EagleClaw Capital Managment LLC Reduces Holdings in Devon Energy Corporation (NYSE:DVN)

Key Points

• EagleClaw Capital Management LLC reduced its holdings in Devon Energy Corporation by 15.1% in the first quarter, now owning 88,025 shares valued at approximately $3.29 million.
• Devon Energy reported $1.21 EPS for the quarter, missing the consensus estimate of $1.27, but achieved a 23.8% year-over-year revenue growth with $4.45 billion in revenue.
• The company announced a quarterly dividend of $0.24, representing an annualized yield of 2.9%, with a dividend payout ratio of 21.87%.

EagleClaw Capital Managment LLC cut its position in Devon Energy Corporation (NYSE:DVN - Free Report) by 15.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 88,025 shares of the energy company's stock after selling 15,675 shares during the quarter. EagleClaw Capital Managment LLC's holdings in Devon Energy were worth $3,292,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in DVN. Geode Capital Management LLC boosted its position in Devon Energy by 6.5% in 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 buying an additional 1,038,305 shares during the last quarter. Victory Capital Management Inc. increased its position in shares of Devon Energy by 12.9% during the first 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. lifted its stake in shares of Devon Energy by 42.8% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 10,395,225 shares of the energy company's stock worth $340,236,000 after acquiring an additional 3,114,656 shares in the last quarter. Invesco Ltd. boosted its holdings in Devon Energy by 32.8% in the fourth quarter. Invesco Ltd. now owns 9,461,719 shares of the energy company's stock valued at $309,682,000 after purchasing an additional 2,335,473 shares during the last quarter. Finally, Northern Trust Corp boosted its holdings in Devon Energy by 2.4% in the fourth quarter. Northern Trust Corp now owns 6,260,735 shares of the energy company's stock valued at $204,914,000 after purchasing an additional 144,789 shares during the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Stock Down 1.6%

DVN stock opened at $33.22 on Friday. The stock has a market cap of $21.33 billion, a PE ratio of 7.57, a price-to-earnings-growth ratio of 1.91 and a beta of 1.02. The firm's 50-day simple moving average is $32.90 and its 200 day simple moving average is $33.46. Devon Energy Corporation has a fifty-two week low of $25.89 and a fifty-two week high of $47.44. The company has a quick ratio of 0.99, a current ratio of 1.08 and a debt-to-equity ratio of 0.57.

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

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 13th were given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.9%. The ex-dividend date was Friday, June 13th. Devon Energy's dividend payout ratio (DPR) is currently 21.87%.

Analyst Ratings Changes

A number of equities analysts have issued reports on DVN shares. Wells Fargo & Company upped their target price on Devon Energy from $41.00 to $42.00 and gave the company an "overweight" rating in a research report on Thursday, July 3rd. Piper Sandler restated an "overweight" rating and issued a $58.00 price target (up previously from $53.00) on shares of Devon Energy in a research note on Thursday, July 17th. Siebert Williams Shank upped their price target on shares of Devon Energy from $47.00 to $52.00 and gave the company a "buy" rating in a report on Monday, June 23rd. The Goldman Sachs Group raised their price objective on shares of Devon Energy from $38.00 to $43.00 and gave the stock a "buy" rating in a report on Thursday, May 15th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Devon Energy from $40.00 to $42.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. Eleven analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $43.85.

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.

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