Devon Energy Co. (NYSE:DVN) Shares Sold by Hoertkorn Richard Charles

Hoertkorn Richard Charles reduced its stake in shares of Devon Energy Co. (NYSE:DVN) by 2.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 125,037 shares of the energy company’s stock after selling 3,675 shares during the period. Devon Energy comprises approximately 1.7% of Hoertkorn Richard Charles’ holdings, making the stock its 17th biggest position. Hoertkorn Richard Charles’ holdings in Devon Energy were worth $4,092,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. boosted its stake 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 purchasing an additional 5,465,692 shares during the period. Geode Capital Management LLC grew its stake in Devon Energy by 1.3% during the third quarter. Geode Capital Management LLC now owns 15,892,970 shares of the energy company’s stock worth $619,747,000 after buying an additional 206,884 shares during the last quarter. EnCap Energy Capital Fund XI L.P. bought a new position in shares of Devon Energy in the third quarter valued at about $461,857,000. EnCap Partners GP LLC bought a new stake in shares of Devon Energy during the third quarter worth $408,653,000. Finally, Victory Capital Management Inc. boosted its stake in Devon Energy by 2.3% in 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 acquiring an additional 232,469 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

DVN has been the subject of a number of analyst reports. Truist Financial lifted their price objective on shares of Devon Energy from $42.00 to $44.00 and gave the company a “hold” rating in a research report on Thursday, February 20th. Citigroup dropped their price target on shares of Devon Energy from $48.00 to $46.00 and set a “buy” rating on the stock in a research report on Monday, March 17th. Barclays raised their target price on Devon Energy from $43.00 to $44.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 20th. JPMorgan Chase & Co. decreased their target price on shares of Devon Energy from $48.00 to $42.00 and set a “neutral” rating on the stock in a research report on Thursday, March 13th. Finally, Cowen lowered shares of Devon Energy to a “hold” rating and cut their target price for the company from $46.00 to $45.00 in a research note on Tuesday, February 18th. Ten investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, Devon Energy has an average rating of “Moderate Buy” and a consensus price target of $48.29.

Devon Energy Stock Performance

Shares of DVN stock opened at $36.95 on Friday. 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 fifty-two week low of $30.39 and a fifty-two week high of $55.09. The company has a market capitalization of $23.98 billion, a P/E ratio of 8.10, a PEG ratio of 1.20 and a beta of 1.91. The stock has a 50 day moving average price of $35.41 and a two-hundred day moving average price of $36.92.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.16. The company had revenue of $4.40 billion during the quarter, compared to the consensus estimate of $4.25 billion. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. Analysts expect that Devon Energy Co. will post 4.85 earnings per share 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. This represents a $0.96 annualized dividend and a yield of 2.60%. This is a boost from Devon Energy’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Friday, March 14th. Devon Energy’s dividend payout ratio is presently 21.05%.

Devon Energy Company 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.