Swiss National Bank Cuts Stock Holdings in Devon Energy Co. (NYSE:DVN)

Swiss National Bank lowered its position in shares of Devon Energy Co. (NYSE:DVN) by 2.9% in the 4th quarter, Holdings Channel.com reports. The fund owned 2,003,539 shares of the energy company’s stock after selling 60,400 shares during the quarter. Swiss National Bank’s holdings in Devon Energy were worth $90,760,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Cornerstone Wealth Management LLC raised its stake 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 purchasing an additional 218 shares during the last quarter. Clearbridge Investments LLC raised its position in Devon Energy by 2.1% in the 3rd quarter. Clearbridge Investments LLC now owns 11,887 shares of the energy company’s stock worth $567,000 after buying an additional 239 shares during the last quarter. Sound Income Strategies LLC lifted its stake in Devon Energy by 60.7% during the 4th 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 during the period. Kestra Private Wealth Services LLC boosted its holdings in shares of Devon Energy by 0.8% during the 3rd quarter. Kestra Private Wealth Services LLC now owns 34,216 shares of the energy company’s stock valued at $1,632,000 after acquiring an additional 256 shares during the last quarter. Finally, S. R. Schill & Associates grew its stake in shares of Devon Energy by 3.8% in the fourth quarter. S. R. Schill & Associates now owns 7,784 shares of the energy company’s stock worth $353,000 after acquiring an additional 282 shares during the period. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Stock Performance

Shares of NYSE:DVN opened at $50.54 on Friday. The company has a quick ratio of 0.99, a current ratio of 1.04 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $32.09 billion, a price-to-earnings ratio of 9.65 and a beta of 2.16. Devon Energy Co. has a 52 week low of $40.47 and a 52 week high of $55.09. The firm has a 50 day moving average of $49.62 and a 200 day moving average of $46.28.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Wednesday, May 1st. The energy company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.10 by $0.06. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The firm had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.64 billion. During the same quarter in the prior year, the business posted $1.46 EPS. The business’s revenue for the quarter was down 5.9% compared to the same quarter last year. On average, sell-side analysts predict that Devon Energy Co. will post 5.24 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

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

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Wells Fargo & Company upgraded shares of Devon Energy from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $46.00 to $59.00 in a research report on Monday, April 1st. Raymond James lowered their price target on Devon Energy from $53.00 to $52.00 and set an “outperform” rating on the stock in a report on Wednesday, January 24th. Truist Financial cut their price objective on Devon Energy from $69.00 to $67.00 and set a “buy” rating for the company in a report on Friday. Piper Sandler upped their price objective on Devon Energy from $59.00 to $60.00 and gave the company an “overweight” rating in a research report on Friday, April 19th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $55.00 target price on shares of Devon Energy in a research report on Thursday, March 7th. Four equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $58.44.

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.