Ninepoint Partners LP Decreases Stock Position in Devon Energy Corporation (NYSE:DVN)

Ninepoint Partners LP decreased its position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 77.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 100,000 shares of the energy company's stock after selling 350,000 shares during the quarter. Devon Energy comprises 0.6% of Ninepoint Partners LP's holdings, making the stock its 18th largest holding. Ninepoint Partners LP's holdings in Devon Energy were worth $3,740,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of DVN. Vanguard Group Inc. lifted its holdings in Devon Energy by 7.3% during the fourth quarter. Vanguard Group Inc. now owns 80,682,170 shares of the energy company's stock valued at $2,640,727,000 after purchasing an additional 5,465,692 shares during the last quarter. Fuller & Thaler Asset Management Inc. raised its position 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 valued at $340,236,000 after purchasing an additional 3,114,656 shares during the period. Marshall Wace LLP raised its position in shares of Devon Energy by 135.5% in the fourth quarter. Marshall Wace LLP now owns 5,371,518 shares of the energy company's stock valued at $175,810,000 after purchasing an additional 3,090,585 shares during the period. Invesco Ltd. lifted its stake in shares of Devon Energy by 32.8% during the 4th quarter. Invesco Ltd. now owns 9,461,719 shares of the energy company's stock valued at $309,682,000 after buying an additional 2,335,473 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its holdings in Devon Energy by 530.3% in the 1st quarter. Assenagon Asset Management S.A. now owns 2,067,465 shares of the energy company's stock worth $77,323,000 after buying an additional 1,739,436 shares during the period. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Price Performance

NYSE DVN traded down $0.35 during trading on Friday, hitting $32.95. 5,660,879 shares of the stock traded hands, compared to its average volume of 6,965,611. 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 Corporation has a 12-month low of $25.89 and a 12-month high of $47.44. The firm has a 50-day simple moving average of $32.75 and a 200-day simple moving average of $33.50. The company has a market capitalization of $21.15 billion, a P/E ratio of 7.50, a price-to-earnings-growth ratio of 1.87 and a beta of 1.02.

Devon Energy (NYSE:DVN - Get Free Report) last posted its earnings results on Tuesday, May 6th. The energy company reported $1.21 earnings per share 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 business had revenue of $4.45 billion during the quarter, compared to analysts' expectations of $4.31 billion. During the same period last year, the business posted $1.16 earnings per share. The company's revenue for the quarter was up 23.8% compared to the same quarter last year. As a group, 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. Stockholders of record on Friday, June 13th were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.91%. The ex-dividend date of this dividend was Friday, June 13th. Devon Energy's dividend payout ratio is 21.87%.

Analysts Set New Price Targets

DVN has been the subject of a number of analyst reports. JPMorgan Chase & Co. raised their price target on Devon Energy from $40.00 to $42.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. Siebert Williams Shank upped their price target on Devon Energy from $47.00 to $52.00 and gave the company a "buy" rating in a research report on Monday, June 23rd. Bank of America lowered their price target on shares of Devon Energy from $52.00 to $42.00 and set a "buy" rating on the stock in a report on Tuesday, April 29th. Piper Sandler restated an "overweight" rating and issued a $58.00 price objective (up from $53.00) on shares of Devon Energy in a research report on Thursday, July 17th. Finally, Raymond James Financial reaffirmed an "outperform" rating and set a $45.00 target price (up previously from $40.00) on shares of Devon Energy in a report on Tuesday, July 22nd. Eleven analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $43.85.

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.