Blackstone Inc. Sells 2,780 Shares of Devon Energy Co. (NYSE:DVN)

Blackstone Inc. trimmed its position in Devon Energy Co. (NYSE:DVN) by 5.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 49,959 shares of the energy company’s stock after selling 2,780 shares during the quarter. Blackstone Inc.’s holdings in Devon Energy were worth $1,635,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in DVN. Redwood Wealth Management Group LLC raised its holdings in shares of Devon Energy by 3.9% during the 4th quarter. Redwood Wealth Management Group LLC now owns 8,141 shares of the energy company’s stock worth $266,000 after acquiring an additional 309 shares in the last quarter. Cornerstone Wealth Management LLC lifted its position in Devon Energy by 1.6% during the fourth quarter. Cornerstone Wealth Management LLC now owns 21,242 shares of the energy company’s stock valued at $695,000 after purchasing an additional 326 shares during the last quarter. Annex Advisory Services LLC grew its stake in shares of Devon Energy by 1.2% in the 4th quarter. Annex Advisory Services LLC now owns 27,021 shares of the energy company’s stock worth $884,000 after buying an additional 327 shares in the last quarter. Independence Bank of Kentucky increased its holdings in shares of Devon Energy by 7.8% in the 4th quarter. Independence Bank of Kentucky now owns 4,580 shares of the energy company’s stock worth $150,000 after buying an additional 330 shares during the last quarter. Finally, Covestor Ltd raised its position in shares of Devon Energy by 15.9% during the 4th quarter. Covestor Ltd now owns 2,521 shares of the energy company’s stock valued at $83,000 after buying an additional 345 shares in the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have weighed in on DVN shares. Mizuho reduced their price objective on Devon Energy from $49.00 to $46.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 9th. Piper Sandler cut their target price on Devon Energy from $55.00 to $54.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 22nd. Williams Trading set a $50.00 price target on Devon Energy in a research report on Wednesday, March 5th. Benchmark reiterated a “buy” rating and set a $44.00 price objective on shares of Devon Energy in a research report on Thursday, February 20th. Finally, Raymond James set a $40.00 target price on shares of Devon Energy in a report on Monday, April 21st. Ten analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, Devon Energy presently has a consensus rating of “Moderate Buy” and an average target price of $43.87.

Devon Energy Stock Performance

DVN stock opened at $30.63 on Tuesday. Devon Energy Co. has a 1-year low of $25.89 and a 1-year high of $51.46. The business has a 50-day moving average price of $32.85 and a 200 day moving average price of $34.92. The company has a market capitalization of $19.71 billion, a P/E ratio of 6.72, a PEG ratio of 1.20 and a beta of 1.00. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01.

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

Devon Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were issued a dividend of $0.24 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.96 dividend on an annualized basis and a yield of 3.13%. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. Devon Energy’s dividend payout ratio is currently 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.