Van ECK Associates Corp Sells 7,211 Shares of Devon Energy Co. (NYSE:DVN)

Van ECK Associates Corp lessened its stake in shares of Devon Energy Co. (NYSE:DVN) by 7.2% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 93,457 shares of the energy company’s stock after selling 7,211 shares during the period. Van ECK Associates Corp’s holdings in Devon Energy were worth $4,233,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Annis Gardner Whiting Capital Advisors LLC bought a new stake in shares of Devon Energy during the 3rd quarter worth approximately $27,000. Sound Income Strategies LLC raised its position in Devon Energy by 60.7% during the fourth quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock worth $31,000 after acquiring an additional 255 shares in the last quarter. Rise Advisors LLC lifted its stake in Devon Energy by 1,365.3% in the fourth quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock valued at $33,000 after acquiring an additional 669 shares during the last quarter. PFS Partners LLC bought a new position in shares of Devon Energy in the 4th quarter valued at about $36,000. Finally, Naples Money Management LLC acquired a new position in shares of Devon Energy during the 4th quarter worth about $40,000. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Stock Up 0.4 %

Shares of NYSE DVN opened at $50.54 on Monday. Devon Energy Co. has a 52 week low of $40.47 and a 52 week high of $55.09. The stock’s fifty day moving average is $49.62 and its 200 day moving average is $46.28. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.99 and a current ratio of 1.04. The stock has a market capitalization of $32.09 billion, a P/E ratio of 9.65 and a beta of 2.16.

Devon Energy (NYSE:DVN) last released its earnings results on Wednesday, May 1st. The energy company reported $1.16 EPS for the quarter, beating 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 firm had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.64 billion. During the same period last year, the firm earned $1.46 EPS. The business’s quarterly revenue was down 5.9% compared to the same quarter last year. Sell-side analysts forecast that Devon Energy Co. will post 5.24 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.74%. The ex-dividend date is Friday, June 14th. Devon Energy’s dividend payout ratio is presently 16.79%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Barclays assumed coverage on Devon Energy in a report on Wednesday, April 10th. They set an “equal weight” rating and a $59.00 price target for the company. Wells Fargo & Company upgraded Devon Energy from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $46.00 to $59.00 in a research note on Monday, April 1st. Morgan Stanley upped their price objective on shares of Devon Energy from $49.00 to $50.00 and gave the company an “overweight” rating in a report on Monday, April 15th. Royal Bank of Canada reissued a “sector perform” rating and issued a $55.00 price objective on shares of Devon Energy in a research report on Thursday, March 7th. Finally, UBS Group lifted 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. Four equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $58.44.

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.