Devon Energy Co. (NYSE:DVN) Shares Sold by Guinness Asset Management LTD

Guinness Asset Management LTD lowered its position in Devon Energy Co. (NYSE:DVN) by 13.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 224,541 shares of the energy company’s stock after selling 33,857 shares during the quarter. Guinness Asset Management LTD’s holdings in Devon Energy were worth $7,309,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Geode Capital Management LLC lifted its holdings in shares of Devon Energy by 1.3% in the third quarter. Geode Capital Management LLC now owns 15,892,970 shares of the energy company’s stock valued at $619,747,000 after purchasing an additional 206,884 shares in the last quarter. EnCap Energy Capital Fund XI L.P. acquired a new position in shares of Devon Energy during the 3rd quarter worth approximately $461,857,000. Pacer Advisors Inc. lifted its stake in Devon Energy by 16.9% in the 3rd quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock valued at $453,446,000 after buying an additional 1,677,652 shares in the last quarter. EnCap Partners GP LLC acquired a new stake in Devon Energy during the 3rd quarter valued at $408,653,000. Finally, Victory Capital Management Inc. increased its position in Devon Energy by 3.8% during the third quarter. Victory Capital Management Inc. now owns 9,971,343 shares of the energy company’s stock worth $390,079,000 after buying an additional 361,968 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Citigroup reduced their price objective on Devon Energy from $55.00 to $48.00 and set a “buy” rating on the stock in a research report on Tuesday, November 26th. BMO Capital Markets reduced their target price on shares of Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a report on Friday, October 4th. Wells Fargo & Company lowered their price target on shares of Devon Energy from $49.00 to $43.00 and set an “overweight” rating for the company in a report on Tuesday, December 17th. JPMorgan Chase & Co. lowered shares of Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 target price on the stock. in a research report on Thursday, December 5th. Finally, Wolfe Research upgraded Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price target for the company in a report on Friday, January 3rd. Nine investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $49.27.

Devon Energy Price Performance

DVN opened at $37.98 on Monday. Devon Energy Co. has a 52-week low of $30.39 and a 52-week high of $55.09. The company has a 50 day moving average of $35.48 and a two-hundred day moving average of $40.21. The company has a market cap of $24.95 billion, a P/E ratio of 7.05, a P/E/G ratio of 1.14 and a beta of 2.00. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.01. The firm had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The firm’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.65 EPS. On average, analysts expect that Devon Energy Co. will post 4.72 earnings per share for the current year.

Devon Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Friday, December 13th were issued a dividend of $0.22 per share. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.32%. Devon Energy’s payout ratio is currently 16.33%.

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.