Sonora Investment Management Group LLC Lowers Stake in Devon Energy Co. (NYSE:DVN)

Sonora Investment Management Group LLC lessened its position in shares of Devon Energy Co. (NYSE:DVN) by 4.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 6,838 shares of the energy company’s stock after selling 350 shares during the period. Sonora Investment Management Group LLC’s holdings in Devon Energy were worth $256,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in Devon Energy by 7.3% during the fourth quarter. Vanguard Group Inc. now owns 80,682,170 shares of the energy company’s stock valued at $2,640,727,000 after acquiring an additional 5,465,692 shares during the period. Geode Capital Management LLC grew its position in Devon Energy by 6.5% during the fourth quarter. Geode Capital Management LLC now owns 16,931,275 shares of the energy company’s stock valued at $552,830,000 after acquiring an additional 1,038,305 shares during the period. Fuller & Thaler Asset Management Inc. grew its position in Devon Energy by 42.8% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 10,395,225 shares of the energy company’s stock valued at $340,236,000 after acquiring an additional 3,114,656 shares during the period. Victory Capital Management Inc. lifted its stake in shares of Devon Energy by 2.3% during the fourth quarter. Victory Capital Management Inc. now owns 10,203,812 shares of the energy company’s stock worth $333,971,000 after purchasing an additional 232,469 shares in the last quarter. Finally, Invesco Ltd. lifted its stake in shares of Devon Energy by 32.8% during the fourth quarter. Invesco Ltd. now owns 9,461,719 shares of the energy company’s stock worth $309,682,000 after purchasing an additional 2,335,473 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on DVN. Raymond James set a $40.00 price objective on Devon Energy in a research note on Monday, April 21st. Cowen cut Devon Energy to a “hold” rating and reduced their price objective for the stock from $46.00 to $45.00 in a research note on Tuesday, February 18th. Truist Financial boosted their price objective on Devon Energy from $42.00 to $44.00 and gave the stock a “hold” rating in a research note on Thursday, February 20th. Susquehanna reduced their price objective on Devon Energy from $52.00 to $41.00 and set a “positive” rating on the stock in a research note on Tuesday, April 22nd. Finally, Williams Trading set a $50.00 price objective on Devon Energy in a research note on Wednesday, March 5th. Ten equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $43.71.

Devon Energy Trading Up 2.5%

Shares of NYSE DVN opened at $33.47 on Wednesday. The stock’s 50 day moving average price is $31.00 and its two-hundred day moving average price is $33.69. Devon Energy Co. has a 52-week low of $25.89 and a 52-week high of $49.35. The stock has a market capitalization of $21.49 billion, a P/E ratio of 7.34, a PEG ratio of 1.20 and a beta of 1.02. 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 (NYSE:DVN) last announced its quarterly earnings data on Tuesday, May 6th. The energy company reported $1.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.27 by ($0.06). Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. The firm had revenue of $4.45 billion for the quarter, compared to analyst estimates of $4.31 billion. During the same quarter in the previous year, the company earned $1.16 EPS. The company’s quarterly revenue was up 23.8% compared to the same quarter last year. On average, analysts anticipate that Devon Energy Co. will post 4.85 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.87%. The ex-dividend date of this dividend is Friday, June 13th. Devon Energy’s payout ratio is currently 21.87%.

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.