Smithbridge Asset Management Inc. DE Sells 600 Shares of Devon Energy Co. (NYSE:DVN)

Smithbridge Asset Management Inc. DE reduced its position in shares of Devon Energy Co. (NYSE:DVN) by 4.0% in the fourth quarter, according to its most recent filing with the SEC. The fund 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 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Geode Capital Management LLC boosted its position in shares of Devon Energy by 6.2% during the 1st quarter. Geode Capital Management LLC now owns 14,145,039 shares of the energy company’s stock valued at $715,360,000 after acquiring an additional 823,626 shares during the last quarter. Morgan Stanley boosted its position in shares of Devon Energy by 23.6% during the 3rd quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock valued at $555,567,000 after acquiring an additional 2,220,194 shares during the last quarter. Victory Capital Management Inc. boosted its position in shares of Devon Energy by 5.1% during the 3rd quarter. Victory Capital Management Inc. now owns 8,470,996 shares of the energy company’s stock valued at $404,067,000 after acquiring an additional 411,777 shares during the last quarter. Raymond James & Associates boosted its position in shares of Devon Energy by 5.0% during the 3rd quarter. Raymond James & Associates now owns 8,429,670 shares of the energy company’s stock valued at $402,095,000 after acquiring an additional 402,055 shares during the last quarter. Finally, Northern Trust Corp lifted its position in Devon Energy by 1.4% in the first quarter. Northern Trust Corp now owns 7,371,571 shares of the energy company’s stock worth $435,881,000 after buying an additional 99,059 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on DVN. Citigroup raised their target price on shares of Devon Energy from $52.00 to $55.00 and gave the stock a “buy” rating in a report on Monday, March 18th. JPMorgan Chase & Co. upgraded shares of Devon Energy from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $57.00 to $58.00 in a report on Wednesday, December 6th. Royal Bank of Canada restated a “sector perform” rating and issued a $55.00 target price on shares of Devon Energy in a report on Thursday, March 7th. 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 report on Friday, March 22nd. Finally, Piper Sandler reduced their price target on shares of Devon Energy from $61.00 to $59.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 24th. Five analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $55.38.

Devon Energy Stock Up 1.3 %

NYSE DVN traded up $0.64 during trading on Thursday, reaching $50.10. 5,021,958 shares of the company’s stock traded hands, compared to its average volume of 8,079,510. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.07 and a quick ratio of 0.99. The firm has a market cap of $31.81 billion, a price-to-earnings ratio of 8.57 and a beta of 2.18. The company’s 50 day simple moving average is $44.27 and its two-hundred day simple moving average is $45.43. Devon Energy Co. has a 12-month low of $40.47 and a 12-month high of $56.19.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share 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 business had revenue of $4.15 billion for the quarter, compared to analysts’ expectations of $3.88 billion. During the same period last year, the business earned $1.66 EPS. The company’s revenue was down 3.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Devon Energy Co. will post 4.83 EPS for the current fiscal 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 issued a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.51%. The ex-dividend date is Thursday, March 14th. 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.