Fisher Asset Management LLC Has $6.07 Million Stock Holdings in Devon Energy Co. (NYSE:DVN)

Fisher Asset Management LLC lowered its position in shares of Devon Energy Co. (NYSE:DVN) by 15.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 134,076 shares of the energy company’s stock after selling 23,774 shares during the quarter. Fisher Asset Management LLC’s holdings in Devon Energy were worth $6,074,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in DVN. Brown Advisory Inc. grew its holdings in shares of Devon Energy by 77.2% in the 3rd quarter. Brown Advisory Inc. now owns 8,316 shares of the energy company’s stock valued at $397,000 after acquiring an additional 3,622 shares in the last quarter. Lindbrook Capital LLC grew its stake in Devon Energy by 32.5% in the third quarter. Lindbrook Capital LLC now owns 1,916 shares of the energy company’s stock valued at $91,000 after purchasing an additional 470 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Devon Energy by 20.3% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 133,594 shares of the energy company’s stock worth $6,372,000 after purchasing an additional 22,517 shares during the last quarter. Mackenzie Financial Corp raised its stake in shares of Devon Energy by 21.8% during the 3rd quarter. Mackenzie Financial Corp now owns 212,577 shares of the energy company’s stock worth $9,725,000 after purchasing an additional 37,978 shares in the last quarter. Finally, Brighton Jones LLC boosted its holdings in shares of Devon Energy by 15.1% in the 3rd quarter. Brighton Jones LLC now owns 7,271 shares of the energy company’s stock valued at $347,000 after buying an additional 956 shares during the last quarter. 69.72% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

DVN has been the topic of a number of recent analyst reports. UBS Group boosted their target price on shares of Devon Energy from $48.00 to $57.00 and gave the stock a “neutral” rating in a report on Wednesday, April 10th. Morgan Stanley raised their price target on Devon Energy from $49.00 to $50.00 and gave the company an “overweight” rating in a report on Monday, April 15th. Wells Fargo & Company raised shares of Devon Energy from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $46.00 to $59.00 in a research report on Monday, April 1st. Mizuho lifted their target price on shares of Devon Energy from $53.00 to $57.00 and gave the stock a “buy” rating in a report on Thursday, May 2nd. Finally, Piper Sandler raised their price objective on shares of Devon Energy from $59.00 to $60.00 and gave the stock an “overweight” rating in a research report on Friday, April 19th. Four investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $58.44.

Devon Energy Trading Up 0.6 %

DVN opened at $50.86 on Tuesday. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 0.46. Devon Energy Co. has a twelve month low of $40.47 and a twelve month high of $55.09. The stock has a market capitalization of $32.14 billion, a price-to-earnings ratio of 9.71 and a beta of 2.16. The company has a 50-day simple moving average of $49.76 and a 200 day simple moving average of $46.27.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.06. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The business had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.64 billion. During the same quarter last year, the business posted $1.46 EPS. The firm’s revenue for the quarter was down 5.9% on a year-over-year basis. Analysts predict that Devon Energy Co. will post 5.24 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be issued a dividend of $0.22 per share. The ex-dividend date is Friday, June 14th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.73%. Devon Energy’s dividend payout ratio (DPR) is currently 16.79%.

About Devon Energy

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.