First Trust Direct Indexing L.P. Sells 2,191 Shares of Devon Energy Co. (NYSE:DVN)

First Trust Direct Indexing L.P. cut its position in Devon Energy Co. (NYSE:DVN) by 11.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,350 shares of the energy company’s stock after selling 2,191 shares during the quarter. First Trust Direct Indexing L.P.’s holdings in Devon Energy were worth $741,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the company. Annis Gardner Whiting Capital Advisors LLC bought a new stake in shares of Devon Energy during the 3rd quarter valued at $27,000. Sound Income Strategies LLC raised its stake in shares of Devon Energy by 60.7% during the 4th quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock valued at $31,000 after purchasing an additional 255 shares during the period. Rise Advisors LLC raised its stake in shares of Devon Energy by 1,365.3% during the 4th quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock valued at $33,000 after purchasing an additional 669 shares during the period. PFS Partners LLC bought a new stake in shares of Devon Energy during the 4th quarter valued at $36,000. Finally, Naples Money Management LLC bought a new stake in shares of Devon Energy during the 4th quarter valued at $40,000. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Trading Up 0.4 %

Shares of DVN stock opened at $50.54 on Friday. The business has a 50-day moving average of $49.62 and a 200 day moving average of $46.31. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.04 and a quick ratio of 0.99. Devon Energy Co. has a 1-year low of $40.47 and a 1-year high of $55.09. The stock has a market capitalization of $32.09 billion, a PE ratio of 9.65 and a beta of 2.16.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Wednesday, May 1st. The energy company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.10 by $0.06. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The firm had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.64 billion. During the same quarter in the prior year, the firm posted $1.46 earnings per share. The business’s quarterly revenue was down 5.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Devon Energy Co. will post 5.24 earnings per share for the current year.

Devon Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.74%. The ex-dividend date is Friday, June 14th. Devon Energy’s payout ratio is 16.79%.

Analyst Ratings Changes

A number of research firms recently issued reports on DVN. StockNews.com upgraded Devon Energy from a “hold” rating to a “buy” rating in a research note on Friday. Royal Bank of Canada reiterated a “sector perform” rating and set a $55.00 price objective on shares of Devon Energy in a research note on Thursday, March 7th. Raymond James decreased their target price on Devon Energy from $53.00 to $52.00 and set an “outperform” rating on the stock in a research note on Wednesday, January 24th. JPMorgan Chase & Co. upped their target price on Devon Energy from $57.00 to $62.00 and gave the stock an “overweight” rating in a research note on Monday, April 8th. Finally, Truist Financial decreased their target price on Devon Energy from $69.00 to $67.00 and set a “buy” rating on the stock in a research note on Friday. Four research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $58.44.

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.