Maxwell Wealth Strategies Inc. Sells 20,933 Shares of Devon Energy Co. (NYSE:DVN)

Maxwell Wealth Strategies Inc. lowered its position in Devon Energy Co. (NYSE:DVN - Free Report) by 51.7% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 19,561 shares of the energy company's stock after selling 20,933 shares during the period. Maxwell Wealth Strategies Inc.'s holdings in Devon Energy were worth $640,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. boosted its position in Devon Energy by 7.3% during the fourth quarter. Vanguard Group Inc. now owns 80,682,170 shares of the energy company's stock worth $2,640,727,000 after purchasing an additional 5,465,692 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Devon Energy in the fourth quarter worth $154,170,000. Invesco Ltd. boosted its holdings in shares of Devon Energy by 32.8% during the 4th quarter. Invesco Ltd. now owns 9,461,719 shares of the energy company's stock worth $309,682,000 after buying an additional 2,335,473 shares during the period. Wealth Enhancement Advisory Services LLC grew its stake in Devon Energy by 90.8% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 2,724,407 shares of the energy company's stock valued at $89,170,000 after buying an additional 1,296,590 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in Devon Energy by 6.5% in the 4th quarter. Geode Capital Management LLC now owns 16,931,275 shares of the energy company's stock worth $552,830,000 after acquiring an additional 1,038,305 shares during the period. Institutional investors and hedge funds own 69.72% of the company's stock.

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Devon Energy Price Performance

Shares of DVN traded up $0.48 during trading hours on Friday, hitting $28.23. The stock had a trading volume of 12,096,764 shares, compared to its average volume of 8,392,362. The stock has a market capitalization of $18.32 billion, a price-to-earnings ratio of 6.19, a P/E/G ratio of 1.20 and a beta of 1.50. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01. The company's fifty day moving average is $34.38 and its two-hundred day moving average is $36.14. Devon Energy Co. has a 52 week low of $25.89 and a 52 week high of $55.09.

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

Devon Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were given a $0.24 dividend. This is an increase from Devon Energy's previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.96 annualized dividend and a yield of 3.40%. Devon Energy's payout ratio is presently 21.05%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on DVN. Truist Financial raised their price target on Devon Energy from $42.00 to $44.00 and gave the company a "hold" rating in a research report on Thursday, February 20th. Scotiabank dropped their price target on Devon Energy from $45.00 to $35.00 and set a "sector outperform" rating on the stock in a research report on Friday. Citigroup reduced their price objective on Devon Energy from $46.00 to $43.00 and set a "buy" rating for the company in a research report on Friday, April 4th. Wells Fargo & Company dropped their target price on shares of Devon Energy from $49.00 to $43.00 and set an "overweight" rating on the stock in a research report on Tuesday, December 17th. Finally, Wolfe Research upgraded shares of Devon Energy from a "peer perform" rating to an "outperform" rating and set a $45.00 target price for the company in a research note on Friday, January 3rd. 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 data from MarketBeat, Devon Energy currently has a consensus rating of "Moderate Buy" and an average price target of $47.08.

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.