Bank of New York Mellon Corp Cuts Position in Devon Energy Corporation (NYSE:DVN)

Bank of New York Mellon Corp trimmed its position in Devon Energy Corporation (NYSE:DVN - Free Report) by 4.1% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,258,221 shares of the energy company's stock after selling 181,977 shares during the quarter. Bank of New York Mellon Corp owned 0.66% of Devon Energy worth $159,257,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Hurley Capital LLC purchased a new stake in shares of Devon Energy during the 4th quarter valued at about $26,000. Accredited Wealth Management LLC purchased a new stake in shares of Devon Energy during the 4th quarter valued at about $28,000. Rakuten Securities Inc. raised its holdings in shares of Devon Energy by 94.6% during the 1st quarter. Rakuten Securities Inc. now owns 833 shares of the energy company's stock valued at $31,000 after buying an additional 405 shares during the period. Salem Investment Counselors Inc. raised its holdings in shares of Devon Energy by 46.7% during the 1st quarter. Salem Investment Counselors Inc. now owns 1,257 shares of the energy company's stock valued at $47,000 after buying an additional 400 shares during the period. Finally, Redmont Wealth Advisors LLC purchased a new stake in shares of Devon Energy during the 1st quarter valued at about $56,000. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Trading Down 1.5%

NYSE:DVN opened at $32.72 on Tuesday. Devon Energy Corporation has a 12-month low of $25.89 and a 12-month high of $49.35. The firm has a market capitalization of $21.01 billion, a P/E ratio of 7.45, a P/E/G ratio of 2.49 and a beta of 1.02. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.08 and a quick ratio of 0.99. The business has a 50 day simple moving average of $32.43 and a 200 day simple moving average of $33.45.

Devon Energy (NYSE:DVN - Get Free Report) last released 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 net margin of 16.60% and a return on equity of 21.90%. The company had revenue of $4.45 billion for the quarter, compared to analyst estimates of $4.31 billion. During the same quarter in the prior year, the firm earned $1.16 EPS. The company's revenue for the quarter was up 23.8% compared to the same quarter last year. Equities research analysts predict that Devon Energy Corporation will post 4.85 EPS for the current year.

Devon Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 13th were given a dividend of $0.24 per share. The ex-dividend date was Friday, June 13th. This represents a $0.96 dividend on an annualized basis and a yield of 2.93%. Devon Energy's dividend payout ratio (DPR) is presently 21.87%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on DVN shares. Citigroup dropped their target price on Devon Energy from $46.00 to $43.00 and set a "buy" rating on the stock in a report on Friday, April 4th. Bank of America dropped their target price on Devon Energy from $52.00 to $42.00 and set a "buy" rating on the stock in a report on Tuesday, April 29th. Scotiabank dropped their target price on Devon Energy from $45.00 to $35.00 and set a "sector outperform" rating on the stock in a report on Friday, April 11th. Susquehanna dropped their price objective on Devon Energy from $52.00 to $41.00 and set a "positive" rating on the stock in a report on Tuesday, April 22nd. Finally, JPMorgan Chase & Co. dropped their price objective on Devon Energy from $48.00 to $42.00 and set a "neutral" rating on the stock in a report on Thursday, March 13th. Ten investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $43.50.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.