Bank of New York Mellon Corp Sells 77,813 Shares of Devon Energy Corporation $DVN

Bank of New York Mellon Corp cut its stake in Devon Energy Corporation (NYSE:DVN) by 2.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,791,616 shares of the energy company’s stock after selling 77,813 shares during the quarter. Bank of New York Mellon Corp owned 0.60% of Devon Energy worth $132,934,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. PFS Partners LLC acquired a new position in Devon Energy during the third quarter valued at approximately $25,000. First Horizon Corp bought a new position in shares of Devon Energy during the third quarter worth $26,000. Caldwell Trust Co acquired a new position in shares of Devon Energy in the 2nd quarter valued at $25,000. ORG Partners LLC grew its holdings in shares of Devon Energy by 65.7% in the 3rd quarter. ORG Partners LLC now owns 888 shares of the energy company’s stock valued at $31,000 after buying an additional 352 shares during the period. Finally, Trust Co. of Vermont increased its position in shares of Devon Energy by 241.3% in the 2nd quarter. Trust Co. of Vermont now owns 942 shares of the energy company’s stock valued at $30,000 after buying an additional 666 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Trading Up 0.5%

NYSE:DVN opened at $40.14 on Friday. The company has a market cap of $25.18 billion, a P/E ratio of 9.44, a price-to-earnings-growth ratio of 3.64 and a beta of 0.60. Devon Energy Corporation has a twelve month low of $25.89 and a twelve month high of $41.31. The business has a 50 day moving average price of $36.99 and a two-hundred day moving average price of $35.02. The company has a quick ratio of 0.87, a current ratio of 0.96 and a debt-to-equity ratio of 0.48.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Wednesday, November 5th. The energy company reported $1.04 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.11. Devon Energy had a net margin of 15.56% and a return on equity of 18.14%. The business had revenue of $0.00 million for the quarter, compared to analyst estimates of $4.10 billion. During the same quarter in the previous year, the firm posted $1.10 earnings per share. As a group, analysts expect that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 30th. Shareholders of record on Monday, December 15th were given a dividend of $0.24 per share. The ex-dividend date of this dividend was Monday, December 15th. This represents a $0.96 annualized dividend and a yield of 2.4%. Devon Energy’s payout ratio is 22.59%.

Analysts Set New Price Targets

DVN has been the topic of several recent analyst reports. Johnson Rice reduced their target price on Devon Energy from $70.00 to $62.00 and set a “buy” rating on the stock in a report on Friday, December 5th. Capital One Financial dropped their price target on Devon Energy from $52.00 to $51.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 11th. Siebert Williams Shank boosted their price objective on Devon Energy from $46.00 to $50.00 and gave the company a “buy” rating in a research report on Monday, January 26th. Argus raised Devon Energy to a “strong-buy” rating in a research note on Wednesday, November 26th. Finally, Citigroup raised their target price on shares of Devon Energy from $43.00 to $44.00 and gave the stock a “buy” rating in a report on Wednesday, December 17th. One analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Devon Energy presently has a consensus rating of “Moderate Buy” and an average target price of $44.76.

About Devon Energy

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.