GeoWealth Management LLC Cuts Holdings in Devon Energy Co. (NYSE:DVN)

GeoWealth Management LLC lowered its holdings in Devon Energy Co. (NYSE:DVN) by 28.7% in the 4th quarter, Holdings Channel reports. The firm owned 3,594 shares of the energy company’s stock after selling 1,446 shares during the period. GeoWealth Management LLC’s holdings in Devon Energy were worth $118,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the business. Vanguard Group Inc. raised its position in Devon Energy by 7.3% in the 4th quarter. Vanguard Group Inc. now owns 80,682,170 shares of the energy company’s stock worth $2,640,727,000 after buying an additional 5,465,692 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Devon Energy by 6.5% in the fourth quarter. Geode Capital Management LLC now owns 16,931,275 shares of the energy company’s stock worth $552,830,000 after acquiring an additional 1,038,305 shares during the period. Victory Capital Management Inc. raised its holdings in shares of Devon Energy by 2.3% during the fourth quarter. Victory Capital Management Inc. now owns 10,203,812 shares of the energy company’s stock valued at $333,971,000 after purchasing an additional 232,469 shares during the last quarter. Invesco Ltd. lifted its position in Devon Energy by 32.8% during the fourth quarter. Invesco Ltd. now owns 9,461,719 shares of the energy company’s stock valued at $309,682,000 after purchasing an additional 2,335,473 shares during the period. Finally, Thrivent Financial for Lutherans boosted its holdings in Devon Energy by 10.8% in the fourth quarter. Thrivent Financial for Lutherans now owns 5,694,373 shares of the energy company’s stock worth $186,714,000 after purchasing an additional 554,219 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on DVN shares. Royal Bank of Canada lowered their price target on Devon Energy from $49.00 to $40.00 and set a “sector perform” rating on the stock in a report on Monday, April 14th. Piper Sandler dropped their target price on Devon Energy from $55.00 to $54.00 and set an “overweight” rating on the stock in a research report on Tuesday. Barclays cut their price target on Devon Energy from $44.00 to $38.00 and set an “equal weight” rating for the company in a research note on Wednesday. Truist Financial increased their price objective on shares of Devon Energy from $42.00 to $44.00 and gave the stock a “hold” rating in a research note on Thursday, February 20th. Finally, Wells Fargo & Company cut their target price on shares of Devon Energy from $46.00 to $44.00 and set an “overweight” rating for the company in a research report on Monday, April 14th. Ten investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, Devon Energy currently has a consensus rating of “Moderate Buy” and an average price target of $44.83.

Devon Energy Stock Performance

DVN opened at $31.47 on Friday. The stock has a market capitalization of $20.42 billion, a price-to-earnings ratio of 6.90, a PEG ratio of 1.20 and a beta of 1.50. Devon Energy Co. has a fifty-two week low of $25.89 and a fifty-two week high of $53.20. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04. The company has a fifty day moving average of $33.63 and a 200 day moving average of $35.53.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.16. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The firm had revenue of $4.40 billion for the quarter, compared to analysts’ expectations of $4.25 billion. As a group, sell-side analysts forecast that Devon Energy Co. will post 4.85 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were given a dividend of $0.24 per share. This is an increase from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.05%. The ex-dividend date of this dividend was Friday, March 14th. Devon Energy’s dividend payout ratio is currently 21.05%.

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.