Devon Energy Corporation (NYSE:DVN) Shares Sold by LSV Asset Management

Key Points

• LSV Asset Management reduced its stake in Devon Energy Corporation by 7.1%, now holding 441,160 shares valued at approximately $16.5 million.
• Despite some reductions, institutional investors own about 69.72% of Devon Energy's stock, reflecting significant interest in the company.
• Devon Energy's quarterly earnings showed a profit of $0.84 per share, exceeding analysts' estimates, while the company also recently paid a quarterly dividend yielding 3.0%.

LSV Asset Management cut its holdings in Devon Energy Corporation (NYSE:DVN - Free Report) by 7.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 441,160 shares of the energy company's stock after selling 33,700 shares during the quarter. LSV Asset Management owned about 0.07% of Devon Energy worth $16,499,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Alliancebernstein L.P. raised its holdings in Devon Energy by 0.8% during the fourth quarter. Alliancebernstein L.P. now owns 929,222 shares of the energy company's stock valued at $30,413,000 after buying an additional 7,494 shares in the last quarter. Resona Asset Management Co. Ltd. bought a new stake in shares of Devon Energy during the fourth quarter valued at approximately $5,967,000. Aviva PLC lifted its holdings in shares of Devon Energy by 767.3% during the 4th quarter. Aviva PLC now owns 376,999 shares of the energy company's stock worth $12,339,000 after acquiring an additional 333,530 shares during the period. Russell Investments Group Ltd. lifted its stake in Devon Energy by 25.1% during the fourth quarter. Russell Investments Group Ltd. now owns 865,999 shares of the energy company's stock worth $28,342,000 after purchasing an additional 173,580 shares during the period. Finally, Titleist Asset Management LLC raised its stake in Devon Energy by 4.2% during the fourth quarter. Titleist Asset Management LLC now owns 15,911 shares of the energy company's stock worth $521,000 after acquiring an additional 643 shares in the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

DVN has been the topic of several research analyst reports. UBS Group increased their target price on Devon Energy from $35.00 to $37.00 and gave the stock a "neutral" rating in a report on Friday, July 11th. Scotiabank restated an "outperform" rating on shares of Devon Energy in a report on Friday, July 11th. Morgan Stanley restated an "overweight" rating and issued a $46.00 price objective (up previously from $44.00) on shares of Devon Energy in a research report on Tuesday, July 15th. Tudor, Pickering, Holt & Co. lifted their price target on shares of Devon Energy from $42.00 to $44.00 in a research note on Thursday, July 3rd. Finally, Bernstein Bank cut their target price on Devon Energy from $45.00 to $43.00 and set an "outperform" rating on the stock in a research note on Monday, July 7th. Eleven equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $43.93.

Devon Energy Trading Down 0.4%

Shares of NYSE DVN traded down $0.12 during trading hours on Thursday, hitting $32.34. 10,929,543 shares of the company traded hands, compared to its average volume of 9,131,267. The company has a current ratio of 1.08, a quick ratio of 0.99 and a debt-to-equity ratio of 0.57. Devon Energy Corporation has a 12 month low of $25.89 and a 12 month high of $46.04. The stock has a market capitalization of $20.76 billion, a price-to-earnings ratio of 7.25, a price-to-earnings-growth ratio of 1.83 and a beta of 1.07. The company's 50 day moving average price is $32.99 and its 200 day moving average price is $33.30.

Devon Energy (NYSE:DVN - Get Free Report) last released its earnings results on Tuesday, August 5th. The energy company reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.01. The business had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.01 billion. Devon Energy had a return on equity of 18.80% and a net margin of 16.57%. The business's revenue for the quarter was up 9.4% compared to the same quarter last year. During the same period last year, the company earned $1.41 earnings per share. On average, equities research analysts anticipate that Devon Energy Corporation will post 4.85 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be paid a dividend of $0.24 per share. The ex-dividend date is Monday, September 15th. This represents a $0.96 dividend on an annualized basis and a yield of 3.0%. Devon Energy's dividend payout ratio is presently 21.52%.

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.