Court Place Advisors LLC Cuts Holdings in Devon Energy Co. (NYSE:DVN)

Court Place Advisors LLC trimmed its holdings in shares of Devon Energy Co. (NYSE:DVN) by 13.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,350 shares of the energy company’s stock after selling 975 shares during the quarter. Court Place Advisors LLC’s holdings in Devon Energy were worth $288,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. Coppell Advisory Solutions LLC acquired a new stake in Devon Energy in the second quarter valued at approximately $25,000. Canada Pension Plan Investment Board acquired a new stake in Devon Energy in the first quarter valued at approximately $26,000. KB Financial Partners LLC acquired a new stake in Devon Energy in the first quarter valued at approximately $26,000. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in Devon Energy in the third quarter valued at approximately $27,000. Finally, Sound Income Strategies LLC boosted its stake in 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 acquiring an additional 255 shares in the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Stock Performance

Shares of Devon Energy stock traded down $0.51 during trading on Wednesday, hitting $51.67. 6,170,623 shares of the company’s stock were exchanged, compared to its average volume of 8,083,064. 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 business has a 50-day simple moving average of $47.51 and a 200-day simple moving average of $45.82. Devon Energy Co. has a 52-week low of $40.47 and a 52-week high of $55.46. The stock has a market capitalization of $32.81 billion, a price-to-earnings ratio of 8.86 and a beta of 2.19.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.02. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The firm had revenue of $4.15 billion during the quarter, compared to analysts’ expectations of $3.88 billion. During the same quarter last year, the company posted $1.66 earnings per share. The firm’s revenue was down 3.6% compared to the same quarter last year. On average, research analysts forecast that Devon Energy Co. will post 5.02 EPS for the current year.

Devon Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were issued a $0.44 dividend. The ex-dividend date was Thursday, March 14th. This represents a $1.76 dividend on an annualized basis and a yield of 3.41%. Devon Energy’s payout ratio is 15.09%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on DVN shares. Stifel Nicolaus lowered their target price on shares of Devon Energy from $75.00 to $65.00 and set a “buy” rating for the company in a research note on Friday, March 22nd. UBS Group raised their target price 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. Mizuho lowered their target price on shares of Devon Energy from $54.00 to $53.00 and set a “buy” rating for the company in a research note on Thursday, January 11th. Truist Financial lowered their price objective on shares of Devon Energy from $69.00 to $66.00 and set a “buy” rating for the company in a research note on Friday, April 5th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $55.00 price objective on shares of Devon Energy in a research note on Thursday, March 7th. Five analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $57.89.

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.