Cubic Asset Management LLC Has $1.86 Million Position in Devon Energy Co. (NYSE:DVN)

Cubic Asset Management LLC lowered its position in Devon Energy Co. (NYSE:DVN) by 3.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 41,100 shares of the energy company’s stock after selling 1,440 shares during the quarter. Cubic Asset Management LLC’s holdings in Devon Energy were worth $1,862,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in DVN. Wahed Invest LLC boosted its holdings in Devon Energy by 2.1% during the first quarter. Wahed Invest LLC now owns 7,933 shares of the energy company’s stock worth $469,000 after purchasing an additional 161 shares during the last quarter. Avior Wealth Management LLC boosted its holdings in Devon Energy by 4.9% during 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 holdings in Devon Energy by 1.9% during the third quarter. Cornerstone Wealth Management LLC now owns 11,540 shares of the energy company’s stock worth $550,000 after purchasing an additional 218 shares during the last quarter. MCF Advisors LLC raised its position in Devon Energy by 9.0% in the third quarter. MCF Advisors LLC now owns 2,681 shares of the energy company’s stock worth $128,000 after acquiring an additional 222 shares during the period. Finally, Clearbridge Investments LLC raised its position in Devon Energy by 2.1% in the third quarter. Clearbridge Investments LLC now owns 11,887 shares of the energy company’s stock worth $567,000 after acquiring an additional 239 shares during the period. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Price Performance

Devon Energy stock traded up $0.73 during midday trading on Friday, reaching $53.27. 7,595,729 shares of the stock were exchanged, compared to its average volume of 7,331,053. The company’s fifty day moving average is $45.67 and its 200-day moving average is $45.50. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.99 and a current ratio of 1.07. The firm has a market cap of $33.83 billion, a PE ratio of 9.14 and a beta of 2.19. Devon Energy Co. has a 52 week low of $40.47 and a 52 week high of $56.19.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 EPS for the quarter, topping analysts’ consensus estimates of $1.39 by $0.02. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The business had revenue of $4.15 billion during the quarter, compared to analysts’ expectations of $3.88 billion. During the same quarter in the previous year, the company earned $1.66 EPS. The business’s quarterly revenue was down 3.6% compared to the same quarter last year. On average, sell-side analysts forecast that Devon Energy Co. will post 4.87 EPS for the current year.

Devon Energy Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were paid a $0.44 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.76 dividend on an annualized basis and a yield of 3.30%. Devon Energy’s dividend payout ratio is presently 15.09%.

Analyst Upgrades and Downgrades

Several brokerages have commented on DVN. Mizuho lowered their price objective on shares of Devon Energy from $54.00 to $53.00 and set a “buy” rating on the stock in a research report on Thursday, January 11th. Citigroup lifted their price objective on shares of Devon Energy from $52.00 to $55.00 and gave the stock a “buy” rating in a research report on Monday, March 18th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $55.00 price objective on shares of Devon Energy in a research report on Thursday, March 7th. Wells Fargo & Company raised shares of Devon Energy from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $46.00 to $59.00 in a research report on Monday, April 1st. Finally, Piper Sandler lowered their price objective on shares of Devon Energy from $61.00 to $59.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 24th. Four investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, Devon Energy presently has an average rating of “Moderate Buy” and an average price target of $55.94.

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.