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

Yacktman Asset Management LP raised its holdings in Devon Energy Corporation (NYSE:DVN - Free Report) by 2.0% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 646,344 shares of the energy company's stock after buying an additional 12,749 shares during the quarter. Yacktman Asset Management LP owned about 0.10% of Devon Energy worth $24,173,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Covestor Ltd raised its stake in Devon Energy by 15.9% in the fourth quarter. Covestor Ltd now owns 2,521 shares of the energy company's stock valued at $83,000 after buying an additional 345 shares during the last quarter. Horizon Investments LLC raised its stake in shares of Devon Energy by 4.1% in the fourth quarter. Horizon Investments LLC now owns 8,843 shares of the energy company's stock worth $289,000 after purchasing an additional 347 shares during the last quarter. Tocqueville Asset Management L.P. raised its stake in shares of Devon Energy by 3.0% in the fourth quarter. Tocqueville Asset Management L.P. now owns 12,242 shares of the energy company's stock worth $401,000 after purchasing an additional 359 shares during the last quarter. Sierra Ocean LLC raised its stake in shares of Devon Energy by 29.4% in the first quarter. Sierra Ocean LLC now owns 1,709 shares of the energy company's stock worth $64,000 after purchasing an additional 388 shares during the last quarter. Finally, Salem Investment Counselors Inc. raised its stake in shares of Devon Energy by 46.7% in 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 last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Trading Down 1.3%

NYSE:DVN traded down $0.46 on Thursday, reaching $34.13. The company's stock had a trading volume of 2,539,549 shares, compared to its average volume of 8,846,570. Devon Energy Corporation has a 12-month low of $25.89 and a 12-month high of $49.35. 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 firm has a market cap of $21.91 billion, a price-to-earnings ratio of 7.79, a price-to-earnings-growth ratio of 2.62 and a beta of 1.02. The stock has a 50 day moving average price of $32.58 and a 200 day moving average price of $33.47.

Devon Energy (NYSE:DVN - Get Free Report) last posted its earnings results 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 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 quarter in the prior year, the firm earned $1.16 EPS. Devon Energy's revenue for the quarter was up 23.8% compared to the same quarter last year. On average, equities analysts anticipate that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were paid a $0.24 dividend. The ex-dividend date of this dividend was Friday, June 13th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.81%. Devon Energy's payout ratio is presently 21.87%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on DVN. 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. The Goldman Sachs Group raised their target price on Devon Energy from $38.00 to $43.00 and gave the stock a "buy" rating in a report on Thursday, May 15th. Wells Fargo & Company dropped their price objective on Devon Energy from $46.00 to $41.00 and set an "overweight" rating on the stock in a report on Monday, June 16th. Raymond James Financial set a $40.00 price objective on Devon Energy in a report on Monday, April 21st. Finally, Susquehanna dropped their price objective on Devon Energy from $52.00 to $41.00 and set a "positive" rating on the stock in a report on Tuesday, April 22nd. Ten equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus 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.