Devon Energy Co. (NYSE:DVN) Shares Sold by Cheviot Value Management LLC

Cheviot Value Management LLC cut its holdings in Devon Energy Co. (NYSE:DVN) by 5.5% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 64,397 shares of the energy company’s stock after selling 3,718 shares during the quarter. Cheviot Value Management LLC’s holdings in Devon Energy were worth $2,519,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in DVN. EnCap Energy Capital Fund XI L.P. acquired a new position in Devon Energy in the 3rd quarter valued at about $461,857,000. EnCap Partners GP LLC purchased a new position in shares of Devon Energy in the 3rd quarter valued at approximately $408,653,000. EnCap Energy Capital Fund X L.P. acquired a new position in shares of Devon Energy in the third quarter valued at approximately $230,928,000. International Assets Investment Management LLC raised its stake in shares of Devon Energy by 4,125.7% during the third quarter. International Assets Investment Management LLC now owns 2,280,961 shares of the energy company’s stock worth $89,231,000 after purchasing an additional 2,226,983 shares during the last quarter. Finally, Pacer Advisors Inc. lifted its holdings in shares of Devon Energy by 16.9% during the third quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock worth $453,446,000 after purchasing an additional 1,677,652 shares during the period. 69.72% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Citigroup dropped their price objective on shares of Devon Energy from $55.00 to $48.00 and set a “buy” rating on the stock in a research note on Tuesday, November 26th. Evercore ISI dropped their price target on shares of Devon Energy from $55.00 to $50.00 and set an “in-line” rating on the stock in a research note on Monday, September 30th. Barclays reduced their price objective on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a research report on Thursday, October 3rd. BMO Capital Markets dropped their target price on Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a research report on Friday, October 4th. Finally, TD Cowen reduced their price target on Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a report on Tuesday, November 5th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $51.15.

Devon Energy Stock Up 0.3 %

Shares of NYSE DVN opened at $37.95 on Monday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. The firm’s 50-day moving average is $39.68 and its two-hundred day moving average is $43.52. Devon Energy Co. has a 12-month low of $37.28 and a 12-month high of $55.09. The company has a market capitalization of $24.93 billion, a PE ratio of 7.04, a price-to-earnings-growth ratio of 1.20 and a beta of 2.03.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The firm had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same quarter in the prior year, the firm earned $1.65 EPS. Devon Energy’s quarterly revenue was up 4.9% on a year-over-year basis. Equities analysts anticipate that Devon Energy Co. will post 4.79 EPS for the current fiscal year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.32%. The ex-dividend date is Friday, December 13th. Devon Energy’s payout ratio is 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.