Steel Grove Capital Advisors LLC Sells 33,897 Shares of Devon Energy Co. (NYSE:DVN)

Steel Grove Capital Advisors LLC lessened its holdings in Devon Energy Co. (NYSE:DVN) by 84.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,455 shares of the energy company’s stock after selling 33,897 shares during the quarter. Steel Grove Capital Advisors LLC’s holdings in Devon Energy were worth $292,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Wahed Invest LLC raised its holdings in shares of Devon Energy by 2.1% during the first quarter. Wahed Invest LLC now owns 7,933 shares of the energy company’s stock valued at $469,000 after purchasing an additional 161 shares during the last quarter. Avior Wealth Management LLC lifted its holdings in shares of Devon Energy by 4.9% during the 3rd quarter. Avior Wealth Management LLC now owns 4,406 shares of the energy company’s stock valued at $210,000 after buying an additional 207 shares during the period. Cornerstone Wealth Management LLC grew its holdings in shares of Devon Energy by 1.9% in the third quarter. Cornerstone Wealth Management LLC now owns 11,540 shares of the energy company’s stock worth $550,000 after acquiring an additional 218 shares during the period. MCF Advisors LLC boosted 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 purchasing an additional 222 shares during the last quarter. Finally, Clearbridge Investments LLC increased its position in shares of Devon Energy by 2.1% during the 3rd quarter. Clearbridge Investments LLC now owns 11,887 shares of the energy company’s stock valued at $567,000 after purchasing an additional 239 shares during the last quarter. 69.72% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Piper Sandler cut their target price on shares of Devon Energy from $61.00 to $59.00 and set an “overweight” rating for the company in a research report on Wednesday, January 24th. UBS Group reduced their price objective on Devon Energy from $52.00 to $48.00 and set a “neutral” rating for the company in a research note on Thursday, December 14th. Citigroup lifted their target price on Devon Energy from $52.00 to $55.00 and gave the company a “buy” rating in a research report on Monday, March 18th. Morgan Stanley raised their price objective on Devon Energy from $48.00 to $49.00 and gave the stock an “overweight” rating in a research note on Thursday. 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 eleven have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $55.19.

Devon Energy Price Performance

DVN traded up $0.76 during trading on Thursday, reaching $50.22. 5,813,683 shares of the company traded hands, compared to its average volume of 8,090,672. Devon Energy Co. has a 12-month low of $40.47 and a 12-month high of $56.19. The firm has a fifty day simple moving average of $44.27 and a 200 day simple moving average of $45.43. 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 company has a market cap of $31.89 billion, a P/E ratio of 8.60 and a beta of 2.18.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating 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 company had revenue of $4.15 billion for the quarter, compared to the consensus estimate of $3.88 billion. During the same period in the previous year, the firm posted $1.66 EPS. Devon Energy’s revenue for the quarter was down 3.6% compared to the same quarter last year. On average, equities analysts forecast that Devon Energy Co. will post 4.83 EPS for the current year.

Devon Energy Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 28th. Investors of record on Friday, March 15th will be given a $0.44 dividend. The ex-dividend date of this dividend is Thursday, March 14th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.50%. 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.