Bessemer Group Inc. Decreases Stock Position in Devon Energy Corporation (NYSE:DVN)

Bessemer Group Inc. trimmed its position in Devon Energy Corporation (NYSE:DVN - Free Report) by 66.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 40,887 shares of the energy company's stock after selling 80,032 shares during the period. Bessemer Group Inc.'s holdings in Devon Energy were worth $1,528,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently modified their holdings of the company. Hurley Capital LLC acquired a new position in shares of Devon Energy in the 4th quarter valued at about $26,000. Accredited Wealth Management LLC acquired a new position in Devon Energy in the 4th quarter valued at $28,000. Rakuten Securities Inc. raised its position in shares of Devon Energy by 94.6% in the first quarter. Rakuten Securities Inc. now owns 833 shares of the energy company's stock valued at $31,000 after buying an additional 405 shares during the last quarter. Salem Investment Counselors Inc. lifted its stake in Devon Energy by 46.7% in the 1st quarter. Salem Investment Counselors Inc. now owns 1,257 shares of the energy company's stock worth $47,000 after purchasing an additional 400 shares in the last quarter. Finally, Sound Income Strategies LLC boosted its stake in Devon Energy by 100.1% during the first quarter. Sound Income Strategies LLC now owns 1,911 shares of the energy company's stock worth $71,000 after buying an additional 956 shares during the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on DVN shares. Piper Sandler dropped their price target on shares of Devon Energy from $56.00 to $53.00 and set an "overweight" rating for the company in a research note on Tuesday, May 13th. Scotiabank lowered their price objective on shares of Devon Energy from $45.00 to $35.00 and set a "sector outperform" rating for the company in a research note on Friday, April 11th. Barclays boosted their target price on Devon Energy from $38.00 to $40.00 and gave the stock an "equal weight" rating in a research note on Wednesday, May 7th. Morgan Stanley increased their price objective on shares of Devon Energy from $42.00 to $44.00 and gave the company an "overweight" rating in a research report on Friday, May 23rd. Finally, Williams Trading set a $50.00 target price on Devon Energy in a research report on Wednesday, March 5th. Ten investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. According to MarketBeat, Devon Energy has a consensus rating of "Moderate Buy" and an average price target of $43.50.

Devon Energy Trading Up 2.5%

NYSE:DVN traded up $0.81 on Tuesday, reaching $32.62. The stock had a trading volume of 7,281,214 shares, compared to its average volume of 8,842,657. The company has a market cap of $20.95 billion, a price-to-earnings ratio of 7.43, a P/E/G ratio of 2.37 and a beta of 1.02. Devon Energy Corporation has a 12-month low of $25.89 and a 12-month high of $49.35. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.08 and a quick ratio of 0.99. The firm's fifty day moving average is $32.26 and its two-hundred day moving average is $33.40.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The energy company reported $1.21 EPS for the quarter, missing analysts' consensus estimates of $1.27 by ($0.06). Devon Energy had a net margin of 16.60% and a return on equity of 21.90%. The business had revenue of $4.45 billion during the quarter, compared to analysts' expectations of $4.31 billion. Devon Energy's revenue for the quarter was up 23.8% on a year-over-year basis. During the same period in the prior year, the firm earned $1.16 EPS. Equities analysts expect that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were issued a dividend of $0.24 per share. The ex-dividend date of this dividend was Friday, June 13th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.94%. Devon Energy's payout ratio is 21.87%.

Devon Energy Company 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.