Steel Grove Capital Advisors LLC Has $292,000 Holdings in Devon Energy Co. (NYSE:DVN)

Steel Grove Capital Advisors LLC lessened its position in Devon Energy Co. (NYSE:DVN) by 84.0% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor 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 SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Coppell Advisory Solutions LLC purchased a new stake in shares of Devon Energy in the second quarter valued at $25,000. Canada Pension Plan Investment Board acquired a new position in Devon Energy during the first quarter valued at $26,000. KB Financial Partners LLC purchased a new stake in Devon Energy in the 1st quarter worth about $26,000. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in Devon Energy during the 3rd quarter worth about $27,000. Finally, Sound Income Strategies LLC grew 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 in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. UBS Group reduced their price target on shares of Devon Energy from $52.00 to $48.00 and set a “neutral” rating for the company in a research report on Thursday, December 14th. Morgan Stanley lifted their target price on shares of Devon Energy from $48.00 to $49.00 and gave the company an “overweight” rating in a research note on Thursday. Piper Sandler dropped 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. Raymond James reduced their price objective on Devon Energy from $53.00 to $52.00 and set an “outperform” rating for the company in a research report on Wednesday, January 24th. Finally, Citigroup upped their target price on Devon Energy from $52.00 to $55.00 and gave the stock a “buy” rating in a research report on Monday, March 18th. Five equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $55.19.

Devon Energy Stock Performance

DVN stock traded up $0.76 during mid-day trading on Thursday, reaching $50.22. 5,813,683 shares of the stock traded hands, compared to its average volume of 8,090,672. The company has a quick ratio of 0.99, a current ratio of 1.07 and a debt-to-equity ratio of 0.46. The business has a 50-day moving average of $44.27 and a two-hundred day moving average of $45.43. The firm has a market capitalization of $31.89 billion, a PE ratio of 8.60 and a beta of 2.18. Devon Energy Co. has a 52 week low of $40.47 and a 52 week high of $56.19.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 EPS for the quarter, topping the consensus estimate of $1.39 by $0.02. The company had revenue of $4.15 billion for the quarter, compared to the consensus estimate of $3.88 billion. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The company’s revenue for the quarter was down 3.6% on a year-over-year basis. During the same period in the previous year, the business posted $1.66 EPS. As a group, equities analysts predict that Devon Energy Co. will post 4.83 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The company also recently disclosed 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. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.50%. The ex-dividend date of this dividend is Thursday, March 14th. Devon Energy’s dividend payout ratio is presently 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.