Oak Harbor Wealth Partners LLC Sells 2,482 Shares of Devon Energy Co. (NYSE:DVN)

Oak Harbor Wealth Partners LLC lessened its stake in shares of Devon Energy Co. (NYSE:DVN) by 8.4% during the fourth quarter, Holdings Channel.com reports. The fund owned 27,079 shares of the energy company’s stock after selling 2,482 shares during the period. Oak Harbor Wealth Partners LLC’s holdings in Devon Energy were worth $1,227,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Morgan Stanley increased its position in shares of Devon Energy by 23.6% in the third quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock worth $555,567,000 after purchasing an additional 2,220,194 shares during the period. Victory Capital Management Inc. increased its holdings in Devon Energy by 0.8% in the 4th quarter. Victory Capital Management Inc. now owns 8,539,335 shares of the energy company’s stock valued at $386,832,000 after buying an additional 68,339 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Devon Energy by 26.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company’s stock worth $320,609,000 after acquiring an additional 1,488,374 shares during the period. Northern Trust Corp boosted its position in shares of Devon Energy by 1.2% during the 3rd quarter. Northern Trust Corp now owns 6,774,537 shares of the energy company’s stock worth $323,145,000 after acquiring an additional 82,607 shares in the last quarter. Finally, Pacer Advisors Inc. increased its stake in Devon Energy by 1,279.7% in the fourth quarter. Pacer Advisors Inc. now owns 6,145,605 shares of the energy company’s stock valued at $278,396,000 after acquiring an additional 5,700,167 shares during the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Stock Down 1.0 %

DVN traded down $0.48 during midday trading on Thursday, hitting $48.32. The company had a trading volume of 2,356,141 shares, compared to its average volume of 7,480,135. The stock’s 50 day moving average price is $50.86 and its 200 day moving average price is $46.51. Devon Energy Co. has a 52 week low of $40.47 and a 52 week high of $55.09. The company has a market capitalization of $30.54 billion, a price-to-earnings ratio of 9.29 and a beta of 2.15. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 0.46.

Devon Energy (NYSE:DVN) last issued 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. The business had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.64 billion. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The firm’s revenue was down 5.9% compared to the same quarter last year. During the same period in the previous year, the company posted $1.46 EPS. On average, research analysts anticipate that Devon Energy Co. will post 5.21 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The company 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 dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.82%. The ex-dividend date is Friday, June 14th. Devon Energy’s payout ratio is 16.79%.

Insider Activity at Devon Energy

In other Devon Energy news, EVP Tana K. Cashion sold 20,000 shares of the firm’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $51.04, for a total value of $1,020,800.00. Following the transaction, the executive vice president now directly owns 104,182 shares of the company’s stock, valued at $5,317,449.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.63% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have recently commented on DVN shares. Raymond James lowered their price target on Devon Energy from $53.00 to $52.00 and set an “outperform” rating for the company in a report on Wednesday, January 24th. UBS Group increased their price objective on shares of Devon Energy from $48.00 to $57.00 and gave the company a “neutral” rating in a research note on Wednesday, April 10th. Truist Financial decreased their target price on shares of Devon Energy from $69.00 to $67.00 and set a “buy” rating on the stock in a research note on Friday, May 3rd. Susquehanna increased their price target on Devon Energy from $52.00 to $65.00 and gave the company a “positive” rating in a research note on Monday, April 22nd. Finally, JPMorgan Chase & Co. lifted their target price on shares of Devon Energy from $57.00 to $62.00 and gave the stock an “overweight” rating in a research report on Monday, April 8th. Four equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $58.83.

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.