Thurston Springer Miller Herd & Titak Inc. Reduces Holdings in Devon Energy Co. (NYSE:DVN)

Thurston Springer Miller Herd & Titak Inc. reduced its stake in Devon Energy Co. (NYSE:DVN) by 62.1% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,794 shares of the energy company’s stock after selling 4,586 shares during the quarter. Thurston Springer Miller Herd & Titak Inc.’s holdings in Devon Energy were worth $91,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. EnCap Energy Capital Fund XI L.P. acquired a new position in Devon Energy during the 3rd quarter valued at approximately $461,857,000. EnCap Partners GP LLC purchased a new stake in shares of Devon Energy during the third quarter valued at $408,653,000. EnCap Energy Capital Fund X L.P. acquired a new position in shares of Devon Energy in the 3rd quarter valued at $230,928,000. International Assets Investment Management LLC raised its stake in Devon Energy by 4,125.7% in the 3rd quarter. International Assets Investment Management LLC now owns 2,280,961 shares of the energy company’s stock worth $89,231,000 after acquiring an additional 2,226,983 shares during the last quarter. Finally, Pacer Advisors Inc. lifted its position in Devon Energy by 16.9% during the 3rd quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock worth $453,446,000 after acquiring an additional 1,677,652 shares during the period. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Stock Performance

DVN opened at $37.98 on Friday. The firm’s fifty day simple moving average is $35.48 and its two-hundred day simple moving average is $40.32. Devon Energy Co. has a 52-week low of $30.39 and a 52-week high of $55.09. The company has a market cap of $24.95 billion, a price-to-earnings ratio of 7.05, a PEG ratio of 1.14 and a beta of 2.00. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The firm had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same period last year, the company posted $1.65 EPS. Devon Energy’s quarterly revenue was up 4.9% compared to the same quarter last year. Equities analysts anticipate that Devon Energy Co. will post 4.72 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Friday, December 13th were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.32%. The ex-dividend date of this dividend was Friday, December 13th. Devon Energy’s payout ratio is 16.33%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on DVN. TD Cowen cut their price objective on Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a report on Tuesday, November 5th. Wells Fargo & Company cut their price target on shares of Devon Energy from $49.00 to $43.00 and set an “overweight” rating on the stock in a report on Tuesday, December 17th. Piper Sandler decreased their price objective on shares of Devon Energy from $57.00 to $53.00 and set an “overweight” rating for the company in a research note on Tuesday, December 17th. Scotiabank cut their price objective on shares of Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating on the stock in a research note on Thursday, October 10th. Finally, Truist Financial reduced their target price on shares of Devon Energy from $43.00 to $42.00 and set a “hold” rating for the company in a report on Monday, January 13th. Nine equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $49.27.

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.