Flputnam Investment Management Co. Sells 6,850 Shares of Devon Energy Co. (NYSE:DVN)

Flputnam Investment Management Co. lessened its stake in shares of Devon Energy Co. (NYSE:DVN) by 8.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 73,541 shares of the energy company’s stock after selling 6,850 shares during the quarter. Flputnam Investment Management Co.’s holdings in Devon Energy were worth $3,331,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Wahed Invest LLC boosted its position in Devon Energy by 2.1% during the 1st quarter. Wahed Invest LLC now owns 7,933 shares of the energy company’s stock valued at $469,000 after acquiring an additional 161 shares in the last quarter. Avior Wealth Management LLC boosted its position in shares of Devon Energy by 4.9% in the 3rd quarter. Avior Wealth Management LLC now owns 4,406 shares of the energy company’s stock worth $210,000 after purchasing an additional 207 shares in the last quarter. Cornerstone Wealth Management LLC boosted its position in shares of Devon Energy by 1.9% in the 3rd quarter. Cornerstone Wealth Management LLC now owns 11,540 shares of the energy company’s stock worth $550,000 after purchasing an additional 218 shares in the last quarter. MCF Advisors LLC boosted its position in shares of Devon Energy by 9.0% in the 3rd quarter. MCF Advisors LLC now owns 2,681 shares of the energy company’s stock worth $128,000 after purchasing an additional 222 shares in the last quarter. Finally, Clearbridge Investments LLC boosted its position in shares of Devon Energy by 2.1% in the 3rd quarter. Clearbridge Investments LLC now owns 11,887 shares of the energy company’s stock worth $567,000 after purchasing an additional 239 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Performance

Shares of NYSE DVN traded down $0.74 during trading on Tuesday, reaching $51.94. 1,306,616 shares of the company traded hands, compared to its average volume of 8,024,675. The firm’s fifty day simple moving average is $47.08 and its 200 day simple moving average is $45.74. The stock has a market cap of $32.98 billion, a P/E ratio of 9.04 and a beta of 2.19. Devon Energy Co. has a 12-month low of $40.47 and a 12-month high of $56.19. The company has a current ratio of 1.07, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, February 27th. The energy company reported $1.41 earnings per share for the quarter, beating 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 analyst estimates of $3.88 billion. During the same quarter last year, the business posted $1.66 EPS. The company’s revenue was down 3.6% on a year-over-year basis. As a group, research analysts anticipate that Devon Energy Co. will post 5.02 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were paid a $0.44 dividend. The ex-dividend date was Thursday, March 14th. This represents a $1.76 annualized dividend and a dividend yield of 3.39%. Devon Energy’s dividend payout ratio is presently 15.09%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. JPMorgan Chase & Co. raised their price objective on Devon Energy from $57.00 to $62.00 and gave the stock an “overweight” rating in a research report on Monday, April 8th. Mizuho lowered their price objective on Devon Energy from $54.00 to $53.00 and set a “buy” rating for the company in a research report on Thursday, January 11th. Barclays started coverage on Devon Energy in a research report on Wednesday, April 10th. They issued an “equal weight” rating and a $59.00 price objective for the company. Raymond James lowered their price target on Devon Energy from $53.00 to $52.00 and set an “outperform” rating for the company in a research report on Wednesday, January 24th. Finally, Citigroup lifted their price target on Devon Energy from $55.00 to $62.00 and gave the stock a “buy” rating in a research report on Thursday, April 11th. Five research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $57.89.

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.