Archer Investment Corp Sells 303 Shares of Devon Energy Co. (NYSE:DVN)

Archer Investment Corp lessened its stake in shares of Devon Energy Co. (NYSE:DVN) by 2.6% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 11,210 shares of the energy company’s stock after selling 303 shares during the quarter. Archer Investment Corp’s holdings in Devon Energy were worth $508,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Coppell Advisory Solutions LLC bought a new stake in shares of Devon Energy in the second quarter worth $25,000. Canada Pension Plan Investment Board bought a new stake in shares of Devon Energy in the first quarter worth $26,000. KB Financial Partners LLC bought a new stake in shares of Devon Energy in the first quarter worth $26,000. Annis Gardner Whiting Capital Advisors LLC bought a new stake in shares of Devon Energy in the third quarter worth $27,000. Finally, Sound Income Strategies LLC grew its stake in shares of Devon Energy by 60.7% in the fourth quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock worth $31,000 after purchasing an additional 255 shares during the last quarter. Institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Down 0.8 %

Shares of NYSE DVN traded down $0.40 during trading on Wednesday, hitting $51.78. 4,190,876 shares of the company traded hands, compared to its average volume of 8,053,934. The business’s fifty day moving average is $47.30 and its 200 day moving average is $45.78. Devon Energy Co. has a fifty-two week low of $40.47 and a fifty-two week high of $55.46. The firm has a market capitalization of $32.88 billion, a price-to-earnings ratio of 8.95 and a beta of 2.19. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.99 and a current ratio of 1.07.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, February 27th. The energy company reported $1.41 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.02. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The firm had revenue of $4.15 billion for the quarter, compared to analyst estimates of $3.88 billion. The business’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.66 earnings per share. Equities research analysts predict that Devon Energy Co. will post 5.02 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were given a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a dividend yield of 3.40%. The ex-dividend date was Thursday, March 14th. Devon Energy’s payout ratio is presently 15.09%.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Truist Financial reduced their price objective on shares of Devon Energy from $69.00 to $66.00 and set a “buy” rating on the stock in a research note on Friday, April 5th. Morgan Stanley boosted their price objective on shares of Devon Energy from $49.00 to $50.00 and gave the stock an “overweight” rating in a research note on Monday. Raymond James dropped their target price on shares of Devon Energy from $53.00 to $52.00 and set an “outperform” rating on the stock in a report on Wednesday, January 24th. Scotiabank boosted their target price on shares of Devon Energy from $53.00 to $67.00 and gave the company a “sector outperform” rating in a report on Thursday, April 11th. Finally, Barclays began coverage on shares of Devon Energy in a report on Wednesday, April 10th. They issued an “equal weight” rating and a $59.00 target price on the stock. Five investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $57.89.

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.