Mackenzie Financial Corp Cuts Stock Position in Devon Energy Co. (NYSE:DVN)

Mackenzie Financial Corp reduced its holdings in shares of Devon Energy Co. (NYSE:DVN - Free Report) by 22.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 74,979 shares of the energy company's stock after selling 21,945 shares during the quarter. Mackenzie Financial Corp's holdings in Devon Energy were worth $2,454,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. Hurley Capital LLC purchased a new stake in Devon Energy in the fourth quarter worth $26,000. Accredited Wealth Management LLC purchased a new position in shares of Devon Energy in the fourth quarter valued at $28,000. Cromwell Holdings LLC grew its position in shares of Devon Energy by 98.0% in the fourth quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company's stock valued at $40,000 after purchasing an additional 598 shares in the last quarter. Sierra Ocean LLC purchased a new position in shares of Devon Energy in the fourth quarter valued at $43,000. Finally, Thompson Investment Management Inc. grew its position in shares of Devon Energy by 60.0% in the fourth quarter. Thompson Investment Management Inc. now owns 1,600 shares of the energy company's stock valued at $52,000 after purchasing an additional 600 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Stock Down 2.7%

DVN stock traded down $0.83 during midday trading on Friday, hitting $30.28. The company's stock had a trading volume of 18,138,161 shares, compared to its average volume of 8,676,989. The company has a market cap of $19.44 billion, a PE ratio of 6.64, a P/E/G ratio of 1.20 and a beta of 1.00. Devon Energy Co. has a 12 month low of $25.89 and a 12 month high of $49.35. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57. The firm's 50-day moving average is $31.65 and its 200-day moving average is $34.05.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The energy company reported $1.21 earnings per share for the quarter, missing the consensus estimate of $1.27 by ($0.06). The firm had revenue of $4.45 billion for the quarter, compared to the consensus estimate of $4.31 billion. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. Devon Energy's quarterly revenue was up 23.8% compared to the same quarter last year. During the same period in the previous year, the company earned $1.16 earnings per share. On average, equities research analysts forecast that Devon Energy Co. will post 4.85 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be paid a $0.24 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.96 annualized dividend and a dividend yield of 3.17%. Devon Energy's dividend payout ratio (DPR) is 21.87%.

Analysts Set New Price Targets

A number of analysts recently weighed in on DVN shares. Barclays boosted their target price on Devon Energy from $38.00 to $40.00 and gave the stock an "equal weight" rating in a research report on Wednesday, May 7th. Raymond James set a $40.00 price target on shares of Devon Energy in a research note on Monday, April 21st. Citigroup reduced their price objective on Devon Energy from $46.00 to $43.00 and set a "buy" rating on the stock in a research note on Friday, April 4th. Royal Bank of Canada lowered their target price on Devon Energy from $49.00 to $40.00 and set a "sector perform" rating for the company in a research note on Monday, April 14th. Finally, Mizuho lowered their target price on Devon Energy from $46.00 to $43.00 and set an "outperform" rating for the company in a research note on Tuesday, May 13th. Ten equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. Based on data from MarketBeat, Devon Energy currently has a consensus rating of "Moderate Buy" and an average target price of $43.71.

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.