Modus Advisors LLC Decreases Holdings in Devon Energy Co. (NYSE:DVN)

Modus Advisors LLC reduced its position in Devon Energy Co. (NYSE:DVN) by 58.6% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,734 shares of the energy company’s stock after selling 6,705 shares during the period. Modus Advisors LLC’s holdings in Devon Energy were worth $155,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of DVN. Ritholtz Wealth Management acquired a new stake in Devon Energy during the 2nd quarter valued at $489,000. Natixis Advisors LLC increased its position in Devon Energy by 46.1% during the 2nd quarter. Natixis Advisors LLC now owns 334,882 shares of the energy company’s stock worth $15,873,000 after purchasing an additional 105,644 shares in the last quarter. CIBC Asset Management Inc raised its stake in Devon Energy by 11.0% in the 2nd quarter. CIBC Asset Management Inc now owns 100,824 shares of the energy company’s stock valued at $4,779,000 after purchasing an additional 9,954 shares during the last quarter. First National Trust Co lifted its holdings in Devon Energy by 20.9% in the 2nd quarter. First National Trust Co now owns 8,615 shares of the energy company’s stock valued at $408,000 after purchasing an additional 1,488 shares in the last quarter. Finally, Simon Quick Advisors LLC grew its holdings in shares of Devon Energy by 8.7% during the second quarter. Simon Quick Advisors LLC now owns 5,112 shares of the energy company’s stock worth $242,000 after buying an additional 410 shares in the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently issued reports on DVN. Raymond James reduced their price objective on shares of Devon Energy from $58.00 to $51.00 in a research note on Tuesday, November 5th. BMO Capital Markets decreased their price objective on Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a report on Friday, October 4th. Susquehanna dropped their target price on Devon Energy from $63.00 to $62.00 and set a “positive” rating for the company in a research note on Friday, October 18th. Evercore ISI decreased their price target on Devon Energy from $55.00 to $50.00 and set an “in-line” rating on the stock in a research note on Monday, September 30th. Finally, Piper Sandler dropped their price objective on shares of Devon Energy from $57.00 to $53.00 and set an “overweight” rating for the company in a research note on Tuesday, December 17th. Eleven research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $49.81.

Devon Energy Stock Performance

DVN stock traded up $0.40 during mid-day trading on Friday, reaching $33.80. The company had a trading volume of 1,566,805 shares, compared to its average volume of 5,663,636. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. Devon Energy Co. has a one year low of $30.39 and a one year high of $55.09. The stock’s 50-day simple moving average is $36.07 and its two-hundred day simple moving average is $41.12. The stock has a market capitalization of $22.20 billion, a P/E ratio of 6.27, a P/E/G ratio of 1.10 and a beta of 1.99.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The business had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same period in the previous year, the firm posted $1.65 earnings per share. The business’s revenue was up 4.9% on a year-over-year basis. Research analysts anticipate that Devon Energy Co. will post 4.79 EPS for the current year.

Devon Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.60%. The ex-dividend date was Friday, December 13th. Devon Energy’s payout ratio is 16.33%.

Devon Energy Company 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.