Rhumbline Advisers reduced its stake in shares of Devon Energy Corp (NYSE:DVN) by 6.7% during the fourth quarter, HoldingsChannel.com reports. The firm owned 819,059 shares of the energy company’s stock after selling 58,545 shares during the quarter. Rhumbline Advisers’ holdings in Devon Energy were worth $18,462,000 at the end of the most recent quarter.
A number of other institutional investors also recently modified their holdings of the business. FMR LLC lifted its stake in shares of Devon Energy by 11.1% in the 2nd quarter. FMR LLC now owns 11,782,553 shares of the energy company’s stock valued at $517,962,000 after purchasing an additional 1,173,389 shares during the last quarter. We Are One Seven LLC acquired a new position in Devon Energy during the 3rd quarter worth about $264,000. DNB Asset Management AS lifted its stake in Devon Energy by 7.4% during the 3rd quarter. DNB Asset Management AS now owns 69,550 shares of the energy company’s stock worth $2,778,000 after acquiring an additional 4,775 shares in the last quarter. First Hawaiian Bank acquired a new position in Devon Energy during the 3rd quarter worth about $286,000. Finally, Andra AP fonden lifted its stake in Devon Energy by 61.0% during the 3rd quarter. Andra AP fonden now owns 120,600 shares of the energy company’s stock worth $4,817,000 after acquiring an additional 45,700 shares in the last quarter. 82.79% of the stock is currently owned by institutional investors and hedge funds.
NYSE:DVN opened at $24.92 on Monday. The company has a market cap of $11.67 billion, a P/E ratio of 39.56, a PEG ratio of 1.52 and a beta of 2.23. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.65. Devon Energy Corp has a 52-week low of $20.37 and a 52-week high of $46.54.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 15th will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Thursday, March 14th. This represents a $0.32 dividend on an annualized basis and a yield of 1.28%. Devon Energy’s payout ratio is 50.79%.
Several research firms recently issued reports on DVN. Barclays decreased their target price on Devon Energy from $43.00 to $42.00 and set a “buy” rating on the stock in a research note on Thursday, November 15th. TheStreet lowered Devon Energy from a “c-” rating to a “d+” rating in a research note on Friday, November 2nd. Capital One Financial raised Devon Energy from an “equal weight” rating to an “overweight” rating in a research note on Wednesday, October 24th. They noted that the move was a valuation call. Johnson Rice lowered Devon Energy from a “buy” rating to an “accumulate” rating in a research note on Tuesday, January 8th. Finally, Royal Bank of Canada reduced their price target on Devon Energy from $58.00 to $56.00 and set a “buy” rating on the stock in a research report on Thursday, November 8th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and sixteen have given a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $46.36.
About Devon Energy
Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States and Canada. It operates approximately 14,600 gross wells. The company also offers gathering, transmission, processing, storage, fractionation, and marketing to upstream oil and natural gas producers; and owns natural gas pipelines, plants and treatment facilities.
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