Peloton Wealth Strategists Cuts Stock Position in Devon Energy Co. (NYSE:DVN)

Peloton Wealth Strategists cut its holdings in shares of Devon Energy Co. (NYSE:DVN) by 31.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 21,950 shares of the energy company’s stock after selling 9,985 shares during the period. Peloton Wealth Strategists’ holdings in Devon Energy were worth $718,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of DVN. EnCap Energy Capital Fund XI L.P. purchased a new stake in Devon Energy during the third quarter worth about $461,857,000. EnCap Partners GP LLC purchased a new stake in Devon Energy during the third quarter worth about $408,653,000. EnCap Energy Capital Fund X L.P. purchased a new stake in Devon Energy during the third quarter worth about $230,928,000. Pacer Advisors Inc. grew its position in shares of Devon Energy by 16.9% during the third quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock worth $453,446,000 after buying an additional 1,677,652 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its position in shares of Devon Energy by 90.8% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 2,724,407 shares of the energy company’s stock worth $89,170,000 after buying an additional 1,296,590 shares in the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Price Performance

DVN stock opened at $35.85 on Friday. The company has a market capitalization of $23.26 billion, a P/E ratio of 7.86, a PEG ratio of 1.20 and a beta of 1.98. Devon Energy Co. has a twelve month low of $30.39 and a twelve month high of $55.09. The business has a 50 day simple moving average of $34.83 and a 200-day simple moving average of $38.16. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57.

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

Devon Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.68%. The ex-dividend date is Friday, March 14th. This is a boost from Devon Energy’s previous quarterly dividend of $0.22. Devon Energy’s dividend payout ratio is 21.05%.

Wall Street Analyst Weigh In

DVN has been the subject of a number of analyst reports. Wolfe Research raised Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a research report on Friday, January 3rd. Susquehanna boosted their price objective on Devon Energy from $50.00 to $52.00 and gave the stock a “positive” rating in a research report on Thursday, February 20th. JPMorgan Chase & Co. downgraded Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price objective for the company. in a research report on Thursday, December 5th. Cowen downgraded Devon Energy to a “hold” rating and lowered their price objective for the stock from $46.00 to $45.00 in a research report on Tuesday, February 18th. Finally, 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 report on Thursday, February 20th. Ten analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, Devon Energy currently has a consensus rating of “Moderate Buy” and an average target price of $48.87.

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.