Devon Energy Co. (NYSE:DVN) Shares Sold by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA cut its stake in shares of Devon Energy Co. (NYSE:DVN) by 5.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 275,421 shares of the energy company’s stock after selling 16,216 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Devon Energy were worth $9,015,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Sfmg LLC increased its position in Devon Energy by 0.5% in the third quarter. Sfmg LLC now owns 64,871 shares of the energy company’s stock worth $2,538,000 after buying an additional 294 shares during the period. Redwood Wealth Management Group LLC increased its holdings in shares of Devon Energy by 3.9% in 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 during the period. Cornerstone Wealth Management LLC lifted its position in Devon Energy by 1.6% in the 4th 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 lifted its position in Devon Energy by 1.2% in the 4th quarter. Annex Advisory Services LLC now owns 27,021 shares of the energy company’s stock valued at $884,000 after purchasing an additional 327 shares during the last quarter. Finally, Independence Bank of Kentucky boosted its stake in Devon Energy by 7.8% during the 4th quarter. Independence Bank of Kentucky now owns 4,580 shares of the energy company’s stock valued at $150,000 after purchasing an additional 330 shares during the period. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Piper Sandler lifted their price target on Devon Energy from $54.00 to $55.00 and gave the company an “overweight” rating in a report on Monday, February 24th. Raymond James cut their target price on Devon Energy from $54.00 to $46.00 and set an “outperform” rating on the stock in a research note on Monday, March 10th. Morgan Stanley set a $47.00 price target on Devon Energy and gave the stock an “overweight” rating in a research note on Wednesday, March 26th. Mizuho cut their price objective on shares of Devon Energy from $51.00 to $47.00 and set an “outperform” rating on the stock in a research note on Monday, December 16th. Finally, Wells Fargo & Company decreased their target price on shares of Devon Energy from $49.00 to $43.00 and set an “overweight” rating for the company in a research report on Tuesday, December 17th. Ten investment 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 presently has an average rating of “Moderate Buy” and an average target price of $48.29.

Devon Energy Price Performance

DVN stock opened at $37.92 on Thursday. Devon Energy Co. has a one year low of $30.39 and a one year high of $55.09. The firm has a 50-day moving average of $35.42 and a two-hundred day moving average of $36.82. The firm has a market capitalization of $24.61 billion, a PE ratio of 8.32, a P/E/G ratio of 1.20 and a beta of 1.91. 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 issued 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. The business had revenue of $4.40 billion during the quarter, compared to the consensus estimate of $4.25 billion. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. On average, analysts forecast that Devon Energy Co. will post 4.85 earnings per share for the current year.

Devon Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were given a dividend of $0.24 per share. The ex-dividend date was Friday, March 14th. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a yield of 2.53%. Devon Energy’s dividend payout ratio (DPR) is presently 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.