National Bank of Canada FI Has $10.60 Million Position in Devon Energy Co. (NYSE:DVN)

National Bank of Canada FI decreased its holdings in Devon Energy Co. (NYSE:DVN) by 72.5% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 231,304 shares of the energy company’s stock after selling 609,030 shares during the period. National Bank of Canada FI’s holdings in Devon Energy were worth $10,603,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Morgan Stanley increased its position in Devon Energy by 23.6% during the 3rd 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 position in Devon Energy by 0.8% during the 4th quarter. Victory Capital Management Inc. now owns 8,539,335 shares of the energy company’s stock worth $386,832,000 after acquiring an additional 68,339 shares during the last quarter. Northern Trust Corp raised its position in Devon Energy by 1.2% in the third quarter. Northern Trust Corp now owns 6,774,537 shares of the energy company’s stock valued at $323,145,000 after purchasing an additional 82,607 shares during the last quarter. Pacer Advisors Inc. raised its position in Devon Energy by 1,279.7% in the fourth quarter. Pacer Advisors Inc. now owns 6,145,605 shares of the energy company’s stock valued at $278,396,000 after purchasing an additional 5,700,167 shares during the last quarter. Finally, Fuller & Thaler Asset Management Inc. boosted its stake in shares of Devon Energy by 15.0% during the third quarter. Fuller & Thaler Asset Management Inc. now owns 5,355,552 shares of the energy company’s stock valued at $255,460,000 after purchasing an additional 697,849 shares in the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Trading Down 0.8 %

DVN opened at $50.56 on Thursday. The firm has a market capitalization of $31.95 billion, a PE ratio of 9.65 and a beta of 2.16. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.04 and a quick ratio of 0.97. Devon Energy Co. has a fifty-two week low of $40.47 and a fifty-two week high of $55.09. The company’s 50-day moving average is $50.02 and its 200 day moving average is $46.31.

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

Devon Energy Cuts Dividend

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

Insider Activity at Devon Energy

In other Devon Energy news, EVP Tana K. Cashion sold 20,000 shares of the business’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the completion of the sale, the executive vice president now directly owns 104,182 shares in the company, valued at approximately $5,317,449.28. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.63% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on DVN shares. Mizuho increased their price objective on Devon Energy from $53.00 to $57.00 and gave the company a “buy” rating in a report on Thursday, May 2nd. Morgan Stanley increased their price objective on shares of Devon Energy from $49.00 to $50.00 and gave the stock an “overweight” rating in a research report on Monday, April 15th. Piper Sandler boosted their target price on shares of Devon Energy from $59.00 to $60.00 and gave the company an “overweight” rating in a report on Friday, April 19th. Wells Fargo & Company upgraded Devon Energy from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $46.00 to $59.00 in a report on Monday, April 1st. Finally, Barclays initiated coverage on Devon Energy in a research report on Wednesday, April 10th. They issued an “equal weight” rating and a $59.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Devon Energy has an average rating of “Moderate Buy” and an average price target of $58.44.

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.