First National Trust Co Sells 1,041 Shares of Devon Energy Co. (NYSE:DVN)

First National Trust Co cut its position in Devon Energy Co. (NYSE:DVN) by 6.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,415 shares of the energy company’s stock after selling 1,041 shares during the quarter. First National Trust Co’s holdings in Devon Energy were worth $744,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the company. Annis Gardner Whiting Capital Advisors LLC bought a new position in Devon Energy in the 3rd quarter worth approximately $27,000. Sound Income Strategies LLC grew its position in shares of Devon Energy by 60.7% in the fourth quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock valued at $31,000 after purchasing an additional 255 shares in the last quarter. Rise Advisors LLC raised its stake in shares of Devon Energy by 1,365.3% during the 4th quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock valued at $33,000 after purchasing an additional 669 shares during the period. PFS Partners LLC purchased a new stake in Devon Energy during the 4th quarter worth about $36,000. Finally, Naples Money Management LLC bought a new position in Devon Energy in the 4th quarter worth about $40,000. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Trading Up 0.4 %

Devon Energy stock traded up $0.20 during mid-day trading on Friday, hitting $50.54. The company’s stock had a trading volume of 8,953,763 shares, compared to its average volume of 7,073,719. The stock has a market cap of $32.09 billion, a price-to-earnings ratio of 9.65 and a beta of 2.16. The business has a 50 day moving average price of $49.62 and a 200-day moving average price of $46.28. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.04 and a quick ratio of 0.99. Devon Energy Co. has a 12 month low of $40.47 and a 12 month high of $55.09.

Devon Energy (NYSE:DVN) last issued its earnings results on Wednesday, May 1st. The energy company reported $1.16 EPS for the quarter, topping the consensus estimate of $1.10 by $0.06. The company had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.64 billion. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The firm’s revenue for the quarter was down 5.9% on a year-over-year basis. During the same period in the previous year, the firm earned $1.46 earnings per share. As a group, analysts forecast that Devon Energy Co. will post 5.24 EPS for the current year.

Devon Energy Cuts Dividend

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

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Barclays assumed coverage on shares of Devon Energy in a report on Wednesday, April 10th. They issued an “equal weight” rating and a $59.00 price target on the stock. StockNews.com upgraded shares of Devon Energy from a “hold” rating to a “buy” rating in a research report on Friday. JPMorgan Chase & Co. upped their price target on shares of Devon Energy from $57.00 to $62.00 and gave the stock an “overweight” rating in a report on Monday, April 8th. Truist Financial dropped their price objective on Devon Energy from $69.00 to $67.00 and set a “buy” rating for the company in a research note on Friday. Finally, Mizuho upped their target price on Devon Energy from $53.00 to $57.00 and gave the stock a “buy” rating in a research note on Thursday. Four research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Devon Energy currently has an average rating of “Moderate Buy” and an average price target of $58.44.

Devon Energy 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.