Devon Energy Co. (NYSE:DVN) Stock Holdings Lowered by Metis Global Partners LLC

Metis Global Partners LLC trimmed its holdings in shares of Devon Energy Co. (NYSE:DVN) by 6.7% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 24,649 shares of the energy company’s stock after selling 1,760 shares during the period. Metis Global Partners LLC’s holdings in Devon Energy were worth $1,117,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Lord Abbett & CO. LLC grew its stake in shares of Devon Energy by 15.5% in the 3rd quarter. Lord Abbett & CO. LLC now owns 549,710 shares of the energy company’s stock valued at $26,221,000 after buying an additional 73,570 shares in the last quarter. Nordea Investment Management AB increased its stake in shares of Devon Energy by 2.7% during the 3rd quarter. Nordea Investment Management AB now owns 373,757 shares of the energy company’s stock worth $17,974,000 after purchasing an additional 9,823 shares during the last quarter. Atria Investments Inc lifted its stake in shares of Devon Energy by 64.4% in the 3rd quarter. Atria Investments Inc now owns 54,639 shares of the energy company’s stock valued at $2,606,000 after purchasing an additional 21,400 shares during the last quarter. Pearl River Capital LLC boosted its holdings in Devon Energy by 367.7% in the third quarter. Pearl River Capital LLC now owns 75,042 shares of the energy company’s stock worth $3,580,000 after purchasing an additional 58,997 shares in the last quarter. Finally, Argent Trust Co increased its position in Devon Energy by 22.1% during the third quarter. Argent Trust Co now owns 86,795 shares of the energy company’s stock worth $4,140,000 after buying an additional 15,715 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Insider Transactions at Devon Energy

In other news, EVP Tana K. Cashion sold 20,000 shares of the business’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $51.04, for a total value of $1,020,800.00. Following the sale, the executive vice president now owns 104,182 shares of the company’s stock, valued at $5,317,449.28. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 0.63% of the company’s stock.

Devon Energy Price Performance

Shares of DVN stock opened at $50.56 on Thursday. Devon Energy Co. has a 52-week low of $40.47 and a 52-week high of $55.09. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.97 and a current ratio of 1.04. The stock has a market cap of $31.95 billion, a PE ratio of 9.65 and a beta of 2.16. The firm’s 50 day moving average price is $50.02 and its two-hundred day moving average price is $46.31.

Devon Energy (NYSE:DVN) last announced its earnings results on Wednesday, May 1st. The energy company reported $1.16 EPS for the quarter, topping the consensus estimate of $1.10 by $0.06. The firm had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.64 billion. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The business’s quarterly revenue was down 5.9% on a year-over-year basis. During the same period last year, the company posted $1.46 EPS. As a group, analysts forecast that Devon Energy Co. will post 5.24 EPS for the current year.

Devon Energy Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 1.74%. The ex-dividend date of this dividend is Friday, June 14th. Devon Energy’s payout ratio is 16.79%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on DVN shares. Morgan Stanley increased their price objective on Devon Energy from $49.00 to $50.00 and gave the company an “overweight” rating in a report on Monday, April 15th. Scotiabank boosted their price objective on shares of Devon Energy from $53.00 to $67.00 and gave the stock a “sector outperform” rating in a research note on Thursday, April 11th. Susquehanna raised their target price on shares of Devon Energy from $52.00 to $65.00 and gave the company a “positive” rating in a research note on Monday, April 22nd. Royal Bank of Canada restated a “sector perform” rating and set a $55.00 price target on shares of Devon Energy in a report on Thursday, March 7th. Finally, Raymond James cut their price objective on shares of Devon Energy from $53.00 to $52.00 and set an “outperform” rating for the company in a research report on Wednesday, January 24th. Four research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $58.44.

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.