Morse Asset Management Inc Has $46,000 Position in Devon Energy Co. (NYSE:DVN)

Morse Asset Management Inc cut its position in Devon Energy Co. (NYSE:DVN) by 56.5% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,400 shares of the energy company’s stock after selling 1,815 shares during the quarter. Morse Asset Management Inc’s holdings in Devon Energy were worth $46,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Devon Energy by 330.0% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 279,310 shares of the energy company’s stock worth $9,142,000 after buying an additional 214,349 shares during the last quarter. Investment Management Corp of Ontario boosted its position in Devon Energy by 71.5% during the fourth quarter. Investment Management Corp of Ontario now owns 35,809 shares of the energy company’s stock worth $1,172,000 after purchasing an additional 14,925 shares during the period. Ensign Peak Advisors Inc boosted its position in shares of Devon Energy by 208.3% in the fourth quarter. Ensign Peak Advisors Inc now owns 283,882 shares of the energy company’s stock valued at $9,291,000 after acquiring an additional 191,788 shares during the period. Ethic Inc. boosted its position in shares of Devon Energy by 59.4% in the fourth quarter. Ethic Inc. now owns 54,118 shares of the energy company’s stock valued at $1,771,000 after acquiring an additional 20,175 shares during the period. Finally, Deutsche Bank AG raised its stake in Devon Energy by 3.0% in the fourth quarter. Deutsche Bank AG now owns 3,492,902 shares of the energy company’s stock valued at $114,323,000 after purchasing an additional 102,725 shares in the last quarter. 69.72% of the stock is owned by institutional investors.

Devon Energy Trading Up 2.2%

DVN opened at $34.29 on Wednesday. The firm has a market capitalization of $22.06 billion, a P/E ratio of 7.52, a P/E/G ratio of 1.20 and a beta of 1.00. The firm’s 50 day moving average is $32.56 and its 200-day moving average is $34.64. Devon Energy Co. has a 52-week low of $25.89 and a 52-week high of $50.24. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, May 6th. The energy company reported $1.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.06). Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. The firm had revenue of $4.45 billion for the quarter, compared to analysts’ expectations of $4.31 billion. During the same quarter in the prior year, the business earned $1.16 EPS. The company’s revenue for the quarter was up 23.8% on a year-over-year basis. Analysts expect that Devon Energy Co. will post 4.85 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be issued a dividend of $0.24 per share. The ex-dividend date is Friday, June 13th. This represents a $0.96 annualized dividend and a yield of 2.80%. Devon Energy’s dividend payout ratio is presently 21.87%.

Analysts Set New Price Targets

Several research firms have commented on DVN. Bank of America decreased their price target on shares of Devon Energy from $52.00 to $42.00 and set a “buy” rating on the stock in a research note on Tuesday, April 29th. Benchmark reaffirmed a “buy” rating and issued a $44.00 target price on shares of Devon Energy in a research report on Thursday, February 20th. Morgan Stanley set a $47.00 price target on shares of Devon Energy and gave the company an “overweight” rating in a research report on Wednesday, March 26th. Sanford C. Bernstein raised shares of Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 target price for the company in a report on Wednesday, January 15th. Finally, Scotiabank reduced their price target on shares of Devon Energy from $45.00 to $35.00 and set a “sector outperform” rating for the company in a research note on Friday, April 11th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $43.78.

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.