Van ECK Associates Corp Decreases Position in Devon Energy Co. (NYSE:DVN)

Van ECK Associates Corp decreased its position in Devon Energy Co. (NYSE:DVN) by 7.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund 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 SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Pacer Advisors Inc. lifted its holdings in Devon Energy by 1,279.7% during the fourth quarter. Pacer Advisors Inc. now owns 6,145,605 shares of the energy company’s stock valued at $278,396,000 after purchasing an additional 5,700,167 shares during the last quarter. J.P. Morgan Private Wealth Advisors LLC purchased a new stake in shares of Devon Energy during the 3rd quarter valued at approximately $113,793,000. Morgan Stanley boosted its holdings in Devon Energy by 23.6% in the 3rd quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock worth $555,567,000 after buying an additional 2,220,194 shares during the period. International Assets Investment Management LLC grew its stake in Devon Energy by 3,885.4% in the 4th quarter. International Assets Investment Management LLC now owns 1,695,206 shares of the energy company’s stock valued at $76,793,000 after buying an additional 1,652,671 shares in the last quarter. Finally, Schroder Investment Management Group raised its holdings in Devon Energy by 61.0% during the 3rd quarter. Schroder Investment Management Group now owns 2,673,781 shares of the energy company’s stock valued at $127,539,000 after acquiring an additional 1,013,353 shares during the period. 69.72% of the stock is owned by institutional investors.

Devon Energy Trading Up 0.4 %

NYSE DVN opened at $50.54 on Monday. The stock’s 50-day simple moving average is $49.62 and its two-hundred day simple moving average is $46.28. Devon Energy Co. has a twelve month low of $40.47 and a twelve month high of $55.09. The company has a quick ratio of 0.99, a current ratio of 1.04 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $32.09 billion, a price-to-earnings ratio of 9.65 and a beta of 2.16.

Devon Energy (NYSE:DVN) last issued its 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. The business had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.64 billion. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. Devon Energy’s revenue for the quarter was down 5.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.46 earnings per share. Research analysts forecast that Devon Energy Co. will post 5.24 EPS 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. Investors of record on Friday, June 14th will be issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 1.74%. The ex-dividend date is Friday, June 14th. Devon Energy’s dividend payout ratio is currently 16.79%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on DVN. JPMorgan Chase & Co. raised their price target on Devon Energy from $57.00 to $62.00 and gave the stock an “overweight” rating in a report on Monday, April 8th. UBS Group raised their target price on Devon Energy from $48.00 to $57.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 10th. Citigroup increased their price target on shares of Devon Energy from $55.00 to $62.00 and gave the stock a “buy” rating in a report on Thursday, April 11th. Stifel Nicolaus boosted their price objective on shares of Devon Energy from $65.00 to $66.00 and gave the company a “buy” rating in a research note on Tuesday, April 23rd. Finally, Morgan Stanley increased their target price on shares of Devon Energy from $49.00 to $50.00 and gave the stock an “overweight” rating in a research note on Monday, April 15th. Four investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $58.44.

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.