Los Angeles Capital Management LLC Lowers Position in Devon Energy Co. (NYSE:DVN)

Los Angeles Capital Management LLC trimmed its stake in Devon Energy Co. (NYSE:DVN) by 11.1% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,222,887 shares of the energy company’s stock after selling 153,366 shares during the quarter. Los Angeles Capital Management LLC’s holdings in Devon Energy were worth $47,839,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the stock. Triad Wealth Partners LLC acquired a new position in Devon Energy during the second quarter valued at approximately $27,000. 1620 Investment Advisors Inc. acquired a new position in Devon Energy during the second quarter valued at approximately $34,000. PSI Advisors LLC lifted its position in Devon Energy by 66.7% during the second quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock valued at $36,000 after buying an additional 300 shares in the last quarter. LRI Investments LLC acquired a new position in Devon Energy during the first quarter valued at approximately $39,000. Finally, Capital Performance Advisors LLP acquired a new position in Devon Energy during the third quarter valued at approximately $35,000. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on DVN shares. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $57.00 price target on shares of Devon Energy in a research report on Tuesday, September 3rd. Sanford C. Bernstein reduced their target price on shares of Devon Energy from $48.00 to $43.00 and set a “market perform” rating on the stock in a research report on Wednesday, July 17th. Wells Fargo & Company reduced their target price on shares of Devon Energy from $50.00 to $49.00 and set an “overweight” rating on the stock in a research report on Thursday. Morgan Stanley dropped their target price on Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a research report on Monday, September 16th. Finally, Evercore ISI reduced their price target on shares of Devon Energy from $55.00 to $50.00 and set an “in-line” rating for the company in a report on Monday, September 30th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Devon Energy currently has a consensus rating of “Hold” and an average price target of $51.80.

Devon Energy Stock Down 0.1 %

Devon Energy stock traded down $0.02 during mid-day trading on Friday, hitting $38.87. The company’s stock had a trading volume of 8,623,251 shares, compared to its average volume of 8,479,262. The firm’s 50 day moving average is $40.48 and its 200 day moving average is $44.84. The company has a market cap of $24.34 billion, a PE ratio of 7.21, a price-to-earnings-growth ratio of 1.23 and a beta of 2.03. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.03. Devon Energy Co. has a 52-week low of $37.76 and a 52-week high of $55.09.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data 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. 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 business’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same period in the prior year, the business earned $1.65 EPS. On average, analysts anticipate that Devon Energy Co. will post 4.93 earnings per share for the current year.

Devon Energy Announces Dividend

The firm also recently disclosed 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 2.26%. The ex-dividend date of this dividend is Friday, December 13th. Devon Energy’s dividend payout ratio is currently 16.33%.

About Devon Energy

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.