Trust Investment Advisors Sells 3,829 Shares of Devon Energy Co. (NYSE:DVN)

Trust Investment Advisors cut its holdings in shares of Devon Energy Co. (NYSE:DVN) by 19.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 15,873 shares of the energy company’s stock after selling 3,829 shares during the quarter. Trust Investment Advisors’ holdings in Devon Energy were worth $719,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. Wahed Invest LLC lifted its holdings in shares of Devon Energy by 2.1% in the 1st quarter. Wahed Invest LLC now owns 7,933 shares of the energy company’s stock worth $469,000 after acquiring an additional 161 shares during the last quarter. Avior Wealth Management LLC lifted its stake in Devon Energy by 4.9% in the third quarter. Avior Wealth Management LLC now owns 4,406 shares of the energy company’s stock worth $210,000 after purchasing an additional 207 shares during the last quarter. Cornerstone Wealth Management LLC boosted its position in shares of Devon Energy by 1.9% during the third quarter. Cornerstone Wealth Management LLC now owns 11,540 shares of the energy company’s stock valued at $550,000 after buying an additional 218 shares during the period. MCF Advisors LLC grew its stake in shares of Devon Energy by 9.0% during the third quarter. MCF Advisors LLC now owns 2,681 shares of the energy company’s stock valued at $128,000 after buying an additional 222 shares during the last quarter. Finally, Clearbridge Investments LLC grew its stake in shares of Devon Energy by 2.1% during the third quarter. Clearbridge Investments LLC now owns 11,887 shares of the energy company’s stock valued at $567,000 after buying an additional 239 shares during the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on DVN shares. Stifel Nicolaus dropped their price objective on Devon Energy from $75.00 to $65.00 and set a “buy” rating for the company in a report on Friday, March 22nd. Mizuho cut their price target on shares of Devon Energy from $54.00 to $53.00 and set a “buy” rating on the stock in a report on Thursday, January 11th. Piper Sandler decreased their price objective on shares of Devon Energy from $61.00 to $59.00 and set an “overweight” rating for the company in a report on Wednesday, January 24th. JPMorgan Chase & Co. boosted their price objective on shares of Devon Energy from $57.00 to $62.00 and gave the company an “overweight” rating in a research report on Monday, April 8th. Finally, Truist Financial reduced their target price on shares of Devon Energy from $69.00 to $66.00 and set a “buy” rating on the stock in a research report on Friday, April 5th. Five equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $57.89.

Devon Energy Stock Down 0.5 %

Shares of NYSE:DVN traded down $0.24 on Thursday, reaching $51.43. The company had a trading volume of 4,864,248 shares, compared to its average volume of 8,040,157. The firm has a market capitalization of $32.66 billion, a PE ratio of 8.89 and a beta of 2.19. The company has a current ratio of 1.07, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46. Devon Energy Co. has a 52-week low of $40.47 and a 52-week high of $55.09. The firm’s 50 day simple moving average is $47.51 and its 200-day simple moving average is $45.82.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.02. The company had revenue of $4.15 billion for the quarter, compared to analyst estimates of $3.88 billion. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The firm’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.66 earnings per share. As a group, analysts expect that Devon Energy Co. will post 5.14 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were paid a dividend of $0.44 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.76 annualized dividend and a dividend yield of 3.42%. Devon Energy’s dividend payout ratio (DPR) is presently 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.