Devon Energy Co. (NYSE:DVN) Shares Sold by Argyle Capital Management LLC

Argyle Capital Management LLC trimmed its stake in shares of Devon Energy Co. (NYSE:DVN) by 6.8% during the 4th quarter, Holdings Channel reports. The fund owned 6,833 shares of the energy company’s stock after selling 500 shares during the quarter. Argyle Capital Management LLC’s holdings in Devon Energy were worth $224,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Allworth Financial LP grew its stake in shares of Devon Energy by 8.7% during the 3rd quarter. Allworth Financial LP now owns 6,079 shares of the energy company’s stock worth $238,000 after purchasing an additional 484 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its position in Devon Energy by 19.6% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 61,970 shares of the energy company’s stock valued at $2,414,000 after buying an additional 10,141 shares during the period. State of Alaska Department of Revenue increased its holdings in Devon Energy by 1.5% in the third quarter. State of Alaska Department of Revenue now owns 75,210 shares of the energy company’s stock valued at $2,941,000 after buying an additional 1,085 shares in the last quarter. Pallas Capital Advisors LLC acquired a new position in shares of Devon Energy in the third quarter worth about $285,000. Finally, Integrated Advisors Network LLC boosted its stake in shares of Devon Energy by 6.0% during the 3rd quarter. Integrated Advisors Network LLC now owns 7,875 shares of the energy company’s stock worth $308,000 after acquiring an additional 446 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 brokerages recently weighed in on DVN. Piper Sandler lifted their price target on Devon Energy from $54.00 to $55.00 and gave the company an “overweight” rating in a research note on Monday. 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 note on Thursday, February 20th. Sanford C. Bernstein raised shares of Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price target on the stock in a research note on Wednesday, January 15th. Wells Fargo & Company reduced their price objective 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. Finally, Susquehanna lifted their target price on shares of Devon Energy from $50.00 to $52.00 and gave the company a “positive” rating in a research report on Thursday, February 20th. Ten investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $48.87.

Devon Energy Stock Performance

NYSE DVN opened at $35.85 on Friday. Devon Energy Co. has a fifty-two week low of $30.39 and a fifty-two week high of $55.09. The firm has a market capitalization of $23.26 billion, a P/E ratio of 7.86, a price-to-earnings-growth ratio of 1.20 and a beta of 1.98. The stock’s fifty day moving average is $34.83 and its two-hundred day moving average is $38.16. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04.

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

Devon Energy Increases Dividend

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

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.