Devon Energy Corporation (NYSE:DVN) Holdings Decreased by Shikiar Asset Management Inc.

Shikiar Asset Management Inc. reduced its position in Devon Energy Corporation (NYSE:DVN - Free Report) by 48.9% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 15,565 shares of the energy company's stock after selling 14,900 shares during the period. Shikiar Asset Management Inc.'s holdings in Devon Energy were worth $582,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Hurley Capital LLC acquired a new position in Devon Energy in the fourth quarter valued at $26,000. Accredited Wealth Management LLC purchased a new stake in Devon Energy during the 4th quarter valued at approximately $28,000. Cromwell Holdings LLC raised its stake in shares of Devon Energy by 98.0% during the fourth quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company's stock worth $40,000 after purchasing an additional 598 shares during the last quarter. Salem Investment Counselors Inc. lifted its holdings in shares of Devon Energy by 46.7% during the first quarter. Salem Investment Counselors Inc. now owns 1,257 shares of the energy company's stock worth $47,000 after purchasing an additional 400 shares during the period. Finally, Sierra Ocean LLC purchased a new position in Devon Energy in the 4th quarter valued at $43,000. 69.72% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Wells Fargo & Company dropped their price target on shares of Devon Energy from $46.00 to $41.00 and set an "overweight" rating on the stock in a research note on Monday. The Goldman Sachs Group increased their target price on Devon Energy from $38.00 to $43.00 and gave the stock a "buy" rating in a research note on Thursday, May 15th. Piper Sandler dropped their price objective on shares of Devon Energy from $56.00 to $53.00 and set an "overweight" rating for the company in a research note on Tuesday, May 13th. Barclays increased their target price on Devon Energy from $38.00 to $40.00 and gave the company an "equal weight" rating in a report on Wednesday, May 7th. Finally, Williams Trading set a $50.00 price target on Devon Energy in a report on Wednesday, March 5th. Ten investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $43.50.

Devon Energy Stock Down 2.0%

Shares of DVN traded down $0.69 during mid-day trading on Thursday, reaching $34.02. 11,395,063 shares of the stock traded hands, compared to its average volume of 8,774,799. Devon Energy Corporation has a 12-month low of $25.89 and a 12-month high of $49.35. The firm has a market cap of $21.84 billion, a price-to-earnings ratio of 7.75, a P/E/G ratio of 2.59 and a beta of 1.02. The company has a quick ratio of 0.99, a current ratio of 1.08 and a debt-to-equity ratio of 0.57. The stock has a fifty day simple moving average of $31.67 and a 200 day simple moving average of $33.58.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings data 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). The business had revenue of $4.45 billion for the quarter, compared to analyst estimates of $4.31 billion. Devon Energy had a net margin of 16.60% and a return on equity of 21.90%. Devon Energy's revenue for the quarter was up 23.8% compared to the same quarter last year. During the same quarter last year, the business earned $1.16 EPS. Sell-side analysts expect that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.82%. The ex-dividend date of this dividend is Friday, June 13th. Devon Energy's payout ratio is currently 21.87%.

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.