Sandy Spring Bank Sells 3,500 Shares of Devon Energy Co. (NYSE:DVN)

Sandy Spring Bank reduced its stake in Devon Energy Co. (NYSE:DVN) by 19.2% during the fourth quarter, Holdings Channel.com reports. The fund owned 14,711 shares of the energy company’s stock after selling 3,500 shares during the period. Sandy Spring Bank’s holdings in Devon Energy were worth $481,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Legacy Investment Solutions LLC acquired a new position in Devon Energy in the third quarter valued at approximately $8,002,000. Bridgewater Associates LP acquired a new position in Devon Energy in the third quarter valued at approximately $9,426,000. Petrus Trust Company LTA lifted its stake in Devon Energy by 394.7% in the third quarter. Petrus Trust Company LTA now owns 21,827 shares of the energy company’s stock valued at $854,000 after buying an additional 17,415 shares during the period. Klein Pavlis & Peasley Financial Inc. acquired a new position in Devon Energy in the fourth quarter valued at approximately $782,000. Finally, Fortem Financial Group LLC acquired a new position in Devon Energy in the third quarter valued at approximately $583,000. 69.72% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

DVN has been the topic of several recent analyst reports. Royal Bank of Canada reissued a “sector perform” rating and issued a $50.00 price target on shares of Devon Energy in a research note on Friday, January 10th. Truist Financial upped their target price on Devon Energy from $42.00 to $44.00 and gave the stock a “hold” rating in a research report on Thursday, February 20th. Barclays upped their target price on Devon Energy from $43.00 to $44.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 20th. Sanford C. Bernstein raised Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 target price on the stock in a research report on Wednesday, January 15th. Finally, JPMorgan Chase & Co. lowered their target price on Devon Energy from $48.00 to $42.00 and set a “neutral” rating on the stock in a research report on Thursday, March 13th. Ten equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $48.46.

Devon Energy Stock Up 0.1 %

Shares of NYSE:DVN opened at $36.18 on Friday. The company has a market capitalization of $23.48 billion, a PE ratio of 7.93, a price-to-earnings-growth ratio of 1.20 and a beta of 1.91. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01. The business has a fifty day moving average price of $35.46 and a two-hundred day moving average price of $37.06. Devon Energy Co. has a 1 year low of $30.39 and a 1 year high of $55.09.

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

Devon Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be issued a dividend of $0.24 per share. This is a boost from Devon Energy’s previous quarterly dividend of $0.22. The ex-dividend date is Friday, March 14th. This represents a $0.96 dividend on an annualized basis and a yield of 2.65%. Devon Energy’s dividend payout ratio is 21.05%.

Devon Energy 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.