Devon Energy Co. (NYSE:DVN) Shares Sold by First Manhattan CO. LLC.

First Manhattan CO. LLC. cut its stake in shares of Devon Energy Co. (NYSE:DVN - Free Report) by 52.4% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 46,528 shares of the energy company's stock after selling 51,217 shares during the quarter. First Manhattan CO. LLC.'s holdings in Devon Energy were worth $1,523,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of DVN. Vanguard Group Inc. boosted its holdings in Devon Energy by 7.3% during the 4th quarter. Vanguard Group Inc. now owns 80,682,170 shares of the energy company's stock valued at $2,640,727,000 after acquiring an additional 5,465,692 shares during the period. Raymond James Financial Inc. purchased a new stake in Devon Energy in the 4th quarter worth approximately $154,170,000. Fuller & Thaler Asset Management Inc. lifted its holdings in Devon Energy by 42.8% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 10,395,225 shares of the energy company's stock worth $340,236,000 after buying an additional 3,114,656 shares during the period. Marshall Wace LLP lifted its holdings in Devon Energy by 135.5% in the 4th quarter. Marshall Wace LLP now owns 5,371,518 shares of the energy company's stock worth $175,810,000 after buying an additional 3,090,585 shares during the period. Finally, Invesco Ltd. lifted its holdings in Devon Energy by 32.8% in the 4th quarter. Invesco Ltd. now owns 9,461,719 shares of the energy company's stock worth $309,682,000 after buying an additional 2,335,473 shares during the period. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Stock Down 1.0%

Shares of DVN traded down $0.34 during trading hours on Wednesday, hitting $33.95. The company had a trading volume of 6,164,620 shares, compared to its average volume of 8,589,061. Devon Energy Co. has a one year low of $25.89 and a one year high of $50.24. The company's fifty day moving average price is $32.56 and its two-hundred day moving average price is $34.64. The company has a market capitalization of $21.80 billion, a PE ratio of 7.45, a price-to-earnings-growth ratio of 1.20 and a beta of 1.00. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The energy company reported $1.21 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $4.31 billion. During the same period in the previous year, the firm earned $1.16 EPS. The firm's quarterly revenue was up 23.8% on a year-over-year basis. As a group, equities analysts forecast that Devon Energy Co. will post 4.85 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

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 dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.96 annualized dividend and a dividend yield of 2.83%. Devon Energy's dividend payout ratio is presently 21.87%.

Analyst Ratings Changes

DVN has been the subject of several research analyst reports. Cowen cut Devon Energy to a "hold" rating and dropped their price objective for the stock from $46.00 to $45.00 in a report on Tuesday, February 18th. Bank of America lowered their target price on Devon Energy from $52.00 to $42.00 and set a "buy" rating for the company in a research note on Tuesday, April 29th. Mizuho decreased their price target on Devon Energy from $46.00 to $43.00 and set an "outperform" rating for the company in a research note on Tuesday. Truist Financial increased their price objective on Devon Energy from $42.00 to $44.00 and gave the company a "hold" rating in a research report on Thursday, February 20th. Finally, Benchmark reaffirmed a "buy" rating and set a $44.00 price objective on shares of Devon Energy in a research report on Thursday, February 20th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $43.87.

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.