Argent Trust Co Has $747,000 Stock Position in Devon Energy Co. (NYSE:DVN)

Argent Trust Co lessened its stake in Devon Energy Co. (NYSE:DVN - Free Report) by 45.1% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 22,838 shares of the energy company's stock after selling 18,782 shares during the period. Argent Trust Co's holdings in Devon Energy were worth $747,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of DVN. Redwood Wealth Management Group LLC grew its stake in shares of Devon Energy by 3.9% in the fourth quarter. Redwood Wealth Management Group LLC now owns 8,141 shares of the energy company's stock valued at $266,000 after buying an additional 309 shares in the last quarter. Cornerstone Wealth Management LLC grew its position 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 valued at $695,000 after buying an additional 326 shares during the period. Annex Advisory Services LLC grew its holdings in Devon Energy by 1.2% during the 4th quarter. Annex Advisory Services LLC now owns 27,021 shares of the energy company's stock valued at $884,000 after buying an additional 327 shares in the last quarter. Independence Bank of Kentucky increased its stake in Devon Energy by 7.8% in the fourth quarter. Independence Bank of Kentucky now owns 4,580 shares of the energy company's stock valued at $150,000 after acquiring an additional 330 shares during the last quarter. Finally, Horizon Investments LLC increased its stake in shares of Devon Energy by 4.1% during the fourth quarter. Horizon Investments LLC now owns 8,843 shares of the energy company's stock valued at $289,000 after buying an additional 347 shares during the period. 69.72% of the stock is owned by hedge funds and other institutional investors.

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Devon Energy Trading Up 3.9 %

NYSE DVN traded up $1.11 during trading hours on Wednesday, hitting $29.64. 2,984,583 shares of the company were exchanged, compared to its average volume of 8,391,926. The stock has a market cap of $19.24 billion, a PE ratio of 6.50, a price-to-earnings-growth ratio of 1.20 and a beta of 1.50. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. Devon Energy Co. has a 52 week low of $25.89 and a 52 week high of $53.20. The stock has a 50-day moving average price of $34.17 and a 200 day moving average price of $36.00.

Devon Energy (NYSE:DVN - Get Free Report) last issued its earnings results on Tuesday, February 18th. The energy company reported $1.16 EPS for the quarter, topping analysts' consensus estimates of $1.00 by $0.16. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. The company had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.25 billion. Analysts forecast that Devon Energy Co. will post 4.85 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 3.24%. This is a positive change from Devon Energy's previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Friday, March 14th. Devon Energy's payout ratio is presently 21.05%.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on DVN. Barclays increased their target price on shares of Devon Energy from $43.00 to $44.00 and gave the stock an "equal weight" rating in a report on Thursday, February 20th. Benchmark restated a "buy" rating and set a $44.00 target price on shares of Devon Energy in a research report on Thursday, February 20th. JPMorgan Chase & Co. decreased their price target on Devon Energy from $48.00 to $42.00 and set a "neutral" rating on the stock in a research note on Thursday, March 13th. Piper Sandler increased their target price on Devon Energy from $54.00 to $55.00 and gave the company an "overweight" rating in a report on Monday, February 24th. Finally, Royal Bank of Canada cut their price target on shares of Devon Energy from $49.00 to $40.00 and set a "sector perform" rating for the company in a report on Monday. Ten investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $46.71.

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.