Flputnam Investment Management Co. Trims Holdings in Devon Energy Co. (NYSE:DVN)

Flputnam Investment Management Co. lessened its stake in Devon Energy Co. (NYSE:DVN) by 11.4% in the fourth quarter, Holdings Channel reports. The institutional investor owned 75,335 shares of the energy company’s stock after selling 9,651 shares during the quarter. Flputnam Investment Management Co.’s holdings in Devon Energy were worth $2,466,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. EnCap Energy Capital Fund XI L.P. bought a new stake in Devon Energy in the third quarter valued at about $461,857,000. EnCap Partners GP LLC acquired a new position in shares of Devon Energy in the 3rd quarter worth approximately $408,653,000. EnCap Energy Capital Fund X L.P. bought a new stake in shares of Devon Energy in the 3rd quarter valued at approximately $230,928,000. Pacer Advisors Inc. raised its position in shares of Devon Energy by 16.9% during the 3rd quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock valued at $453,446,000 after acquiring an additional 1,677,652 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its stake in Devon Energy by 90.8% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 2,724,407 shares of the energy company’s stock worth $89,170,000 after purchasing an additional 1,296,590 shares during the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Trading Up 1.0 %

Shares of NYSE:DVN opened at $36.24 on Friday. The company has a 50 day moving average of $34.94 and a 200-day moving average of $38.05. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57. The firm has a market cap of $23.52 billion, a P/E ratio of 7.95, a P/E/G ratio of 1.20 and a beta of 1.98. Devon Energy Co. has a twelve month low of $30.39 and a twelve month high of $55.09.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.16. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The firm had revenue of $4.40 billion during the quarter, compared to the consensus estimate of $4.25 billion. As a group, analysts anticipate 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 will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.96 annualized dividend and a yield of 2.65%. This is a boost from Devon Energy’s previous quarterly dividend of $0.22. Devon Energy’s dividend payout ratio (DPR) is currently 21.05%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on DVN shares. Sanford C. Bernstein raised shares of Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 target price on the stock in a report on Wednesday, January 15th. StockNews.com upgraded shares of Devon Energy from a “sell” rating to a “hold” rating in a research note on Friday, January 3rd. Barclays lifted their target price on Devon Energy from $43.00 to $44.00 and gave the company an “equal weight” rating in a research note on Thursday, February 20th. JPMorgan Chase & Co. cut Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price target on the stock. in a research report on Thursday, December 5th. Finally, Wells Fargo & Company reduced their price objective on Devon Energy from $49.00 to $43.00 and set an “overweight” rating for the company in a research report on Tuesday, December 17th. Ten investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $48.87.

Devon Energy 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.