Sentry Investment Management LLC Lowers Position in Devon Energy Co. (NYSE:DVN)

Sentry Investment Management LLC trimmed its holdings in shares of Devon Energy Co. (NYSE:DVN) by 14.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,410 shares of the energy company’s stock after selling 392 shares during the quarter. Sentry Investment Management LLC’s holdings in Devon Energy were worth $79,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Hazlett Burt & Watson Inc. grew its stake in shares of Devon Energy by 29.8% in the third quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock valued at $49,000 after buying an additional 290 shares in the last quarter. Sfmg LLC boosted its holdings in Devon Energy by 0.5% during the 3rd quarter. Sfmg LLC now owns 64,871 shares of the energy company’s stock valued at $2,538,000 after acquiring an additional 294 shares during the period. Redwood Wealth Management Group LLC grew its position in Devon Energy by 3.9% in the 4th quarter. Redwood Wealth Management Group LLC now owns 8,141 shares of the energy company’s stock valued at $266,000 after acquiring an additional 309 shares in the last quarter. Cornerstone Wealth Management LLC increased its stake in Devon Energy by 1.6% during the fourth quarter. Cornerstone Wealth Management LLC now owns 21,242 shares of the energy company’s stock worth $695,000 after purchasing an additional 326 shares during the period. Finally, Annex Advisory Services LLC lifted its position in shares of Devon Energy by 1.2% during the fourth quarter. Annex Advisory Services LLC now owns 27,021 shares of the energy company’s stock worth $884,000 after purchasing an additional 327 shares in the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Stock Up 1.1 %

Devon Energy stock opened at $35.85 on Friday. The company has a market capitalization of $23.26 billion, a P/E ratio of 7.86, a PEG ratio of 1.20 and a beta of 1.98. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04. Devon Energy Co. has a fifty-two week low of $30.39 and a fifty-two week high of $55.09. The stock has a 50-day simple moving average of $34.83 and a 200-day simple moving average of $38.16.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.16. The company had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.25 billion. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. Equities research analysts expect that Devon Energy Co. will post 4.85 earnings per share for the current year.

Devon Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be given a dividend of $0.24 per share. This is an increase from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a yield of 2.68%. The ex-dividend date of this dividend is Friday, March 14th. Devon Energy’s dividend payout ratio (DPR) is presently 21.05%.

Analyst Ratings Changes

Several brokerages recently weighed in on DVN. JPMorgan Chase & Co. downgraded shares of Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 target price on the stock. in a research note on Thursday, December 5th. Truist Financial upped their price objective on Devon Energy from $42.00 to $44.00 and gave the stock a “hold” rating in a research report on Thursday, February 20th. Wolfe Research upgraded Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 target price for the company in a report on Friday, January 3rd. Barclays upped their price target on Devon Energy from $43.00 to $44.00 and gave the stock an “equal weight” rating in a report on Thursday, February 20th. Finally, Sanford C. Bernstein upgraded Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a research note on Wednesday, January 15th. Ten equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, Devon Energy currently has an average rating of “Moderate Buy” and an average target price of $48.87.

Devon Energy 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.