ING Groep NV Lowers Stake in Devon Energy Co. (NYSE:DVN)

ING Groep NV lowered its holdings in shares of Devon Energy Co. (NYSE:DVN) by 69.8% during the 3rd quarter, HoldingsChannel reports. The fund owned 83,748 shares of the energy company’s stock after selling 193,295 shares during the period. ING Groep NV’s holdings in Devon Energy were worth $3,276,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. MeadowBrook Investment Advisors LLC lifted its holdings in shares of Devon Energy by 25.3% during the third quarter. MeadowBrook Investment Advisors LLC now owns 7,135 shares of the energy company’s stock valued at $279,000 after purchasing an additional 1,440 shares during the last quarter. Lummis Asset Management LP raised its stake in Devon Energy by 2.3% during the third quarter. Lummis Asset Management LP now owns 30,736 shares of the energy company’s stock valued at $1,202,000 after buying an additional 681 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. boosted its holdings in Devon Energy by 7.3% in the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 21,609 shares of the energy company’s stock worth $845,000 after acquiring an additional 1,469 shares in the last quarter. Metis Global Partners LLC grew its stake in shares of Devon Energy by 9.7% in the third quarter. Metis Global Partners LLC now owns 27,179 shares of the energy company’s stock worth $1,063,000 after acquiring an additional 2,392 shares during the last quarter. Finally, KBC Group NV increased its holdings in shares of Devon Energy by 14.0% during the third quarter. KBC Group NV now owns 72,780 shares of the energy company’s stock valued at $2,847,000 after acquiring an additional 8,920 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Performance

NYSE:DVN opened at $38.47 on Friday. The stock has a 50-day simple moving average of $40.09 and a two-hundred day simple moving average of $44.37. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11. Devon Energy Co. has a 52-week low of $37.76 and a 52-week high of $55.09. The firm has a market capitalization of $25.27 billion, a PE ratio of 7.14, a P/E/G ratio of 1.22 and a beta of 2.03.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The company had revenue of $4.02 billion during the quarter, compared to analyst estimates of $3.72 billion. During the same period in the prior year, the firm posted $1.65 EPS. The firm’s quarterly revenue was up 4.9% compared to the same quarter last year. Analysts forecast that Devon Energy Co. will post 4.84 EPS for the current year.

Devon Energy Dividend Announcement

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 dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.29%. The ex-dividend date of this dividend is Friday, December 13th. Devon Energy’s dividend payout ratio (DPR) is 16.33%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on DVN. BMO Capital Markets dropped their price target on shares of Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a research note on Friday, October 4th. Evercore ISI cut 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 report on Monday, September 30th. Piper Sandler reduced their price target on shares of Devon Energy from $57.00 to $56.00 and set an “overweight” rating for the company in a research report on Tuesday, October 15th. TD Cowen lowered their price objective on Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a research report on Tuesday, November 5th. Finally, StockNews.com lowered Devon Energy from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus 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.