Devon Energy Co. (NYSE:DVN) Shares Sold by Newbridge Financial Services Group Inc.

Newbridge Financial Services Group Inc. cut its position in Devon Energy Co. (NYSE:DVN) by 14.8% during the 4th quarter, HoldingsChannel reports. The firm owned 15,892 shares of the energy company’s stock after selling 2,768 shares during the quarter. Newbridge Financial Services Group Inc.’s holdings in Devon Energy were worth $720,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Manchester Capital Management LLC bought a new stake in shares of Devon Energy during the fourth quarter valued at about $28,000. Sound Income Strategies LLC raised its stake in shares of Devon Energy by 60.7% in the 4th quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock worth $31,000 after buying an additional 255 shares in the last quarter. Rise Advisors LLC boosted its stake in Devon Energy by 1,365.3% during the fourth quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock valued at $33,000 after buying an additional 669 shares in the last quarter. Jones Financial Companies Lllp raised its position in Devon Energy by 104.8% in the fourth quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock worth $33,000 after acquiring an additional 374 shares in the last quarter. Finally, PFS Partners LLC bought a new position in shares of Devon Energy during the 4th quarter valued at about $36,000. 69.72% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. UBS Group increased their target price on shares of Devon Energy from $48.00 to $57.00 and gave the company a “neutral” rating in a research note on Wednesday, April 10th. Scotiabank raised their price objective on Devon Energy from $53.00 to $67.00 and gave the stock a “sector outperform” rating in a research note on Thursday, April 11th. Morgan Stanley lifted their target price on Devon Energy from $49.00 to $50.00 and gave the stock an “overweight” rating in a report on Monday, April 15th. Truist Financial reduced their target price on Devon Energy from $69.00 to $67.00 and set a “buy” rating for the company in a report on Friday, May 3rd. Finally, Piper Sandler upped their price target on shares of Devon Energy from $60.00 to $61.00 and gave the company an “overweight” rating in a research report on Tuesday, May 14th. Four equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, Devon Energy currently has a consensus rating of “Moderate Buy” and a consensus target price of $59.24.

Insider Transactions at Devon Energy

In related news, EVP Tana K. Cashion sold 20,000 shares of the company’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $51.04, for a total value of $1,020,800.00. Following the sale, the executive vice president now owns 104,182 shares of the company’s stock, valued at $5,317,449.28. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.73% of the stock is owned by insiders.

Devon Energy Stock Performance

DVN stock traded up $0.61 during trading on Tuesday, reaching $46.37. 561,795 shares of the stock were exchanged, compared to its average volume of 7,346,045. Devon Energy Co. has a twelve month low of $40.47 and a twelve month high of $55.09. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $29.31 billion, a P/E ratio of 8.73 and a beta of 2.08. The stock has a 50 day simple moving average of $49.86 and a 200-day simple moving average of $46.77.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.10 by $0.06. The business had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.64 billion. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. Devon Energy’s quarterly revenue was down 5.9% on a year-over-year basis. During the same period in the previous year, the business posted $1.46 earnings per share. As a group, sell-side analysts anticipate that Devon Energy Co. will post 5.18 earnings per share for the current year.

Devon Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.90%. The ex-dividend date of this dividend is Friday, June 14th. Devon Energy’s dividend payout ratio is 16.79%.

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.