Sovereign s Capital Management LLC Makes New $987,000 Investment in Devon Energy Co. (NYSE:DVN)

Sovereign s Capital Management LLC acquired a new position in shares of Devon Energy Co. (NYSE:DVN - Free Report) during the 4th quarter, according to its most recent 13F filing with the SEC. The fund acquired 30,151 shares of the energy company's stock, valued at approximately $987,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in Devon Energy by 7.3% during the 4th quarter. Vanguard Group Inc. now owns 80,682,170 shares of the energy company's stock worth $2,640,727,000 after purchasing an additional 5,465,692 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of 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 acquiring an additional 1,038,305 shares during the last quarter. Fuller & Thaler Asset Management Inc. increased its holdings in shares of 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 acquiring an additional 3,114,656 shares during the last quarter. Victory Capital Management Inc. increased its holdings in shares of Devon Energy by 2.3% in the 4th quarter. Victory Capital Management Inc. now owns 10,203,812 shares of the energy company's stock valued at $333,971,000 after acquiring an additional 232,469 shares during the last quarter. Finally, Invesco Ltd. increased its holdings in shares of Devon Energy by 32.8% in the 4th quarter. Invesco Ltd. now owns 9,461,719 shares of the energy company's stock valued at $309,682,000 after acquiring an additional 2,335,473 shares during the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on DVN shares. Bank of America lowered their price objective on Devon Energy from $52.00 to $42.00 and set a "buy" rating for the company in a research note on Tuesday, April 29th. Cowen lowered Devon Energy to a "hold" rating and decreased their price target for the company from $46.00 to $45.00 in a research report on Tuesday, February 18th. Williams Trading set a $50.00 price objective on Devon Energy in a research note on Wednesday, March 5th. Scotiabank reduced their price objective on Devon Energy from $45.00 to $35.00 and set a "sector outperform" rating for the company in a research note on Friday, April 11th. Finally, Royal Bank of Canada cut their price objective on Devon Energy from $49.00 to $40.00 and set a "sector perform" rating on the stock in a research note on Monday, April 14th. Ten analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. According to MarketBeat, Devon Energy has a consensus rating of "Moderate Buy" and a consensus price target of $43.83.

Devon Energy Trading Down 1.1%

Shares of Devon Energy stock traded down $0.35 during trading on Thursday, reaching $31.15. 6,813,861 shares of the company were exchanged, compared to its average volume of 8,630,821. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. Devon Energy Co. has a twelve month low of $25.89 and a twelve month high of $49.35. The business has a 50-day moving average price of $32.37 and a 200-day moving average price of $34.44. The firm has a market capitalization of $20.00 billion, a price-to-earnings ratio of 6.83, a P/E/G ratio of 1.20 and a beta of 1.00.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The energy company reported $1.21 EPS for the quarter, missing analysts' consensus estimates of $1.27 by ($0.06). Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The company had revenue of $4.45 billion for the quarter, compared to analyst estimates of $4.31 billion. During the same period last year, the firm earned $1.16 earnings per share. The firm's revenue for the quarter was up 23.8% on a year-over-year basis. Sell-side analysts anticipate that Devon Energy Co. will post 4.85 EPS 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. Investors of record on Friday, June 13th will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.08%. Devon Energy's dividend payout ratio (DPR) is presently 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.