Marietta Wealth Management LLC Has $4.16 Million Stake in Devon Energy Co. (NYSE:DVN)

Marietta Wealth Management LLC reduced its holdings in Devon Energy Co. (NYSE:DVN) by 9.0% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 91,754 shares of the energy company’s stock after selling 9,071 shares during the quarter. Marietta Wealth Management LLC’s holdings in Devon Energy were worth $4,156,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Pacer Advisors Inc. raised its position in shares of Devon Energy by 1,279.7% during the fourth quarter. Pacer Advisors Inc. now owns 6,145,605 shares of the energy company’s stock worth $278,396,000 after purchasing an additional 5,700,167 shares during the period. T. Rowe Price Investment Management Inc. increased its holdings in Devon Energy by 96.4% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 5,608,577 shares of the energy company’s stock worth $344,984,000 after purchasing an additional 2,752,752 shares in the last quarter. J.P. Morgan Private Wealth Advisors LLC bought a new position in Devon Energy during the 3rd quarter worth about $113,793,000. Morgan Stanley boosted its position in shares of Devon Energy by 23.6% during the third quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock worth $555,567,000 after buying an additional 2,220,194 shares during the period. Finally, International Assets Investment Management LLC grew its holdings in shares of Devon Energy by 3,885.4% during the fourth quarter. International Assets Investment Management LLC now owns 1,695,206 shares of the energy company’s stock worth $76,793,000 after buying an additional 1,652,671 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. JPMorgan Chase & Co. raised their price target on shares of Devon Energy from $57.00 to $62.00 and gave the stock an “overweight” rating in a research note on Monday, April 8th. UBS Group raised their target price on shares of Devon Energy from $48.00 to $57.00 and gave the company a “neutral” rating in a research note on Wednesday, April 10th. Raymond James lowered their price objective on shares of Devon Energy from $53.00 to $52.00 and set an “outperform” rating on the stock in a research note on Wednesday, January 24th. Wells Fargo & Company upgraded shares of Devon Energy from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $46.00 to $59.00 in a report on Monday, April 1st. Finally, Truist Financial dropped their price target on Devon Energy from $69.00 to $66.00 and set a “buy” rating for the company in a research note on Friday, April 5th. Five research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, Devon Energy has an average rating of “Moderate Buy” and an average target price of $57.89.

Devon Energy Price Performance

Devon Energy stock traded down $0.66 during mid-day trading on Tuesday, hitting $52.02. 3,470,981 shares of the company traded hands, compared to its average volume of 8,059,465. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.99 and a current ratio of 1.07. The stock has a market cap of $33.03 billion, a price-to-earnings ratio of 8.89 and a beta of 2.19. The stock has a fifty day moving average price of $47.08 and a 200-day moving average price of $45.74. Devon Energy Co. has a one year low of $40.47 and a one year high of $56.19.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.39 by $0.02. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The company had revenue of $4.15 billion during the quarter, compared to the consensus estimate of $3.88 billion. During the same quarter in the previous year, the company posted $1.66 EPS. Devon Energy’s quarterly revenue was down 3.6% compared to the same quarter last year. On average, equities analysts predict that Devon Energy Co. will post 5.02 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were issued a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a dividend yield of 3.38%. The ex-dividend date of this dividend was Thursday, March 14th. Devon Energy’s dividend payout ratio is currently 15.09%.

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.