Devon Energy Co. (NYSE:DVN) Stake Reduced by GoodHaven Capital Management LLC

GoodHaven Capital Management LLC trimmed its holdings in shares of Devon Energy Co. (NYSE:DVN) by 1.2% in the 1st quarter, HoldingsChannel.com reports. The fund owned 446,971 shares of the energy company’s stock after selling 5,386 shares during the quarter. Devon Energy comprises approximately 5.7% of GoodHaven Capital Management LLC’s holdings, making the stock its 6th largest holding. GoodHaven Capital Management LLC’s holdings in Devon Energy were worth $16,717,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. Park Avenue Securities LLC lifted its holdings in Devon Energy by 45.4% in the first quarter. Park Avenue Securities LLC now owns 14,604 shares of the energy company’s stock valued at $546,000 after acquiring an additional 4,562 shares during the period. KMG Fiduciary Partners LLC lifted its stake in shares of Devon Energy by 9.1% in the 1st quarter. KMG Fiduciary Partners LLC now owns 103,657 shares of the energy company’s stock valued at $3,877,000 after purchasing an additional 8,671 shares during the period. Wedmont Private Capital purchased a new stake in Devon Energy during the first quarter worth $288,000. Arkfeld Wealth Strategies L.L.C. boosted its holdings in Devon Energy by 32.1% during the first quarter. Arkfeld Wealth Strategies L.L.C. now owns 53,388 shares of the energy company’s stock worth $1,997,000 after buying an additional 12,987 shares in the last quarter. Finally, Generali Investments Management Co LLC grew its position in Devon Energy by 77.7% during the first quarter. Generali Investments Management Co LLC now owns 5,339 shares of the energy company’s stock valued at $200,000 after buying an additional 2,334 shares during the period. 69.72% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

DVN has been the subject of a number of analyst reports. Wall Street Zen upgraded shares of Devon Energy from a “sell” rating to a “hold” rating in a research report on Thursday, May 15th. Wells Fargo & Company upped their price target on Devon Energy from $44.00 to $46.00 and gave the stock an “overweight” rating in a report on Wednesday, May 14th. The Goldman Sachs Group increased their price target on Devon Energy from $38.00 to $43.00 and gave the stock a “buy” rating in a research report on Thursday, May 15th. Williams Trading set a $50.00 price objective on Devon Energy in a research report on Wednesday, March 5th. Finally, Truist Financial upped their target price on Devon Energy from $42.00 to $44.00 and gave the stock a “hold” rating in a research note on Thursday, February 20th. Ten analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, Devon Energy presently has a consensus rating of “Moderate Buy” and an average target price of $43.71.

Devon Energy Price Performance

Shares of NYSE DVN opened at $32.28 on Monday. The firm has a 50-day simple moving average of $31.09 and a 200-day simple moving average of $33.74. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $20.73 billion, a price-to-earnings ratio of 7.08, a price-to-earnings-growth ratio of 1.20 and a beta of 1.02. Devon Energy Co. has a 52 week low of $25.89 and a 52 week high of $49.35.

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

Devon Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be given a $0.24 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.97%. Devon Energy’s dividend payout ratio (DPR) is presently 21.87%.

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.