Devon Energy Co. (NYSE:DVN) Shares Sold by Sei Investments Co.

Sei Investments Co. cut its holdings in shares of Devon Energy Co. (NYSE:DVN - Free Report) by 59.0% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 140,110 shares of the energy company's stock after selling 201,474 shares during the quarter. Sei Investments Co.'s holdings in Devon Energy were worth $4,585,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of DVN. Cromwell Holdings LLC raised its holdings in Devon Energy by 98.0% in the fourth quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company's stock valued at $40,000 after acquiring an additional 598 shares in the last quarter. Sierra Ocean LLC acquired a new position in Devon Energy during the 4th quarter worth approximately $43,000. Endeavor Private Wealth Inc. purchased a new stake in shares of Devon Energy in the 4th quarter valued at approximately $52,000. Thompson Investment Management Inc. raised its holdings in shares of Devon Energy by 60.0% in the 4th quarter. Thompson Investment Management Inc. now owns 1,600 shares of the energy company's stock valued at $52,000 after purchasing an additional 600 shares in the last quarter. Finally, Asset Planning Inc purchased a new stake in shares of Devon Energy during the 4th quarter worth $54,000. Hedge funds and other institutional investors own 69.72% of the company's stock.

Analyst Ratings Changes

A number of analysts have weighed in on DVN shares. Wells Fargo & Company cut their price target on Devon Energy from $49.00 to $43.00 and set an "overweight" rating on the stock in a research note on Tuesday, December 17th. Williams Trading set a $50.00 target price on Devon Energy in a research note on Wednesday, March 5th. Truist Financial increased their price target on shares of Devon Energy from $42.00 to $44.00 and gave the company a "hold" rating in a research note on Thursday, February 20th. Citigroup lowered their target price on shares of Devon Energy from $46.00 to $43.00 and set a "buy" rating for the company in a report on Friday. Finally, Barclays boosted their price target on shares of Devon Energy from $43.00 to $44.00 and gave the company an "equal weight" rating in a research report on Thursday, February 20th. 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 company has an average rating of "Moderate Buy" and a consensus target price of $48.17.

Devon Energy Price Performance

Devon Energy stock traded down $3.87 during midday trading on Friday, reaching $29.30. The company's stock had a trading volume of 23,066,739 shares, compared to its average volume of 8,198,942. The firm has a market capitalization of $19.01 billion, a PE ratio of 6.42, a P/E/G ratio of 1.20 and a beta of 1.50. Devon Energy Co. has a fifty-two week low of $29.06 and a fifty-two week high of $55.09. The stock's 50 day simple moving average is $35.22 and its 200 day simple moving average is $36.67. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings data 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 firm had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.25 billion. On average, equities research analysts forecast that Devon Energy Co. will post 4.85 earnings per share for the current year.

Devon Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were issued a dividend of $0.24 per share. The ex-dividend date of this dividend was Friday, March 14th. This is a boost from Devon Energy's previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a yield of 3.28%. Devon Energy's payout ratio is currently 21.05%.

About Devon Energy

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.