Baxter Bros Inc. Reduces Holdings in Devon Energy Co. (NYSE:DVN)

Baxter Bros Inc. lowered its position in Devon Energy Co. (NYSE:DVN) by 15.6% in the 4th quarter, HoldingsChannel reports. The fund owned 19,890 shares of the energy company’s stock after selling 3,680 shares during the period. Baxter Bros Inc.’s holdings in Devon Energy were worth $651,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in DVN. Charles Schwab Investment Management Inc. lifted its stake in shares of Devon Energy by 1.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,881,720 shares of the energy company’s stock valued at $151,853,000 after buying an additional 69,442 shares in the last quarter. Great Valley Advisor Group Inc. lifted its position in shares of Devon Energy by 17.4% during the third quarter. Great Valley Advisor Group Inc. now owns 7,226 shares of the energy company’s stock worth $283,000 after acquiring an additional 1,073 shares in the last quarter. Cerity Partners LLC boosted its holdings in shares of Devon Energy by 97.7% in the third quarter. Cerity Partners LLC now owns 208,596 shares of the energy company’s stock worth $8,160,000 after acquiring an additional 103,094 shares during the period. Algert Global LLC grew its position in shares of Devon Energy by 15.5% in the third quarter. Algert Global LLC now owns 11,229 shares of the energy company’s stock valued at $439,000 after purchasing an additional 1,510 shares in the last quarter. Finally, StoneX Group Inc. raised its stake in shares of Devon Energy by 3.1% during the 3rd quarter. StoneX Group Inc. now owns 21,865 shares of the energy company’s stock valued at $855,000 after purchasing an additional 659 shares during the period. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Trading Up 2.3 %

DVN opened at $36.97 on Tuesday. Devon Energy Co. has a one year low of $30.39 and a one year high of $55.09. 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 50 day simple moving average of $35.46 and a two-hundred day simple moving average of $36.95. The firm has a market capitalization of $24.00 billion, a price-to-earnings ratio of 8.11, a PEG ratio of 1.20 and a beta of 1.91.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, February 18th. The energy company reported $1.16 EPS for the quarter, beating analysts’ consensus estimates 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 predict that Devon Energy Co. will post 4.85 EPS for the current year.

Devon Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.60%. 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 (DPR) is presently 21.05%.

Analysts Set New Price Targets

DVN has been the subject of several analyst reports. JPMorgan Chase & Co. cut their target price on Devon Energy from $48.00 to $42.00 and set a “neutral” rating for the company in a research note on Thursday, March 13th. Truist Financial upped their target price on shares of Devon Energy from $42.00 to $44.00 and gave the stock a “hold” rating in a report on Thursday, February 20th. StockNews.com raised shares of Devon Energy from a “sell” rating to a “hold” rating in a report on Friday, January 3rd. Benchmark reiterated a “buy” rating and issued a $44.00 price objective on shares of Devon Energy in a research report on Thursday, February 20th. Finally, Citigroup reduced their target price on Devon Energy from $48.00 to $46.00 and set a “buy” rating for the company in a research report on Monday, March 17th. Ten analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, Devon Energy has a consensus rating of “Moderate Buy” and a consensus target price of $48.46.

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.