Yacktman Asset Management LP Sells 1,753,305 Shares of Devon Energy Co. (NYSE:DVN)

Yacktman Asset Management LP lowered its position in Devon Energy Co. (NYSE:DVN) by 73.5% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 633,595 shares of the energy company’s stock after selling 1,753,305 shares during the period. Yacktman Asset Management LP owned about 0.10% of Devon Energy worth $20,738,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Sovran Advisors LLC purchased a new stake in shares of Devon Energy during the fourth quarter worth about $1,955,000. Essex Financial Services Inc. grew its holdings in Devon Energy by 129.5% during the 4th quarter. Essex Financial Services Inc. now owns 21,291 shares of the energy company’s stock valued at $697,000 after buying an additional 12,015 shares in the last quarter. Summit Trail Advisors LLC grew its holdings in Devon Energy by 80.0% during the 4th quarter. Summit Trail Advisors LLC now owns 19,904 shares of the energy company’s stock valued at $651,000 after buying an additional 8,844 shares in the last quarter. Four Tree Island Advisory LLC bought a new stake in shares of Devon Energy during the fourth quarter valued at approximately $419,000. Finally, Stiles Financial Services Inc lifted its holdings in shares of Devon Energy by 8.0% in the fourth quarter. Stiles Financial Services Inc now owns 55,013 shares of the energy company’s stock worth $1,801,000 after buying an additional 4,054 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Trading Up 3.3 %

Shares of NYSE DVN opened at $34.24 on Tuesday. The stock has a market capitalization of $22.49 billion, a P/E ratio of 6.35, a price-to-earnings-growth ratio of 1.04 and a beta of 1.98. The business has a fifty day moving average price of $34.41 and a 200 day moving average price of $38.87. Devon Energy Co. has a 1-year low of $30.39 and a 1-year high of $55.09. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01.

Analyst Ratings Changes

DVN has been the topic of a number of research reports. Sanford C. Bernstein upgraded shares of Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price target on the stock in a report on Wednesday, January 15th. Piper Sandler lifted their target price on Devon Energy from $53.00 to $54.00 and gave the stock an “overweight” rating in a report on Wednesday, January 29th. JPMorgan Chase & Co. lowered Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price target for the company. in a research note on Thursday, December 5th. TD Cowen reduced their price objective on Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a research note on Tuesday, November 5th. Finally, Truist Financial decreased their price objective on Devon Energy from $43.00 to $42.00 and set a “hold” rating on the stock in a report on Monday, January 13th. Nine research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $49.45.

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.