Field & Main Bank Reduces Position in Devon Energy Co. (NYSE:DVN)

Field & Main Bank reduced its stake in Devon Energy Co. (NYSE:DVN) by 9.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,080 shares of the energy company’s stock after selling 1,090 shares during the quarter. Field & Main Bank’s holdings in Devon Energy were worth $502,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. Pacer Advisors Inc. lifted its stake in shares of Devon Energy by 1,279.7% during the 4th quarter. Pacer Advisors Inc. now owns 6,145,605 shares of the energy company’s stock worth $278,396,000 after purchasing an additional 5,700,167 shares during the period. J.P. Morgan Private Wealth Advisors LLC acquired a new stake in Devon Energy in the 3rd quarter worth about $113,793,000. Morgan Stanley boosted its stake in Devon Energy by 23.6% in the 3rd quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock worth $555,567,000 after buying an additional 2,220,194 shares during the last quarter. International Assets Investment Management LLC grew its holdings in Devon Energy by 3,885.4% in the 4th quarter. International Assets Investment Management LLC now owns 1,695,206 shares of the energy company’s stock valued at $76,793,000 after buying an additional 1,652,671 shares during the period. Finally, Schroder Investment Management Group increased its stake in shares of Devon Energy by 61.0% during the 3rd quarter. Schroder Investment Management Group now owns 2,673,781 shares of the energy company’s stock valued at $127,539,000 after acquiring an additional 1,013,353 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Stock Up 0.7 %

DVN traded up $0.37 on Monday, reaching $53.08. The company’s stock had a trading volume of 4,808,540 shares, compared to its average volume of 7,819,729. Devon Energy Co. has a 1 year low of $40.47 and a 1 year high of $55.09. The business’s 50 day moving average is $49.07 and its 200 day moving average is $46.22. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.07 and a quick ratio of 0.99. The stock has a market cap of $33.71 billion, a price-to-earnings ratio of 9.10 and a beta of 2.19.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.39 by $0.02. The business had revenue of $4.15 billion during the quarter, compared to the consensus estimate of $3.88 billion. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The business’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same quarter last year, the company earned $1.66 earnings per share. As a group, research analysts forecast that Devon Energy Co. will post 5.28 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were given a dividend of $0.44 per share. The ex-dividend date was Thursday, March 14th. This represents a $1.76 annualized dividend and a dividend yield of 3.32%. Devon Energy’s payout ratio is 15.09%.

Analysts Set New Price Targets

A number of research firms recently issued reports on DVN. Wells Fargo & Company upgraded 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 report on Monday, April 1st. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $55.00 target price on shares of Devon Energy in a research report on Thursday, March 7th. Truist Financial boosted their price target on Devon Energy from $66.00 to $69.00 and gave the company a “buy” rating in a research report on Monday, April 22nd. Citigroup raised their price objective on Devon Energy from $55.00 to $62.00 and gave the stock a “buy” rating in a report on Thursday, April 11th. Finally, Scotiabank increased their target price on shares of Devon Energy from $53.00 to $67.00 and gave the stock a “sector outperform” rating in a research report on Thursday, April 11th. Five research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $58.33.

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.