Yacktman Asset Management LP Cuts Position in Devon Energy Corporation $DVN

Yacktman Asset Management LP decreased its holdings in Devon Energy Corporation (NYSE:DVN) by 0.6% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 642,409 shares of the energy company’s stock after selling 3,935 shares during the period. Yacktman Asset Management LP owned approximately 0.10% of Devon Energy worth $20,435,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. grew its position in Devon Energy by 2.6% in the first quarter. Vanguard Group Inc. now owns 82,780,738 shares of the energy company’s stock valued at $3,096,000,000 after acquiring an additional 2,098,568 shares in the last quarter. Victory Capital Management Inc. grew its position in Devon Energy by 12.9% in the first quarter. Victory Capital Management Inc. now owns 11,518,862 shares of the energy company’s stock valued at $430,805,000 after acquiring an additional 1,315,050 shares in the last quarter. Northern Trust Corp grew its position in Devon Energy by 5.1% in the first quarter. Northern Trust Corp now owns 6,577,195 shares of the energy company’s stock valued at $245,987,000 after acquiring an additional 316,460 shares in the last quarter. Ameriprise Financial Inc. grew its position in Devon Energy by 81.1% in the first quarter. Ameriprise Financial Inc. now owns 5,029,987 shares of the energy company’s stock valued at $188,131,000 after acquiring an additional 2,252,918 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in Devon Energy by 8.1% in the first quarter. Charles Schwab Investment Management Inc. now owns 4,706,837 shares of the energy company’s stock valued at $176,036,000 after acquiring an additional 354,633 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Insider Activity

In other news, Director Kelt Kindick sold 7,685 shares of the business’s stock in a transaction on Monday, August 11th. The shares were sold at an average price of $33.46, for a total transaction of $257,140.10. Following the completion of the transaction, the director owned 31,801 shares of the company’s stock, valued at approximately $1,064,061.46. The trade was a 19.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on DVN. Royal Bank Of Canada set a $42.00 price target on shares of Devon Energy and gave the stock a “sector perform” rating in a research note on Friday, October 10th. Morgan Stanley dropped their price target on shares of Devon Energy from $49.00 to $47.00 and set an “overweight” rating for the company in a research note on Tuesday, October 14th. Barclays dropped their price target on shares of Devon Energy from $42.00 to $40.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 7th. Weiss Ratings restated a “hold (c-)” rating on shares of Devon Energy in a research note on Wednesday, October 8th. Finally, Wells Fargo & Company decreased their price objective on shares of Devon Energy from $43.00 to $37.00 and set an “overweight” rating for the company in a report on Friday, October 17th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and ten have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $43.04.

Devon Energy Stock Performance

Devon Energy stock opened at $32.31 on Thursday. The company has a market cap of $20.51 billion, a PE ratio of 7.24, a P/E/G ratio of 2.49 and a beta of 1.03. The company has a fifty day moving average price of $34.09 and a two-hundred day moving average price of $33.22. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.22 and a quick ratio of 1.13. Devon Energy Corporation has a 12 month low of $25.89 and a 12 month high of $40.54.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Wednesday, November 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.11. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. The company had revenue of $4.33 billion during the quarter, compared to the consensus estimate of $4.10 billion. Research analysts expect that Devon Energy Corporation will post 4.85 earnings per share for the current year.

Devon Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 30th. Stockholders of record on Monday, December 15th will be issued a dividend of $0.24 per share. The ex-dividend date of this dividend is Monday, December 15th. This represents a $0.96 annualized dividend and a dividend yield of 3.0%. Devon Energy’s payout ratio is 21.52%.

About Devon Energy

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.