Wilbanks Smith & Thomas Asset Management LLC Sells 15,202 Shares of Devon Energy Co. (NYSE:DVN)

Wilbanks Smith & Thomas Asset Management LLC trimmed its position in Devon Energy Co. (NYSE:DVN) by 50.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 14,858 shares of the energy company’s stock after selling 15,202 shares during the period. Wilbanks Smith & Thomas Asset Management LLC’s holdings in Devon Energy were worth $673,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Annis Gardner Whiting Capital Advisors LLC acquired a new position in Devon Energy during the third quarter worth about $27,000. Sound Income Strategies LLC boosted its holdings in shares of Devon Energy by 60.7% in the 4th quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock valued at $31,000 after buying an additional 255 shares in the last quarter. Rise Advisors LLC raised its position in Devon Energy by 1,365.3% in 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 last quarter. PFS Partners LLC purchased a new stake in Devon Energy in the 4th quarter valued at $36,000. Finally, Naples Money Management LLC acquired a new stake in shares of Devon Energy in the 4th quarter worth $40,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on DVN. Citigroup lifted their price target on shares of Devon Energy from $55.00 to $62.00 and gave the stock a “buy” rating in a report on Thursday, April 11th. Piper Sandler upped their price target on shares of Devon Energy from $59.00 to $60.00 and gave the company an “overweight” rating in a report on Friday, April 19th. Truist Financial dropped their price objective on Devon Energy from $69.00 to $67.00 and set a “buy” rating on the stock in a report on Friday. Wells Fargo & Company raised Devon Energy from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $46.00 to $59.00 in a research report on Monday, April 1st. Finally, Raymond James lowered their price objective on Devon Energy from $53.00 to $52.00 and set an “outperform” rating for the company in a research report on Wednesday, January 24th. Five research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $58.44.

Devon Energy Stock Performance

Shares of NYSE DVN traded up $0.13 during trading hours on Friday, reaching $50.47. The stock had a trading volume of 3,792,321 shares, compared to its average volume of 7,835,886. Devon Energy Co. has a fifty-two week low of $40.47 and a fifty-two week high of $55.09. The firm has a 50-day moving average of $49.48 and a 200-day moving average of $46.30. The company has a current ratio of 1.07, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46. The firm has a market cap of $32.05 billion, a price-to-earnings ratio of 9.69 and a beta of 2.16.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.06. The company had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.64 billion. Devon Energy had a return on equity of 29.41% and a net margin of 22.27%. The business’s revenue for the quarter was down 5.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.46 earnings per share. Equities research analysts predict that Devon Energy Co. will post 5.28 earnings per share for the current year.

Devon Energy Cuts Dividend

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

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.