Devon Energy Corporation $DVN Holdings Lowered by Yacktman Asset Management LP

Yacktman Asset Management LP trimmed its stake in shares of Devon Energy Corporation (NYSE:DVN) by 0.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 642,409 shares of the energy company’s stock after selling 3,935 shares during the quarter. Yacktman Asset Management LP’s holdings in Devon Energy were worth $20,435,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in DVN. Ameriprise Financial Inc. raised its position in shares of Devon Energy by 81.1% during the 1st quarter. Ameriprise Financial Inc. now owns 5,029,987 shares of the energy company’s stock worth $188,131,000 after buying an additional 2,252,918 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Devon Energy by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 82,780,738 shares of the energy company’s stock worth $3,096,000,000 after buying an additional 2,098,568 shares in the last quarter. Nuveen LLC bought a new stake in shares of Devon Energy during the 1st quarter worth about $69,975,000. AQR Capital Management LLC raised its position in shares of Devon Energy by 100.0% during the 1st quarter. AQR Capital Management LLC now owns 3,558,362 shares of the energy company’s stock worth $132,051,000 after buying an additional 1,779,382 shares in the last quarter. Finally, Encompass Capital Advisors LLC bought a new stake in shares of Devon Energy during the 1st quarter worth about $63,561,000. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Price Performance

NYSE DVN opened at $32.31 on Thursday. The stock’s 50-day moving average price is $34.09 and its two-hundred day moving average price is $33.22. The company has a current ratio of 1.22, a quick ratio of 1.13 and a debt-to-equity ratio of 0.55. The company has a market cap of $20.51 billion, a PE ratio of 7.24, a PEG ratio of 2.49 and a beta of 1.03. Devon Energy Corporation has a 1 year low of $25.89 and a 1 year high of $40.54.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Wednesday, November 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.11. The firm had revenue of $4.33 billion for the quarter, compared to the consensus estimate of $4.10 billion. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%. On average, analysts predict that Devon Energy Corporation will post 4.85 EPS for the current year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 30th. Shareholders of record on Monday, December 15th will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend is Monday, December 15th. Devon Energy’s payout ratio is 21.52%.

Insiders Place Their Bets

In other Devon Energy news, Director Kelt Kindick sold 7,685 shares of Devon Energy stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $33.46, for a total transaction of $257,140.10. Following the transaction, the director owned 31,801 shares of the company’s stock, valued at $1,064,061.46. The trade was a 19.46% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.71% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have commented on DVN. Piper Sandler dropped their price target on shares of Devon Energy from $58.00 to $57.00 and set an “overweight” rating on the stock in a research report on Thursday, August 14th. Morgan Stanley dropped their price target on shares of Devon Energy from $49.00 to $47.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 14th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Devon Energy in a research report on Wednesday, October 8th. Siebert Williams Shank dropped their price target on shares of Devon Energy from $52.00 to $46.00 and set a “buy” rating on the stock in a research report on Monday, October 13th. Finally, Susquehanna dropped their price target on shares of Devon Energy to $41.00 and set a “positive” rating on the stock in a research report on Monday, October 20th. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and ten have given a Hold rating to the company. According to MarketBeat, Devon Energy presently has an average rating of “Moderate Buy” and an average target price of $43.04.

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.