Argyle Capital Management LLC Sells 500 Shares of Devon Energy Co. (NYSE:DVN)

Argyle Capital Management LLC trimmed its stake in Devon Energy Co. (NYSE:DVN) by 6.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,833 shares of the energy company’s stock after selling 500 shares during the period. Argyle Capital Management LLC’s holdings in Devon Energy were worth $224,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in DVN. Parkside Financial Bank & Trust grew its stake in Devon Energy by 14.8% in the fourth quarter. Parkside Financial Bank & Trust now owns 3,130 shares of the energy company’s stock worth $102,000 after purchasing an additional 404 shares in the last quarter. QRG Capital Management Inc. lifted its holdings in shares of Devon Energy by 291.7% in the 4th quarter. QRG Capital Management Inc. now owns 92,098 shares of the energy company’s stock worth $3,014,000 after buying an additional 68,583 shares during the period. Proficio Capital Partners LLC bought a new position in shares of Devon Energy during the 4th quarter worth $4,411,000. New York Life Investment Management LLC increased its stake in shares of Devon Energy by 5.6% during the fourth quarter. New York Life Investment Management LLC now owns 87,923 shares of the energy company’s stock valued at $2,878,000 after buying an additional 4,682 shares during the period. Finally, Carlson Capital L.P. bought a new stake in shares of Devon Energy in the fourth quarter valued at about $743,000. 69.72% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

DVN has been the topic of several recent research reports. Benchmark reiterated a “buy” rating and set a $44.00 target price on shares of Devon Energy in a report on Thursday, February 20th. Piper Sandler lifted their price objective on shares of Devon Energy from $54.00 to $55.00 and gave the company an “overweight” rating in a report on Monday. Sanford C. Bernstein upgraded Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 target price for the company in a report on Wednesday, January 15th. TD Cowen cut their price target on Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a report on Tuesday, November 5th. Finally, Mizuho decreased their price objective on Devon Energy from $51.00 to $47.00 and set an “outperform” rating for the company in a research note on Monday, December 16th. Ten equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, Devon Energy currently has a consensus rating of “Moderate Buy” and an average price target of $48.87.

Devon Energy Trading Up 1.1 %

NYSE:DVN opened at $35.85 on Friday. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57. The firm has a fifty day simple moving average of $34.83 and a 200-day simple moving average of $38.16. Devon Energy Co. has a 12 month low of $30.39 and a 12 month high of $55.09. The company has a market capitalization of $23.26 billion, a P/E ratio of 7.86, a PEG ratio of 1.20 and a beta of 1.98.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, beating 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 business had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.25 billion. On average, equities research analysts anticipate that Devon Energy Co. will post 4.85 earnings per share for the current year.

Devon Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be given a dividend of $0.24 per share. The ex-dividend date is Friday, March 14th. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a yield of 2.68%. Devon Energy’s dividend payout ratio (DPR) is currently 21.05%.

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.