Devon Energy Co. (NYSE:DVN) Shares Sold by First Manhattan CO. LLC.

First Manhattan CO. LLC. lowered its holdings in Devon Energy Co. (NYSE:DVN) by 52.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 46,528 shares of the energy company’s stock after selling 51,217 shares during the period. First Manhattan CO. LLC.’s holdings in Devon Energy were worth $1,523,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of DVN. Vanguard Group Inc. grew its holdings in shares of Devon Energy by 7.3% during the 4th quarter. Vanguard Group Inc. now owns 80,682,170 shares of the energy company’s stock valued at $2,640,727,000 after acquiring an additional 5,465,692 shares in the last quarter. Geode Capital Management LLC grew its holdings in Devon Energy by 6.5% in the 4th quarter. Geode Capital Management LLC now owns 16,931,275 shares of the energy company’s stock valued at $552,830,000 after buying an additional 1,038,305 shares during the last quarter. Fuller & Thaler Asset Management Inc. grew its stake in shares of Devon Energy by 42.8% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 10,395,225 shares of the energy company’s stock worth $340,236,000 after acquiring an additional 3,114,656 shares during the last quarter. Victory Capital Management Inc. raised its stake in Devon Energy by 2.3% during the 4th quarter. Victory Capital Management Inc. now owns 10,203,812 shares of the energy company’s stock valued at $333,971,000 after purchasing an additional 232,469 shares during the last quarter. Finally, Invesco Ltd. lifted its stake in shares of Devon Energy by 32.8% in the fourth quarter. Invesco Ltd. now owns 9,461,719 shares of the energy company’s stock valued at $309,682,000 after buying an additional 2,335,473 shares during the period. Institutional investors own 69.72% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. UBS Group reduced their price objective on Devon Energy from $41.00 to $35.00 and set a “neutral” rating for the company in a research report on Monday, April 7th. Truist Financial raised their price objective on shares of Devon Energy from $42.00 to $44.00 and gave the stock a “hold” rating in a report on Thursday, February 20th. Barclays upped their target price on shares of Devon Energy from $38.00 to $40.00 and gave the company an “equal weight” rating in a research note on Wednesday. Cowen downgraded Devon Energy to a “hold” rating and decreased their price objective for the company from $46.00 to $45.00 in a report on Tuesday, February 18th. Finally, Raymond James set a $40.00 price target on Devon Energy in a research report on Monday, April 21st. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, Devon Energy presently has an average rating of “Moderate Buy” and a consensus price target of $43.96.

Devon Energy Price Performance

DVN opened at $32.60 on Friday. The stock has a market cap of $20.97 billion, a P/E ratio of 7.15, a P/E/G ratio of 1.20 and a beta of 1.00. Devon Energy Co. has a 12 month low of $25.89 and a 12 month high of $50.44. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. The company has a fifty day simple moving average of $32.55 and a 200 day simple moving average of $34.72.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, May 6th. The energy company reported $1.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.27 by ($0.06). The business had revenue of $4.45 billion during the quarter, compared to analyst estimates of $4.31 billion. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. Devon Energy’s revenue for the quarter was up 23.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.16 earnings per share. On average, research analysts expect that Devon Energy Co. will post 4.85 EPS for the current year.

Devon Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be paid a $0.24 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.96 annualized dividend and a yield of 2.94%. Devon Energy’s payout ratio is currently 21.87%.

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.