Eagle Asset Management Inc. Sells 140,007 Shares of Devon Energy Co. (NYSE:DVN)

Eagle Asset Management Inc. lessened its position in Devon Energy Co. (NYSE:DVN) by 79.1% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 36,915 shares of the energy company’s stock after selling 140,007 shares during the period. Eagle Asset Management Inc.’s holdings in Devon Energy were worth $1,435,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of DVN. SVB Wealth LLC lifted its holdings in Devon Energy by 68.3% during the first quarter. SVB Wealth LLC now owns 12,063 shares of the energy company’s stock worth $605,000 after acquiring an additional 4,894 shares in the last quarter. Jacobs Levy Equity Management Inc. acquired a new stake in shares of Devon Energy during the first quarter worth about $373,000. Tidal Investments LLC lifted its holdings in shares of Devon Energy by 32.3% during the 1st quarter. Tidal Investments LLC now owns 112,100 shares of the energy company’s stock valued at $5,596,000 after purchasing an additional 27,357 shares in the last quarter. Comerica Bank grew its position in shares of Devon Energy by 8.5% in the 1st quarter. Comerica Bank now owns 238,558 shares of the energy company’s stock valued at $11,971,000 after purchasing an additional 18,784 shares during the period. Finally, Jaffetilchin Investment Partners LLC increased its stake in Devon Energy by 150.3% during the 1st quarter. Jaffetilchin Investment Partners LLC now owns 42,247 shares of the energy company’s stock worth $2,120,000 after purchasing an additional 25,368 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Stock Performance

DVN opened at $38.28 on Tuesday. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. Devon Energy Co. has a 12-month low of $37.76 and a 12-month high of $55.09. The business has a 50 day moving average of $39.91 and a 200-day moving average of $43.81. The stock has a market cap of $25.14 billion, a price-to-earnings ratio of 7.10, a PEG ratio of 1.25 and a beta of 2.03.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The business had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter last year, the firm posted $1.65 EPS. The company’s quarterly revenue was up 4.9% on a year-over-year basis. On average, equities research analysts expect that Devon Energy Co. will post 4.79 earnings per share for the current year.

Devon Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be paid a $0.22 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.30%. Devon Energy’s dividend payout ratio (DPR) is currently 16.33%.

Analysts Set New Price Targets

DVN has been the topic of a number of research reports. JPMorgan Chase & Co. cut their price target on shares of Devon Energy from $64.00 to $51.00 and set an “overweight” rating on the stock in a research note on Thursday, September 12th. Scotiabank reduced their target price on shares of Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. UBS Group lowered their target price on Devon Energy from $53.00 to $47.00 and set a “neutral” rating for the company in a report on Wednesday, September 18th. Susquehanna cut their price target on Devon Energy from $63.00 to $62.00 and set a “positive” rating on the stock in a report on Friday, October 18th. Finally, Wells Fargo & Company dropped their target price on Devon Energy from $50.00 to $49.00 and set an “overweight” rating on the stock in a research report on Thursday, November 7th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $51.85.

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.