Truist Financial Corp Sells 159,122 Shares of Devon Energy Co. (NYSE:DVN)

Truist Financial Corp lessened its stake in shares of Devon Energy Co. (NYSE:DVN) by 39.8% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 240,856 shares of the energy company’s stock after selling 159,122 shares during the period. Truist Financial Corp’s holdings in Devon Energy were worth $10,911,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. Kovack Advisors Inc. grew its stake in shares of Devon Energy by 159.6% during the 4th quarter. Kovack Advisors Inc. now owns 42,775 shares of the energy company’s stock valued at $1,938,000 after acquiring an additional 26,295 shares during the period. Bryn Mawr Capital Management LLC purchased a new stake in shares of Devon Energy in the fourth quarter worth $363,000. Syon Capital LLC raised its position in shares of Devon Energy by 5.6% during the 4th quarter. Syon Capital LLC now owns 14,957 shares of the energy company’s stock valued at $678,000 after purchasing an additional 791 shares during the period. Yacktman Asset Management LP lifted its stake in shares of Devon Energy by 6.9% during the 4th quarter. Yacktman Asset Management LP now owns 3,253,163 shares of the energy company’s stock valued at $147,368,000 after buying an additional 208,944 shares in the last quarter. Finally, Pittenger & Anderson Inc. boosted its holdings in Devon Energy by 2,222.2% in the 4th quarter. Pittenger & Anderson Inc. now owns 2,090 shares of the energy company’s stock worth $95,000 after buying an additional 2,000 shares during the period. Institutional investors own 69.72% of the company’s stock.

Devon Energy Trading Down 1.5 %

Shares of DVN stock opened at $50.40 on Thursday. The company has a market cap of $32.00 billion, a PE ratio of 8.64 and a beta of 2.19. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.07 and a quick ratio of 0.99. The stock’s 50 day simple moving average is $49.23 and its two-hundred day simple moving average is $46.24. Devon Energy Co. has a 1 year low of $40.47 and a 1 year high of $55.09.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.02. The company had revenue of $4.15 billion during the quarter, compared to the consensus estimate of $3.88 billion. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. Devon Energy’s revenue was down 3.6% on a year-over-year basis. During the same period last year, the company earned $1.66 earnings per share. Research analysts predict that Devon Energy Co. will post 5.28 earnings per share for the current year.

Devon Energy Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were paid a dividend of $0.44 per share. The ex-dividend date was Thursday, March 14th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.49%. Devon Energy’s dividend payout ratio is presently 15.09%.

Analyst Ratings Changes

DVN has been the topic of a number of recent analyst reports. Piper Sandler raised their price target on Devon Energy from $59.00 to $60.00 and gave the company an “overweight” rating in a report on Friday, April 19th. JPMorgan Chase & Co. boosted their price target on Devon Energy from $57.00 to $62.00 and gave the stock an “overweight” rating in a report on Monday, April 8th. Citigroup increased their price objective on shares of Devon Energy from $55.00 to $62.00 and gave the company a “buy” rating in a report on Thursday, April 11th. Wells Fargo & Company raised shares of Devon Energy from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $46.00 to $59.00 in a report on Monday, April 1st. Finally, Susquehanna raised their target price on shares of Devon Energy from $52.00 to $65.00 and gave the company a “positive” rating in a research note on Monday, April 22nd. Five research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $58.33.

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.