Devon Energy Corporation $DVN Shares Sold by Federated Hermes Inc.

Federated Hermes Inc. cut its holdings in shares of Devon Energy Corporation (NYSE:DVN) by 24.3% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 366,255 shares of the energy company’s stock after selling 117,554 shares during the period. Federated Hermes Inc. owned approximately 0.06% of Devon Energy worth $11,651,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Ameriprise Financial Inc. raised its holdings in Devon Energy by 81.1% in the 1st quarter. Ameriprise Financial Inc. now owns 5,029,987 shares of the energy company’s stock worth $188,131,000 after purchasing an additional 2,252,918 shares during the period. Nuveen LLC purchased a new stake in shares of Devon Energy in the first quarter valued at approximately $69,975,000. AQR Capital Management LLC raised its stake in shares of Devon Energy by 100.0% during the 1st quarter. AQR Capital Management LLC now owns 3,558,362 shares of the energy company’s stock worth $132,051,000 after buying an additional 1,779,382 shares during the period. Encompass Capital Advisors LLC acquired a new position in shares of Devon Energy during the 1st quarter worth approximately $63,561,000. Finally, Prudential Financial Inc. lifted its position in shares of Devon Energy by 93.4% during the 2nd quarter. Prudential Financial Inc. now owns 1,506,329 shares of the energy company’s stock valued at $47,916,000 after buying an additional 727,532 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Price Performance

NYSE:DVN opened at $38.39 on Thursday. Devon Energy Corporation has a one year low of $25.89 and a one year high of $38.88. The stock has a market cap of $24.08 billion, a PE ratio of 9.03, a P/E/G ratio of 2.88 and a beta of 0.62. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.87 and a current ratio of 0.96. The stock has a 50 day moving average price of $34.52 and a 200 day moving average price of $33.97.

Devon Energy (NYSE:DVN) last issued its earnings results on Wednesday, November 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.11. Devon Energy had a return on equity of 18.14% and a net margin of 15.56%.The company had revenue of $0.00 million during the quarter, compared to analysts’ expectations of $4.10 billion. During the same period in the prior year, the business earned $1.10 EPS. Equities research analysts expect that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 30th. Investors of record on Monday, December 15th will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.5%. The ex-dividend date is Monday, December 15th. Devon Energy’s dividend payout ratio (DPR) is presently 22.59%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on DVN shares. Barclays reduced their price objective on shares of Devon Energy from $42.00 to $40.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 7th. Sanford C. Bernstein boosted their target price on shares of Devon Energy from $43.00 to $48.00 and gave the stock an “outperform” rating in a research note on Friday, November 21st. The Goldman Sachs Group upped their price target on shares of Devon Energy from $40.00 to $42.00 and gave the stock a “buy” rating in a research report on Thursday, November 13th. William Blair assumed coverage on Devon Energy in a report on Monday, August 25th. They issued an “outperform” rating on the stock. Finally, Susquehanna boosted their price objective on Devon Energy from $40.00 to $42.00 and gave the stock a “positive” rating in a research note on Wednesday, November 12th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $44.55.

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.