LSV Asset Management Trims Holdings in Devon Energy Co. (NYSE:DVN)

LSV Asset Management lowered its holdings in Devon Energy Co. (NYSE:DVN) by 0.8% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 474,860 shares of the energy company’s stock after selling 3,700 shares during the quarter. LSV Asset Management’s holdings in Devon Energy were worth $15,542,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Bessemer Group Inc. boosted its holdings in Devon Energy by 1.7% in the fourth quarter. Bessemer Group Inc. now owns 120,919 shares of the energy company’s stock valued at $3,957,000 after acquiring an additional 2,011 shares in the last quarter. Advisory Services Network LLC lifted its position in shares of Devon Energy by 74.4% in the 4th quarter. Advisory Services Network LLC now owns 74,500 shares of the energy company’s stock worth $2,438,000 after purchasing an additional 31,791 shares during the period. Greenland Capital Management LP bought a new stake in shares of Devon Energy during the 4th quarter valued at about $266,000. Bank of Nova Scotia increased its position in shares of Devon Energy by 442.1% during the fourth quarter. Bank of Nova Scotia now owns 923,987 shares of the energy company’s stock valued at $30,242,000 after buying an additional 753,531 shares during the period. Finally, Invesco Ltd. increased its position in shares of Devon Energy by 32.8% during the fourth quarter. Invesco Ltd. now owns 9,461,719 shares of the energy company’s stock valued at $309,682,000 after buying an additional 2,335,473 shares during the period. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Price Performance

Shares of NYSE:DVN opened at $28.23 on Friday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04. The firm has a market cap of $18.32 billion, a price-to-earnings ratio of 6.19, a price-to-earnings-growth ratio of 1.20 and a beta of 1.50. The business has a 50-day simple moving average of $34.38 and a two-hundred day simple moving average of $36.14. Devon Energy Co. has a fifty-two week low of $25.89 and a fifty-two week high of $55.09.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.16. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. The firm had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.25 billion. On average, analysts expect that Devon Energy Co. will post 4.85 earnings per share for the current year.

Devon Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were issued a $0.24 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.96 annualized dividend and a dividend yield of 3.40%. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. Devon Energy’s payout ratio is presently 21.05%.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $50.00 price objective on shares of Devon Energy in a research report on Friday, January 10th. Truist Financial raised their target price on Devon Energy from $42.00 to $44.00 and gave the company a “hold” rating in a research note on Thursday, February 20th. Sanford C. Bernstein upgraded Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a report on Wednesday, January 15th. Williams Trading set a $50.00 price objective on Devon Energy in a research report on Wednesday, March 5th. Finally, Wells Fargo & Company reduced their target price on shares of Devon Energy from $49.00 to $43.00 and set an “overweight” rating on the stock in a research report on Tuesday, December 17th. Ten research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $47.08.

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.