LSV Asset Management Sells 57,900 Shares of Devon Energy Co. (NYSE:DVN)

LSV Asset Management cut its holdings in Devon Energy Co. (NYSE:DVN) by 8.9% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 593,560 shares of the energy company’s stock after selling 57,900 shares during the period. LSV Asset Management owned approximately 0.09% of Devon Energy worth $26,888,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in DVN. Annis Gardner Whiting Capital Advisors LLC bought a new stake in Devon Energy in the third quarter worth approximately $27,000. Sound Income Strategies LLC lifted its position in shares of Devon Energy by 60.7% during the 4th quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock valued at $31,000 after acquiring an additional 255 shares during the period. Rise Advisors LLC boosted its stake in Devon Energy by 1,365.3% during the fourth quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock worth $33,000 after acquiring an additional 669 shares in the last quarter. PFS Partners LLC acquired a new stake in Devon Energy in the fourth quarter worth $36,000. Finally, Naples Money Management LLC bought a new stake in Devon Energy in the fourth quarter valued at $40,000. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Stock Performance

Shares of DVN opened at $50.82 on Monday. The stock has a 50 day moving average of $49.62 and a 200 day moving average of $46.25. The company has a current ratio of 1.04, a quick ratio of 0.97 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. The company has a market capitalization of $32.12 billion, a price-to-earnings ratio of 9.65 and a beta of 2.16.

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

Devon Energy Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.73%. The ex-dividend date of this dividend is Friday, June 14th. Devon Energy’s dividend payout ratio is currently 16.79%.

Wall Street Analyst Weigh In

DVN has been the topic of a number of research analyst reports. Scotiabank increased 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 report on Thursday, April 11th. StockNews.com upgraded Devon Energy from a “hold” rating to a “buy” rating in a report on Friday. Mizuho boosted their price objective on Devon Energy from $53.00 to $57.00 and gave the company a “buy” rating in a report on Thursday. UBS Group upped their target price on Devon Energy from $48.00 to $57.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 10th. Finally, Susquehanna lifted their price target on shares of Devon Energy from $52.00 to $65.00 and gave the company a “positive” rating in a research report on Monday, April 22nd. Four research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average 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.