Devon Energy Co. (NYSE:DVN) Holdings Cut by Leavell Investment Management Inc.

Leavell Investment Management Inc. reduced its stake in Devon Energy Co. (NYSE:DVN) by 9.5% in the third quarter, HoldingsChannel.com reports. The fund owned 29,992 shares of the energy company’s stock after selling 3,150 shares during the quarter. Leavell Investment Management Inc.’s holdings in Devon Energy were worth $1,173,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. grew its stake in Devon Energy by 3.5% during the 1st quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock worth $3,836,615,000 after buying an additional 2,559,039 shares during the last quarter. International Assets Investment Management LLC increased its holdings in shares of Devon Energy by 4,125.7% in the 3rd quarter. International Assets Investment Management LLC now owns 2,280,961 shares of the energy company’s stock worth $89,231,000 after acquiring an additional 2,226,983 shares during the period. Pacer Advisors Inc. lifted its position in Devon Energy by 16.8% in the 2nd quarter. Pacer Advisors Inc. now owns 9,913,516 shares of the energy company’s stock valued at $469,901,000 after purchasing an additional 1,428,776 shares during the last quarter. Los Angeles Capital Management LLC boosted its stake in Devon Energy by 7,165.6% during the 2nd quarter. Los Angeles Capital Management LLC now owns 1,376,253 shares of the energy company’s stock valued at $65,234,000 after purchasing an additional 1,357,311 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in Devon Energy by 16.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 8,793,217 shares of the energy company’s stock worth $416,779,000 after purchasing an additional 1,255,543 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Stock Performance

Shares of NYSE DVN opened at $38.87 on Friday. The stock’s fifty day simple moving average is $40.48 and its 200 day simple moving average is $44.84. The stock has a market capitalization of $24.34 billion, a price-to-earnings ratio of 7.21, a PEG ratio of 1.23 and a beta of 2.03. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. Devon Energy Co. has a 52-week low of $37.76 and a 52-week high of $55.09.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, topping 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 last year, the business posted $1.65 EPS. Devon Energy’s revenue was up 4.9% on a year-over-year basis. As a group, sell-side analysts forecast that Devon Energy Co. will post 4.93 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be given a $0.22 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.26%. Devon Energy’s dividend payout ratio (DPR) is presently 16.33%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on DVN. TD Cowen reduced their price objective on Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a research report on Tuesday, November 5th. Royal Bank of Canada reiterated a “sector perform” rating and set a $57.00 price target on shares of Devon Energy in a research report on Tuesday, September 3rd. Morgan Stanley lowered their price target on Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a report on Monday, September 16th. JPMorgan Chase & Co. reduced their price objective on shares of Devon Energy from $64.00 to $51.00 and set an “overweight” rating for the company in a report on Thursday, September 12th. Finally, UBS Group dropped their price target on shares of Devon Energy from $53.00 to $47.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 18th. One 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.com, Devon Energy has a consensus rating of “Hold” and an average target price of $51.80.

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.