Mackenzie Financial Corp Trims Position in Devon Energy Co. (NYSE:DVN)

Mackenzie Financial Corp cut its position in Devon Energy Co. (NYSE:DVN) by 12.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 186,910 shares of the energy company’s stock after selling 25,667 shares during the period. Mackenzie Financial Corp’s holdings in Devon Energy were worth $8,467,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Geode Capital Management LLC increased its stake in shares of Devon Energy by 6.2% in the first quarter. Geode Capital Management LLC now owns 14,145,039 shares of the energy company’s stock worth $715,360,000 after purchasing an additional 823,626 shares in the last quarter. Morgan Stanley increased its stake in shares of Devon Energy by 23.6% in the third quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock worth $555,567,000 after purchasing an additional 2,220,194 shares in the last quarter. Victory Capital Management Inc. grew its stake in Devon Energy by 5.1% during the third quarter. Victory Capital Management Inc. now owns 8,470,996 shares of the energy company’s stock valued at $404,067,000 after acquiring an additional 411,777 shares in the last quarter. Raymond James & Associates grew its stake in Devon Energy by 5.0% during the third quarter. Raymond James & Associates now owns 8,429,670 shares of the energy company’s stock valued at $402,095,000 after acquiring an additional 402,055 shares in the last quarter. Finally, Northern Trust Corp grew its stake in Devon Energy by 1.4% during the first quarter. Northern Trust Corp now owns 7,371,571 shares of the energy company’s stock valued at $435,881,000 after acquiring an additional 99,059 shares in the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on DVN shares. JPMorgan Chase & Co. raised their target price on shares of Devon Energy from $57.00 to $62.00 and gave the company an “overweight” rating in a research note on Monday, April 8th. Raymond James cut their target price on shares of Devon Energy from $53.00 to $52.00 and set an “outperform” rating for the company in a research note on Wednesday, January 24th. Stifel Nicolaus cut their target price on shares of Devon Energy from $75.00 to $65.00 and set a “buy” rating for the company in a research note on Friday, March 22nd. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $55.00 target price on shares of Devon Energy in a research note on Thursday, March 7th. Finally, Wells Fargo & Company upgraded shares of Devon Energy from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $46.00 to $59.00 in a research report on Monday, April 1st. Five equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $57.94.

Devon Energy Price Performance

Devon Energy stock opened at $51.85 on Friday. The firm has a 50-day moving average price of $47.89 and a 200-day moving average price of $45.90. The firm has a market capitalization of $32.92 billion, a PE ratio of 8.89 and a beta of 2.19. 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 Co. has a 12-month low of $40.47 and a 12-month high of $55.09.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.02. The firm had revenue of $4.15 billion during the quarter, compared to analyst estimates of $3.88 billion. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The business’s revenue was down 3.6% on a year-over-year basis. During the same quarter last year, the business earned $1.66 EPS. As a group, equities research analysts forecast that Devon Energy Co. will post 5.14 EPS for the current year.

Devon Energy Cuts Dividend

The business 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. This represents a $1.76 annualized dividend and a yield of 3.39%. The ex-dividend date was Thursday, March 14th. Devon Energy’s dividend payout ratio is presently 15.09%.

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.