Yacktman Asset Management LP Grows Position in Devon Energy Co. (NYSE:DVN)

Yacktman Asset Management LP lifted its holdings in Devon Energy Co. (NYSE:DVN) by 6.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,253,163 shares of the energy company’s stock after buying an additional 208,944 shares during the period. Devon Energy makes up 1.4% of Yacktman Asset Management LP’s holdings, making the stock its 29th biggest position. Yacktman Asset Management LP’s holdings in Devon Energy were worth $147,368,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Lord Abbett & CO. LLC lifted its stake in Devon Energy by 15.5% in the 3rd quarter. Lord Abbett & CO. LLC now owns 549,710 shares of the energy company’s stock worth $26,221,000 after purchasing an additional 73,570 shares in the last quarter. Nordea Investment Management AB increased its holdings in shares of Devon Energy by 2.7% in the third quarter. Nordea Investment Management AB now owns 373,757 shares of the energy company’s stock valued at $17,974,000 after purchasing an additional 9,823 shares during the last quarter. Atria Investments Inc lifted its position in Devon Energy by 64.4% during the third quarter. Atria Investments Inc now owns 54,639 shares of the energy company’s stock worth $2,606,000 after buying an additional 21,400 shares in the last quarter. Pearl River Capital LLC boosted its stake in Devon Energy by 367.7% during the third quarter. Pearl River Capital LLC now owns 75,042 shares of the energy company’s stock worth $3,580,000 after buying an additional 58,997 shares during the last quarter. Finally, Argent Trust Co grew its holdings in Devon Energy by 22.1% in the 3rd quarter. Argent Trust Co now owns 86,795 shares of the energy company’s stock valued at $4,140,000 after buying an additional 15,715 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Stock Up 0.4 %

NYSE:DVN traded up $0.22 during midday trading on Friday, reaching $52.83. The company had a trading volume of 3,139,093 shares, compared to its average volume of 7,836,357. Devon Energy Co. has a 12-month low of $40.47 and a 12-month high of $55.09. The firm has a market capitalization of $33.55 billion, a price-to-earnings ratio of 8.97 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. The stock’s fifty day simple moving average is $48.70 and its 200-day simple moving average is $46.13.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, February 27th. The energy company reported $1.41 EPS for the quarter, topping analysts’ consensus estimates of $1.39 by $0.02. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The business had revenue of $4.15 billion during the quarter, compared to the consensus estimate of $3.88 billion. During the same period in the previous year, the company posted $1.66 earnings per share. The business’s revenue for the quarter was down 3.6% on a year-over-year basis. On average, sell-side analysts anticipate that Devon Energy Co. will post 5.25 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were paid 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 3.33%. Devon Energy’s payout ratio is currently 15.09%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on DVN. Piper Sandler lifted their target price on shares of Devon Energy from $59.00 to $60.00 and gave the stock an “overweight” rating in a research note on Friday, April 19th. Wells Fargo & Company upgraded Devon Energy from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $46.00 to $59.00 in a report on Monday, April 1st. Morgan Stanley raised their target price on Devon Energy from $49.00 to $50.00 and gave the stock an “overweight” rating in a research note on Monday, April 15th. Scotiabank upped their price target on Devon Energy from $53.00 to $67.00 and gave the company a “sector outperform” rating in a research note on Thursday, April 11th. Finally, Susquehanna raised their price objective on Devon Energy from $52.00 to $65.00 and gave the stock a “positive” rating in a research report on Monday. Five analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Devon Energy presently has a consensus rating of “Moderate Buy” and an average price target of $58.33.

About Devon Energy

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.