Devon Energy Corporation (NYSE:DVN) Shares Bought by Yacktman Asset Management LP

Yacktman Asset Management LP increased its stake in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 2.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 646,344 shares of the energy company's stock after purchasing an additional 12,749 shares during the quarter. Yacktman Asset Management LP owned approximately 0.10% of Devon Energy worth $24,173,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in DVN. Vanguard Group Inc. raised its stake in Devon Energy by 7.3% in 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 buying an additional 5,465,692 shares during the last quarter. Geode Capital Management LLC raised its stake in Devon Energy by 6.5% in the fourth 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. Fuller & Thaler Asset Management Inc. raised its stake in 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 buying an additional 3,114,656 shares during the last quarter. Invesco Ltd. raised its stake 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 buying an additional 2,335,473 shares during the last quarter. Finally, Northern Trust Corp raised its stake 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 buying 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 Price Performance

DVN traded down $0.62 during trading on Thursday, hitting $33.98. The company's stock had a trading volume of 7,752,167 shares, compared to its average volume of 8,879,341. The company has a current ratio of 1.08, a quick ratio of 0.99 and a debt-to-equity ratio of 0.57. Devon Energy Corporation has a twelve month low of $25.89 and a twelve month high of $49.35. The business's fifty day simple moving average is $32.64 and its 200 day simple moving average is $33.49. The firm has a market capitalization of $21.82 billion, a price-to-earnings ratio of 7.74, a P/E/G ratio of 2.59 and a beta of 1.02.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings data 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 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 analyst estimates of $4.31 billion. During the same period in the previous year, the business posted $1.16 earnings per share. The firm's revenue for the quarter was up 23.8% on a year-over-year basis. On average, equities research analysts forecast that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 13th were issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.83%. The ex-dividend date of this dividend was Friday, June 13th. Devon Energy's payout ratio is currently 21.87%.

Analysts Set New Price Targets

A number of research firms have commented on DVN. UBS Group decreased their price target on Devon Energy from $41.00 to $35.00 and set a "neutral" rating for the company in a research note on Monday, April 7th. Barclays raised their price objective on Devon Energy from $38.00 to $40.00 and gave the stock an "equal weight" rating in a research note on Wednesday, May 7th. JPMorgan Chase & Co. reduced their price objective on Devon Energy from $48.00 to $42.00 and set a "neutral" rating for the company in a research note on Thursday, March 13th. Piper Sandler reduced their price objective on Devon Energy from $56.00 to $53.00 and set an "overweight" rating for the company in a research note on Tuesday, May 13th. Finally, Wall Street Zen upgraded Devon Energy from a "sell" rating to a "hold" rating in a research note on Thursday, May 15th. Ten research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $43.50.

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.