Devon Energy Co. (NYSE:DVN) Shares Sold by Baker Avenue Asset Management LP

Baker Avenue Asset Management LP trimmed its position in Devon Energy Co. (NYSE:DVN - Free Report) by 83.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 23,265 shares of the energy company's stock after selling 118,096 shares during the quarter. Baker Avenue Asset Management LP's holdings in Devon Energy were worth $761,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in DVN. Franklin Resources Inc. increased its stake in shares of Devon Energy by 90.1% during the third quarter. Franklin Resources Inc. now owns 1,363,090 shares of the energy company's stock worth $58,435,000 after buying an additional 646,045 shares during the period. Principal Financial Group Inc. lifted its stake in shares of Devon Energy by 1.0% in the 3rd quarter. Principal Financial Group Inc. now owns 731,978 shares of the energy company's stock worth $28,635,000 after acquiring an additional 7,487 shares during the period. Nordea Investment Management AB increased its position in Devon Energy by 70.0% during the 4th quarter. Nordea Investment Management AB now owns 65,861 shares of the energy company's stock worth $2,145,000 after purchasing an additional 27,114 shares during the period. Bard Financial Services Inc. grew its holdings in Devon Energy by 86.9% during the fourth quarter. Bard Financial Services Inc. now owns 20,650 shares of the energy company's stock worth $676,000 after acquiring an additional 9,600 shares during the period. Finally, Fortem Financial Group LLC lifted its stake in shares of Devon Energy by 17.9% in the fourth quarter. Fortem Financial Group LLC now owns 17,576 shares of the energy company's stock valued at $575,000 after purchasing an additional 2,672 shares during the period. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on DVN. Barclays lifted their price objective on Devon Energy from $38.00 to $40.00 and gave the company an "equal weight" rating in a research report on Wednesday. Wells Fargo & Company decreased their target price on Devon Energy from $46.00 to $44.00 and set an "overweight" rating on the stock in a report on Monday, April 14th. Williams Trading set a $50.00 price target on Devon Energy in a research note on Wednesday, March 5th. Cowen lowered shares of Devon Energy to a "hold" rating and reduced their price target for the company from $46.00 to $45.00 in a research report on Tuesday, February 18th. Finally, UBS Group lowered their target price on shares of Devon Energy from $41.00 to $35.00 and set a "neutral" rating for the company in a research note on Monday, April 7th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Devon Energy presently has a consensus rating of "Moderate Buy" and a consensus price target of $43.96.

Devon Energy Stock Up 5.6 %

Devon Energy stock traded up $1.69 during trading hours on Thursday, reaching $31.98. The stock had a trading volume of 10,246,771 shares, compared to its average volume of 8,557,859. Devon Energy Co. has a 52 week low of $25.89 and a 52 week high of $51.20. The business's 50 day moving average price is $32.58 and its 200-day moving average price is $34.80. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01. The company has a market cap of $20.57 billion, a price-to-earnings ratio of 7.01, a PEG ratio of 1.20 and a beta of 1.00.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The energy company reported $1.21 EPS for the quarter, missing the consensus estimate of $1.27 by ($0.06). Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The firm had revenue of $4.45 billion for the quarter, compared to analysts' expectations of $4.31 billion. During the same quarter in the previous year, the firm posted $1.16 earnings per share. The firm's revenue for the quarter was up 23.8% compared to the same quarter last year. Sell-side analysts anticipate that Devon Energy Co. will post 4.85 EPS for the current year.

Devon Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be issued a $0.24 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.00%. Devon Energy's payout ratio is currently 21.05%.

Devon Energy Company 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.