Carson Advisory Inc. Lowers Holdings in Devon Energy Co. (NYSE:DVN)

Carson Advisory Inc. trimmed its holdings in Devon Energy Co. (NYSE:DVN) by 9.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 4,483 shares of the energy company’s stock after selling 453 shares during the quarter. Carson Advisory Inc.’s holdings in Devon Energy were worth $203,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in DVN. Annis Gardner Whiting Capital Advisors LLC purchased a new position in Devon Energy during the third quarter valued at approximately $27,000. Sound Income Strategies LLC raised its position in Devon Energy by 60.7% during the fourth quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock valued at $31,000 after acquiring an additional 255 shares in the last quarter. Rise Advisors LLC raised its position in Devon Energy by 1,365.3% during the fourth quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock valued at $33,000 after acquiring an additional 669 shares in the last quarter. PFS Partners LLC purchased a new position in Devon Energy during the fourth quarter valued at approximately $36,000. Finally, Naples Money Management LLC purchased a new position in Devon Energy during the fourth quarter valued at approximately $40,000. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Trading Up 0.4 %

NYSE:DVN traded up $0.19 on Friday, reaching $50.54. The company’s stock had a trading volume of 8,953,157 shares, compared to its average volume of 7,901,040. Devon Energy Co. has a 12-month low of $40.47 and a 12-month high of $55.09. The company has a quick ratio of 0.99, a current ratio of 1.07 and a debt-to-equity ratio of 0.46. The firm has a market cap of $32.09 billion, a price-to-earnings ratio of 9.64 and a beta of 2.16. The stock has a 50 day moving average price of $49.48 and a 200 day moving average price of $46.30.

Devon Energy (NYSE:DVN) last posted its earnings results on Wednesday, May 1st. The energy company reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $1.10 by $0.06. Devon Energy had a return on equity of 29.41% and a net margin of 22.27%. The company had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.64 billion. During the same quarter in the previous year, the business earned $1.46 earnings per share. The company’s revenue for the quarter was down 5.9% on a year-over-year basis. On average, equities analysts anticipate that Devon Energy Co. will post 5.28 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be given a $0.22 dividend. The ex-dividend date is Friday, June 14th. This represents a $0.88 dividend on an annualized basis and a yield of 1.74%. Devon Energy’s dividend payout ratio is currently 16.79%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on DVN shares. Piper Sandler lifted their price target on Devon Energy from $59.00 to $60.00 and gave the company an “overweight” rating in a research report on Friday, April 19th. Susquehanna raised their price objective on Devon Energy from $52.00 to $65.00 and gave the company a “positive” rating in a report on Monday, April 22nd. Wells Fargo & Company raised Devon Energy from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $46.00 to $59.00 in a report on Monday, April 1st. Stifel Nicolaus raised their price objective on Devon Energy from $65.00 to $66.00 and gave the company a “buy” rating in a report on Tuesday, April 23rd. Finally, Truist Financial lowered their price target on Devon Energy from $69.00 to $67.00 and set a “buy” rating on the stock in a research note on Friday. Four equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $58.44.

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.