Smithbridge Asset Management Inc. DE Lowers Position in Devon Energy Co. (NYSE:DVN)

Smithbridge Asset Management Inc. DE trimmed its stake in Devon Energy Co. (NYSE:DVN) by 4.0% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 14,562 shares of the energy company’s stock after selling 600 shares during the quarter. Smithbridge Asset Management Inc. DE’s holdings in Devon Energy were worth $660,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of DVN. Deane Retirement Strategies Inc. purchased a new stake in Devon Energy during the fourth quarter worth approximately $3,826,000. PFG Investments LLC grew its stake in Devon Energy by 6.9% during the fourth quarter. PFG Investments LLC now owns 12,917 shares of the energy company’s stock worth $585,000 after buying an additional 837 shares during the period. Mason & Associates Inc grew its stake in Devon Energy by 62.0% during the fourth quarter. Mason & Associates Inc now owns 13,061 shares of the energy company’s stock worth $592,000 after buying an additional 4,999 shares during the period. Invera Wealth Advisors LLC purchased a new stake in Devon Energy during the fourth quarter worth approximately $236,000. Finally, Kingswood Wealth Advisors LLC lifted its position in shares of Devon Energy by 45.2% during the fourth quarter. Kingswood Wealth Advisors LLC now owns 38,783 shares of the energy company’s stock worth $1,757,000 after purchasing an additional 12,066 shares in the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on DVN shares. Raymond James reduced their target price on shares of Devon Energy from $53.00 to $52.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 24th. Citigroup boosted their target price 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. Morgan Stanley raised shares of Devon Energy from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $48.00 to $52.00 in a research report on Monday, December 11th. UBS Group cut their price target on shares of Devon Energy from $52.00 to $48.00 and set a “neutral” rating on the stock in a report on Thursday, December 14th. Finally, JPMorgan Chase & Co. raised shares of Devon Energy from a “neutral” rating to an “overweight” rating and upped their price target for the company from $57.00 to $58.00 in a report on Wednesday, December 6th. Five investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, Devon Energy presently has a consensus rating of “Moderate Buy” and a consensus target price of $55.38.

Devon Energy Stock Performance

Shares of NYSE:DVN traded up $0.64 on Thursday, reaching $50.10. 5,021,958 shares of the company’s stock were exchanged, compared to its average volume of 8,079,510. The firm has a market capitalization of $31.81 billion, a price-to-earnings ratio of 8.57 and a beta of 2.18. Devon Energy Co. has a fifty-two week low of $40.47 and a fifty-two week high of $56.19. The business’s 50-day moving average is $44.27 and its two-hundred day moving average is $45.43. The company has a quick ratio of 0.99, a current ratio of 1.07 and a debt-to-equity ratio of 0.46.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.39 by $0.02. The company had revenue of $4.15 billion for the quarter, compared to analysts’ expectations of $3.88 billion. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The firm’s revenue was down 3.6% compared to the same quarter last year. During the same period in the prior year, the company earned $1.66 earnings per share. As a group, equities research analysts forecast that Devon Energy Co. will post 4.83 EPS for the current year.

Devon Energy Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 28th. Stockholders of record on Friday, March 15th will be given a dividend of $0.44 per share. The ex-dividend date of this dividend is Thursday, March 14th. This represents a $1.76 annualized dividend and a dividend yield of 3.51%. Devon Energy’s dividend payout ratio is currently 15.09%.

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.