Devon Energy Co. (NYSE:DVN) Position Cut by Advisors Asset Management Inc.

Advisors Asset Management Inc. reduced its stake in shares of Devon Energy Co. (NYSE:DVN) by 18.8% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 130,198 shares of the energy company’s stock after selling 30,079 shares during the quarter. Advisors Asset Management Inc.’s holdings in Devon Energy were worth $5,093,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of DVN. Victory Capital Management Inc. lifted its holdings in Devon Energy by 3.8% in the third quarter. Victory Capital Management Inc. now owns 9,971,343 shares of the energy company’s stock worth $390,079,000 after purchasing an additional 361,968 shares during the period. Pacer Advisors Inc. lifted its holdings in Devon Energy by 16.8% in the second quarter. Pacer Advisors Inc. now owns 9,913,516 shares of the energy company’s stock worth $469,901,000 after purchasing an additional 1,428,776 shares during the period. Raymond James & Associates lifted its holdings in Devon Energy by 1.5% in the second quarter. Raymond James & Associates now owns 9,183,778 shares of the energy company’s stock worth $435,311,000 after purchasing an additional 138,919 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Devon Energy by 16.7% in the second quarter. Dimensional Fund Advisors LP now owns 8,793,217 shares of the energy company’s stock worth $416,779,000 after purchasing an additional 1,255,543 shares during the period. Finally, Smead Capital Management Inc. lifted its holdings in Devon Energy by 3.5% in the third quarter. Smead Capital Management Inc. now owns 5,879,516 shares of the energy company’s stock worth $230,007,000 after purchasing an additional 198,193 shares during the period. 69.72% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms recently weighed in on DVN. TD Cowen reduced their price objective on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a report on Tuesday, November 5th. Piper Sandler boosted their price target on shares of Devon Energy from $56.00 to $57.00 and gave the stock an “overweight” rating in a research report on Monday. Barclays dropped their price target on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 3rd. Wells Fargo & Company dropped their price target on shares of Devon Energy from $50.00 to $49.00 and set an “overweight” rating on the stock in a research report on Thursday, November 7th. Finally, Morgan Stanley dropped their price target on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a research report on Monday, September 16th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $51.85.

Devon Energy Price Performance

Shares of DVN opened at $38.77 on Friday. The company has a market capitalization of $25.47 billion, a price-to-earnings ratio of 7.19, a P/E/G ratio of 1.20 and a beta of 2.03. Devon Energy Co. has a fifty-two week low of $37.76 and a fifty-two week high of $55.09. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. The business’s 50-day moving average is $39.94 and its 200-day moving average is $44.08.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating the consensus estimate of $1.09 by $0.01. The business had revenue of $4.02 billion during the quarter, compared to analysts’ expectations of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The firm’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.65 EPS. Equities research analysts expect that Devon Energy Co. will post 4.81 EPS for the current fiscal year.

Devon Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.27%. Devon Energy’s payout ratio is 16.33%.

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.