Mackenzie Financial Corp Lowers Holdings in Devon Energy Co. (NYSE:DVN)

Mackenzie Financial Corp trimmed its holdings in Devon Energy Co. (NYSE:DVN) by 12.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 186,910 shares of the energy company’s stock after selling 25,667 shares during the quarter. Mackenzie Financial Corp’s holdings in Devon Energy were worth $8,467,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Wahed Invest LLC boosted its stake in shares of Devon Energy by 2.1% during the 1st quarter. Wahed Invest LLC now owns 7,933 shares of the energy company’s stock worth $469,000 after acquiring an additional 161 shares in the last quarter. Avior Wealth Management LLC boosted its stake in shares of Devon Energy by 4.9% during the 3rd quarter. Avior Wealth Management LLC now owns 4,406 shares of the energy company’s stock worth $210,000 after acquiring an additional 207 shares in the last quarter. Cornerstone Wealth Management LLC boosted its stake in shares of Devon Energy by 1.9% during the 3rd quarter. Cornerstone Wealth Management LLC now owns 11,540 shares of the energy company’s stock worth $550,000 after acquiring an additional 218 shares in the last quarter. MCF Advisors LLC boosted its stake in shares of Devon Energy by 9.0% during the 3rd quarter. MCF Advisors LLC now owns 2,681 shares of the energy company’s stock worth $128,000 after acquiring an additional 222 shares in the last quarter. Finally, Clearbridge Investments LLC boosted its stake in shares of Devon Energy by 2.1% during the 3rd quarter. Clearbridge Investments LLC now owns 11,887 shares of the energy company’s stock worth $567,000 after acquiring an additional 239 shares in the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on DVN. Royal Bank of Canada reissued a “sector perform” rating and set a $55.00 target price on shares of Devon Energy in a research note on Thursday, March 7th. JPMorgan Chase & Co. upped their price target on shares of Devon Energy from $57.00 to $62.00 and gave the stock an “overweight” rating in a research report on Monday, April 8th. Barclays assumed coverage on shares of Devon Energy in a research report on Wednesday, April 10th. They set an “equal weight” rating and a $59.00 price target for the company. UBS Group upped their price target on shares of Devon Energy from $48.00 to $57.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 10th. Finally, Mizuho reduced their price target on shares of Devon Energy from $54.00 to $53.00 and set a “buy” rating for the company in a research report on Thursday, January 11th. Five equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $57.94.

Devon Energy Stock Up 0.8 %

DVN stock opened at $51.85 on Friday. The company has a market cap of $32.92 billion, a price-to-earnings ratio of 8.89 and a beta of 2.19. The company has a current ratio of 1.07, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46. Devon Energy Co. has a 12 month low of $40.47 and a 12 month high of $55.09. The firm has a 50-day moving average of $47.89 and a two-hundred day moving average of $45.90.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.02. The business had revenue of $4.15 billion during the quarter, compared to the consensus estimate of $3.88 billion. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The business’s revenue was down 3.6% compared to the same quarter last year. During the same quarter last year, the firm earned $1.66 EPS. As a group, analysts forecast that Devon Energy Co. will post 5.14 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were issued a dividend of $0.44 per share. The ex-dividend date was Thursday, March 14th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.39%. Devon Energy’s dividend payout ratio is currently 15.09%.

Devon Energy Company 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.