Devon Energy Co. (NYSE:DVN) Shares Sold by Eudaimonia Advisors LLC

Eudaimonia Advisors LLC trimmed its stake in Devon Energy Co. (NYSE:DVN) by 17.7% during the fourth quarter, HoldingsChannel.com reports. The fund owned 6,991 shares of the energy company’s stock after selling 1,507 shares during the period. Eudaimonia Advisors LLC’s holdings in Devon Energy were worth $317,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Duality Advisers LP boosted its position in shares of Devon Energy by 38.0% in the fourth quarter. Duality Advisers LP now owns 143,268 shares of the energy company’s stock worth $6,490,000 after buying an additional 39,453 shares during the period. MCF Advisors LLC boosted its position in Devon Energy by 42.0% during the fourth quarter. MCF Advisors LLC now owns 3,808 shares of the energy company’s stock valued at $172,000 after purchasing an additional 1,127 shares during the last quarter. OLD National Bancorp IN boosted its position in Devon Energy by 65.9% during the fourth quarter. OLD National Bancorp IN now owns 7,362 shares of the energy company’s stock valued at $333,000 after purchasing an additional 2,925 shares during the last quarter. Signaturefd LLC boosted its position in Devon Energy by 10.2% during the fourth quarter. Signaturefd LLC now owns 15,765 shares of the energy company’s stock valued at $714,000 after purchasing an additional 1,459 shares during the last quarter. Finally, Lindbrook Capital LLC boosted its position in Devon Energy by 60.3% during the fourth quarter. Lindbrook Capital LLC now owns 3,072 shares of the energy company’s stock valued at $139,000 after purchasing an additional 1,156 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Citigroup lifted their price objective on Devon Energy from $55.00 to $62.00 and gave the company a “buy” rating in a research report on Thursday, April 11th. UBS Group lifted their price objective on Devon Energy from $48.00 to $57.00 and gave the company a “neutral” rating in a research report on Wednesday, April 10th. Scotiabank lifted their price objective on Devon Energy from $53.00 to $67.00 and gave the company a “sector outperform” rating in a research report on Thursday, April 11th. Barclays started coverage on Devon Energy in a research report on Wednesday, April 10th. They issued an “equal weight” rating and a $59.00 price target for the company. Finally, Morgan Stanley boosted their price target on Devon Energy from $49.00 to $50.00 and gave the stock an “overweight” rating in a research report on Monday, April 15th. Five equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $58.33.

Devon Energy Price Performance

Shares of DVN stock traded down $0.69 during trading hours on Wednesday, hitting $51.88. The company had a trading volume of 3,366,334 shares, compared to its average volume of 7,871,108. Devon Energy Co. has a 12 month low of $40.47 and a 12 month high of $55.09. The firm has a market capitalization of $32.94 billion, a price-to-earnings ratio of 8.92 and a beta of 2.19. The firm’s fifty day moving average is $48.30 and its 200 day moving average is $46.05. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.99 and a current ratio of 1.07.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, February 27th. The energy company reported $1.41 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.02. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The company had revenue of $4.15 billion for the quarter, compared to analyst estimates of $3.88 billion. During the same period in the prior year, the company posted $1.66 EPS. The company’s revenue was down 3.6% compared to the same quarter last year. On average, sell-side analysts predict that Devon Energy Co. will post 5.2 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were paid a $0.44 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.76 annualized dividend and a dividend yield of 3.39%. Devon Energy’s dividend payout ratio is currently 15.09%.

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.