Yacktman Asset Management LP Buys 12,749 Shares of Devon Energy Corporation (NYSE:DVN)

Yacktman Asset Management LP raised its position in shares of Devon Energy Corporation (NYSE:DVN) by 2.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 646,344 shares of the energy company’s stock after buying an additional 12,749 shares during the quarter. Yacktman Asset Management LP’s holdings in Devon Energy were worth $24,173,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in DVN. Hurley Capital LLC bought a new stake in shares of Devon Energy during the 4th quarter valued at about $26,000. Accredited Wealth Management LLC purchased a new stake in Devon Energy during the 4th quarter valued at $28,000. Rakuten Securities Inc. raised its holdings in Devon Energy by 94.6% during the 1st quarter. Rakuten Securities Inc. now owns 833 shares of the energy company’s stock valued at $31,000 after buying an additional 405 shares during the period. Salem Investment Counselors Inc. grew its position in Devon Energy by 46.7% in the 1st quarter. Salem Investment Counselors Inc. now owns 1,257 shares of the energy company’s stock valued at $47,000 after acquiring an additional 400 shares during the last quarter. Finally, Redmont Wealth Advisors LLC bought a new position in shares of Devon Energy during the 1st quarter worth $56,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Price Performance

DVN stock opened at $34.90 on Wednesday. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.08 and a quick ratio of 0.99. Devon Energy Corporation has a 1 year low of $25.89 and a 1 year high of $49.35. The company has a 50 day simple moving average of $32.50 and a 200 day simple moving average of $33.46. The stock has a market cap of $22.41 billion, a price-to-earnings ratio of 7.95, a P/E/G ratio of 2.45 and a beta of 1.02.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, May 6th. The energy company reported $1.21 EPS for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.06). The firm had revenue of $4.45 billion during the quarter, compared to the consensus estimate of $4.31 billion. Devon Energy had a net margin of 16.60% and a return on equity of 21.90%. The company’s revenue for the quarter was up 23.8% compared to the same quarter last year. During the same period in the prior year, the company posted $1.16 earnings per share. Research analysts anticipate that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were issued a $0.24 dividend. The ex-dividend date of this dividend was Friday, June 13th. This represents a $0.96 annualized dividend and a dividend yield of 2.75%. Devon Energy’s dividend payout ratio is currently 21.87%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on DVN. JPMorgan Chase & Co. reduced their price objective on Devon Energy from $48.00 to $42.00 and set a “neutral” rating for the company in a research note on Thursday, March 13th. Piper Sandler reduced their price objective on Devon Energy from $56.00 to $53.00 and set an “overweight” rating on the stock in a research report on Tuesday, May 13th. The Goldman Sachs Group lifted their price objective on Devon Energy from $38.00 to $43.00 and gave the company a “buy” rating in a research note on Thursday, May 15th. Barclays upped their price objective on Devon Energy from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Wednesday, May 7th. Finally, Mizuho lowered their price objective on Devon Energy from $46.00 to $43.00 and set an “outperform” rating for the company in a research report on Tuesday, May 13th. Ten research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, Devon Energy has a consensus rating of “Moderate Buy” and a consensus target price of $43.50.

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.