Natixis Advisors LLC Cuts Stake in Devon Energy Co. (NYSE:DVN)

Natixis Advisors LLC lowered its stake in shares of Devon Energy Co. (NYSE:DVN) by 37.1% in the fourth quarter, Holdings Channel reports. The firm owned 155,202 shares of the energy company’s stock after selling 91,437 shares during the period. Natixis Advisors LLC’s holdings in Devon Energy were worth $5,080,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Sfmg LLC increased its stake in shares of Devon Energy by 0.5% during the third quarter. Sfmg LLC now owns 64,871 shares of the energy company’s stock worth $2,538,000 after purchasing an additional 294 shares in the last quarter. Redwood Wealth Management Group LLC increased its stake in shares of Devon Energy by 3.9% during the fourth quarter. Redwood Wealth Management Group LLC now owns 8,141 shares of the energy company’s stock worth $266,000 after purchasing an additional 309 shares in the last quarter. Cornerstone Wealth Management LLC increased its stake in shares of Devon Energy by 1.6% during the fourth quarter. Cornerstone Wealth Management LLC now owns 21,242 shares of the energy company’s stock worth $695,000 after purchasing an additional 326 shares in the last quarter. Annex Advisory Services LLC increased its stake in shares of Devon Energy by 1.2% during the fourth quarter. Annex Advisory Services LLC now owns 27,021 shares of the energy company’s stock worth $884,000 after purchasing an additional 327 shares in the last quarter. Finally, Fiduciary Trust Co increased its stake in shares of Devon Energy by 3.1% during the third quarter. Fiduciary Trust Co now owns 11,074 shares of the energy company’s stock worth $433,000 after purchasing an additional 329 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on DVN. Benchmark reaffirmed a “buy” rating and set a $44.00 price objective on shares of Devon Energy in a research note on Thursday, February 20th. Wells Fargo & Company dropped their price objective on shares of Devon Energy from $49.00 to $43.00 and set an “overweight” rating for the company in a research note on Tuesday, December 17th. StockNews.com raised shares of Devon Energy from a “sell” rating to a “hold” rating in a research note on Friday, January 3rd. Williams Trading set a $50.00 price objective on shares of Devon Energy in a research note on Wednesday, March 5th. Finally, Truist Financial upped their price objective on shares of Devon Energy from $42.00 to $44.00 and gave the company a “hold” rating in a research note on Thursday, February 20th. Ten investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.46.

Devon Energy Stock Performance

Shares of DVN stock opened at $36.18 on Friday. The firm’s 50 day moving average price is $35.46 and its 200-day moving average price is $37.06. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04. Devon Energy Co. has a one year low of $30.39 and a one year high of $55.09. The firm has a market cap of $23.48 billion, a P/E ratio of 7.93, a P/E/G ratio of 1.20 and a beta of 1.91.

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

Devon Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be issued 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 2.65%. Devon Energy’s dividend payout ratio is 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.