Mediolanum International Funds Ltd Has $3.51 Million Holdings in Devon Energy Corporation (NYSE:DVN)

Key Points

• Mediolanum International Funds Ltd reduced its stake in Devon Energy by 34.9%, now holding 95,584 shares valued at approximately $3.51 million.
• Devon Energy reported a quarterly EPS of $1.21, falling short of analysts' estimates of $1.27, despite a revenue increase of 23.8% year-over-year.
• Devon Energy declared a quarterly dividend of $0.24 per share, with an annualized yield of 2.91% and a payout ratio of 21.87%.

Mediolanum International Funds Ltd reduced its position in Devon Energy Corporation (NYSE:DVN - Free Report) by 34.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 95,584 shares of the energy company's stock after selling 51,167 shares during the period. Mediolanum International Funds Ltd's holdings in Devon Energy were worth $3,514,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in DVN. Geode Capital Management LLC grew its holdings in shares of Devon Energy by 6.5% during the 4th quarter. Geode Capital Management LLC now owns 16,931,275 shares of the energy company's stock valued at $552,830,000 after acquiring an additional 1,038,305 shares in the last quarter. Victory Capital Management Inc. lifted its position in Devon Energy by 12.9% during the 1st quarter. Victory Capital Management Inc. now owns 11,518,862 shares of the energy company's stock worth $430,805,000 after acquiring an additional 1,315,050 shares during the last quarter. Fuller & Thaler Asset Management Inc. grew 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 valued at $340,236,000 after buying an additional 3,114,656 shares during the last quarter. Invesco Ltd. increased its position in Devon Energy by 32.8% during the fourth quarter. Invesco Ltd. now owns 9,461,719 shares of the energy company's stock worth $309,682,000 after acquiring an additional 2,335,473 shares during the period. Finally, Northern Trust Corp raised its position in shares of Devon Energy by 2.4% during the fourth quarter. Northern Trust Corp now owns 6,260,735 shares of the energy company's stock valued at $204,914,000 after buying an additional 144,789 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on DVN. Scotiabank reiterated an "outperform" rating on shares of Devon Energy in a research report on Friday, July 11th. Susquehanna reduced their target price on Devon Energy from $52.00 to $41.00 and set a "positive" rating for the company in a research report on Tuesday, April 22nd. Tudor, Pickering, Holt & Co. boosted their price target on shares of Devon Energy from $42.00 to $44.00 in a report on Thursday, July 3rd. 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 note on Tuesday, July 15th. Finally, Siebert Williams Shank raised their price objective on shares of Devon Energy from $47.00 to $52.00 and gave the stock a "buy" rating in a report on Monday, June 23rd. Eleven analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $43.85.

Devon Energy Stock Down 1.7%

Shares of DVN traded down $0.59 during midday trading on Wednesday, hitting $33.63. The stock had a trading volume of 4,163,187 shares, compared to its average volume of 9,085,395. 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 firm has a market cap of $21.59 billion, a price-to-earnings ratio of 7.66, a price-to-earnings-growth ratio of 1.93 and a beta of 1.02. The company has a 50 day simple moving average of $32.82 and a two-hundred day simple moving average of $33.48. Devon Energy Corporation has a twelve month low of $25.89 and a twelve month high of $47.44.

Devon Energy (NYSE:DVN - Get Free Report) last released its 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). The firm had revenue of $4.45 billion during the quarter, compared to the consensus estimate of $4.31 billion. Devon Energy had a net margin of 16.60% and a return on equity of 21.90%. The company's revenue was up 23.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.16 EPS. On average, analysts anticipate that Devon Energy Corporation will post 4.85 EPS for the current year.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.85%. The ex-dividend date of this dividend was Friday, June 13th. Devon Energy's payout ratio is 21.87%.

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.