Shapiro Capital Management LLC Cuts Stock Holdings in Devon Energy Co. (NYSE:DVN)

Shapiro Capital Management LLC lowered its stake in shares of Devon Energy Co. (NYSE:DVN) by 7.4% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 1,794,687 shares of the energy company’s stock after selling 144,384 shares during the quarter. Devon Energy accounts for 2.0% of Shapiro Capital Management LLC’s portfolio, making the stock its 24th biggest position. Shapiro Capital Management LLC’s holdings in Devon Energy were worth $58,740,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of DVN. Vanguard Group Inc. raised its holdings in shares of Devon Energy by 7.3% in the fourth quarter. Vanguard Group Inc. now owns 80,682,170 shares of the energy company’s stock valued at $2,640,727,000 after purchasing an additional 5,465,692 shares during the last quarter. Geode Capital Management LLC grew its position 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 worth $552,830,000 after purchasing an additional 1,038,305 shares in the last quarter. Fuller & Thaler Asset Management Inc. increased its stake in Devon Energy by 42.8% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 10,395,225 shares of the energy company’s stock valued at $340,236,000 after buying an additional 3,114,656 shares during the last quarter. Victory Capital Management Inc. lifted its position in shares of 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 worth $333,971,000 after buying an additional 232,469 shares in the last quarter. Finally, Invesco Ltd. lifted its position in shares of Devon Energy by 32.8% during the 4th quarter. Invesco Ltd. now owns 9,461,719 shares of the energy company’s stock worth $309,682,000 after buying an additional 2,335,473 shares in the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Trading Down 1.7%

Devon Energy stock opened at $33.39 on Friday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04. Devon Energy Co. has a fifty-two week low of $25.89 and a fifty-two week high of $50.24. The stock has a market cap of $21.44 billion, a P/E ratio of 7.32, a PEG ratio of 1.20 and a beta of 1.00. The firm’s fifty day moving average price is $32.52 and its 200-day moving average price is $34.60.

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

Devon Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.88%. The ex-dividend date of this dividend is Friday, June 13th. Devon Energy’s dividend payout ratio (DPR) is 21.87%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on DVN shares. The Goldman Sachs Group upped their target price on Devon Energy from $38.00 to $43.00 and gave the company a “buy” rating in a report on Thursday. Raymond James set a $40.00 target price on Devon Energy in a research note on Monday, April 21st. Citigroup cut their price target on shares of Devon Energy from $46.00 to $43.00 and set a “buy” rating on the stock in a report on Friday, April 4th. UBS Group decreased their price objective on shares of Devon Energy from $41.00 to $35.00 and set a “neutral” rating for the company in a report on Monday, April 7th. Finally, Royal Bank of Canada decreased their price target on shares of Devon Energy from $49.00 to $40.00 and set a “sector perform” rating for the company in a research note on Monday, April 14th. Ten investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $43.83.

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.