Canal Capital Management LLC Sells 43,294 Shares of Devon Energy Co. (NYSE:DVN)

Canal Capital Management LLC lessened its holdings in Devon Energy Co. (NYSE:DVN) by 43.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 57,441 shares of the energy company’s stock after selling 43,294 shares during the period. Canal Capital Management LLC’s holdings in Devon Energy were worth $2,602,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of DVN. Canada Pension Plan Investment Board acquired a new position in shares of Devon Energy in the first quarter valued at approximately $26,000. Fortis Capital Advisors LLC acquired a new position in shares of Devon Energy in the fourth quarter valued at approximately $31,000. KB Financial Partners LLC acquired a new position in shares of Devon Energy in the first quarter valued at approximately $26,000. Coppell Advisory Solutions LLC acquired a new position in shares of Devon Energy in the second quarter valued at approximately $25,000. Finally, Annis Gardner Whiting Capital Advisors LLC acquired a new position in shares of Devon Energy in the third quarter valued at approximately $27,000. Institutional investors own 69.72% of the company’s stock.

Devon Energy Price Performance

Shares of DVN opened at $53.27 on Friday. Devon Energy Co. has a 12-month low of $40.47 and a 12-month high of $56.19. The business’s fifty day moving average is $45.67 and its 200 day moving average is $45.50. The company has a quick ratio of 0.99, a current ratio of 1.07 and a debt-to-equity ratio of 0.46. The stock has a market cap of $33.83 billion, a P/E ratio of 9.14 and a beta of 2.19.

Devon Energy (NYSE:DVN) last issued its 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. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. 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 business earned $1.66 EPS. Devon Energy’s quarterly revenue was down 3.6% compared to the same quarter last year. Sell-side analysts anticipate that Devon Energy Co. will post 4.87 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The company 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. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.30%. The ex-dividend date of this dividend was Thursday, March 14th. Devon Energy’s dividend payout ratio is currently 15.09%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Mizuho lowered their price objective on Devon Energy from $54.00 to $53.00 and set a “buy” rating for the company in a research note on Thursday, January 11th. Stifel Nicolaus decreased their target price 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. Wells Fargo & Company raised shares of Devon Energy from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $46.00 to $59.00 in a research report on Monday, April 1st. Morgan Stanley increased their target price on shares of Devon Energy from $48.00 to $49.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Finally, Piper Sandler decreased their target price on shares of Devon Energy from $61.00 to $59.00 and set an “overweight” rating for the company in a research report on Wednesday, January 24th. Four analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Devon Energy presently has an average rating of “Moderate Buy” and an average price target of $55.94.

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.