Principal Street Partners LLC Reduces Stock Holdings in Devon Energy Co. (NYSE:DVN)

Principal Street Partners LLC lowered its stake in shares of Devon Energy Co. (NYSE:DVN) by 63.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 42,001 shares of the energy company’s stock after selling 74,485 shares during the quarter. Principal Street Partners LLC’s holdings in Devon Energy were worth $1,375,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. USS Investment Management Ltd lifted its stake in shares of Devon Energy by 173.7% in the 4th quarter. USS Investment Management Ltd now owns 177,086 shares of the energy company’s stock valued at $5,799,000 after purchasing an additional 112,386 shares during the period. William B. Walkup & Associates Inc. raised its holdings in Devon Energy by 3.7% in the fourth quarter. William B. Walkup & Associates Inc. now owns 22,979 shares of the energy company’s stock worth $752,000 after purchasing an additional 830 shares in the last quarter. Woodline Partners LP purchased a new position in Devon Energy during the fourth quarter valued at $1,906,000. iSAM Funds UK Ltd purchased a new position in Devon Energy during the fourth quarter valued at $1,006,000. Finally, Sourcerock Group LLC bought a new stake in shares of Devon Energy during the 4th quarter valued at $25,693,000. 69.72% of the stock is owned by institutional investors.

Devon Energy Stock Performance

Shares of DVN opened at $32.66 on Tuesday. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. Devon Energy Co. has a 52 week low of $25.89 and a 52 week high of $50.24. The stock has a market cap of $20.97 billion, a price-to-earnings ratio of 7.16, a PEG ratio of 1.20 and a beta of 1.00. The business has a 50-day simple moving average of $32.46 and a two-hundred day simple moving average of $34.48.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, May 6th. The energy company reported $1.21 EPS for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.06). Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The business had revenue of $4.45 billion during the quarter, compared to analysts’ expectations of $4.31 billion. During the same period in the prior year, the firm posted $1.16 earnings per share. The firm’s revenue for the quarter was up 23.8% on a year-over-year basis. On average, analysts expect that Devon Energy Co. will post 4.85 EPS for the current year.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.94%. The ex-dividend date is Friday, June 13th. Devon Energy’s dividend payout ratio (DPR) is presently 21.87%.

Wall Street Analyst Weigh In

DVN has been the subject of a number of recent research reports. Cowen cut shares of Devon Energy to a “hold” rating and lowered their price target for the company from $46.00 to $45.00 in a research report on Tuesday, February 18th. Citigroup lowered their target price on shares of Devon Energy from $46.00 to $43.00 and set a “buy” rating for the company in a report on Friday, April 4th. Royal Bank of Canada cut their price target on Devon Energy from $49.00 to $40.00 and set a “sector perform” rating on the stock in a research note on Monday, April 14th. Truist Financial lifted their price objective on Devon Energy from $42.00 to $44.00 and gave the company a “hold” rating in a research note on Thursday, February 20th. Finally, JPMorgan Chase & Co. cut their target price on Devon Energy from $48.00 to $42.00 and set a “neutral” rating on the stock in a research note on Thursday, March 13th. Ten analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $43.83.

About Devon Energy

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.