Strategies LLC’s holdings in Devon Energy were worth $200,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Canada Pension Plan Investment Board bought a new position in shares of Devon Energy in the first quarter valued at $26,000. Fortis Capital Advisors LLC bought a new position in Devon Energy during the fourth quarter worth $31,000. KB Financial Partners LLC bought a new position in Devon Energy during the first quarter worth $26,000. Coppell Advisory Solutions LLC bought a new position in Devon Energy during the second quarter worth $25,000. Finally, Annis Gardner Whiting Capital Advisors LLC bought a new position in Devon Energy during the third quarter worth $27,000. 69.72% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have commented on DVN shares. JPMorgan Chase & Co. lifted their price objective on shares of Devon Energy from $57.00 to $62.00 and gave the stock an “overweight” rating in a research report on Monday, April 8th. Piper Sandler reduced their price objective on shares of Devon Energy from $61.00 to $59.00 and set an “overweight” rating for the company in a research report on Wednesday, January 24th. Wells Fargo & Company raised shares of Devon Energy from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $46.00 to $59.00 in a research report on Monday, April 1st. Truist Financial reduced their target price on shares of Devon Energy from $69.00 to $66.00 and set a “buy” rating for the company in a research report on Friday, April 5th. Finally, Citigroup boosted their target price on shares of Devon Energy from $55.00 to $62.00 and gave the company a “buy” rating in a research report on Thursday, April 11th. Five investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, Devon Energy presently has a consensus rating of “Moderate Buy” and a consensus target price of $57.89.

Devon Energy Price Performance

NYSE DVN traded down $0.49 during trading on Tuesday, hitting $52.19. 6,989,598 shares of the company’s stock were exchanged, compared to its average volume of 8,108,337. The company has a current ratio of 1.07, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46. The company has a market cap of $33.14 billion, a PE ratio of 8.89 and a beta of 2.19. Devon Energy Co. has a fifty-two week low of $40.47 and a fifty-two week high of $56.19. The stock’s 50 day moving average price is $47.08 and its two-hundred day moving average price is $45.74.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, February 27th. The energy company reported $1.41 EPS for the quarter, topping the consensus estimate of $1.39 by $0.02. The firm had revenue of $4.15 billion during the quarter, compared to the consensus estimate of $3.88 billion. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The business’s quarterly revenue was down 3.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.66 earnings per share. Research analysts expect that Devon Energy Co. will post 5.02 EPS for the current year.

Devon Energy Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were issued a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a dividend yield of 3.37%. The ex-dividend date of this dividend was Thursday, March 14th. Devon Energy’s dividend payout ratio (DPR) is currently 15.09%.

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.