Alpine Woods Capital Investors LLC Trims Holdings in Devon Energy Co. (NYSE:DVN)

Alpine Woods Capital Investors LLC trimmed its stake in Devon Energy Co. (NYSE:DVN) by 73.1% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 13,553 shares of the energy company’s stock after selling 36,815 shares during the period. Alpine Woods Capital Investors LLC’s holdings in Devon Energy were worth $614,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in DVN. Geode Capital Management LLC increased its stake in Devon Energy by 6.2% during the 1st quarter. Geode Capital Management LLC now owns 14,145,039 shares of the energy company’s stock worth $715,360,000 after buying an additional 823,626 shares during the period. Morgan Stanley boosted its holdings in shares of Devon Energy by 23.6% in the 3rd quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock valued at $555,567,000 after buying an additional 2,220,194 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in shares of Devon Energy by 5.1% in the 3rd quarter. Victory Capital Management Inc. now owns 8,470,996 shares of the energy company’s stock valued at $404,067,000 after buying an additional 411,777 shares in the last quarter. Raymond James & Associates boosted its holdings in shares of Devon Energy by 5.0% in the 3rd quarter. Raymond James & Associates now owns 8,429,670 shares of the energy company’s stock valued at $402,095,000 after buying an additional 402,055 shares in the last quarter. Finally, Northern Trust Corp boosted its stake in Devon Energy by 1.4% during the 1st quarter. Northern Trust Corp now owns 7,371,571 shares of the energy company’s stock worth $435,881,000 after purchasing an additional 99,059 shares during the period. 69.72% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on DVN. UBS Group decreased their price target on shares of Devon Energy from $52.00 to $48.00 and set a “neutral” rating for the company in a research note on Thursday, December 14th. Truist Financial decreased their price target on shares of Devon Energy from $69.00 to $66.00 and set a “buy” rating for the company in a research note on Friday. Wells Fargo & Company upgraded shares of Devon Energy from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $46.00 to $59.00 in a research note on Monday, April 1st. Morgan Stanley increased their price target on shares of Devon Energy from $48.00 to $49.00 and gave the stock an “overweight” rating in a research note on Thursday, March 28th. Finally, Stifel Nicolaus cut their price objective on shares of Devon Energy from $75.00 to $65.00 and set a “buy” rating for the company in a research report on Friday, March 22nd. Four investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $55.94.

Devon Energy Trading Up 1.4 %

Shares of Devon Energy stock traded up $0.73 during mid-day trading on Friday, hitting $53.27. 7,595,729 shares of the stock were exchanged, compared to its average volume of 7,331,053. Devon Energy Co. has a twelve month low of $40.47 and a twelve month high of $56.19. The stock has a market capitalization of $33.83 billion, a price-to-earnings ratio of 9.14 and a beta of 2.19. The company has a 50-day simple moving average of $45.67 and a 200 day simple moving average of $45.53. The company has a current ratio of 1.07, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.02. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The company had revenue of $4.15 billion for the quarter, compared to analysts’ expectations of $3.88 billion. During the same period last year, the company earned $1.66 EPS. The firm’s revenue for the quarter was down 3.6% compared to the same quarter last year. Research analysts forecast that Devon Energy Co. will post 4.74 EPS for the current year.

Devon Energy Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were issued a $0.44 dividend. The ex-dividend date was Thursday, March 14th. This represents a $1.76 dividend on an annualized basis and a yield of 3.30%. Devon Energy’s payout ratio is 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.