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

Yacktman Asset Management LP raised its stake in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 2.0% during the first quarter, according to the company in its most recent 13F filing 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.

Several other hedge funds have also made changes to their positions in the business. Covestor Ltd grew 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 worth $83,000 after purchasing an additional 345 shares in the last quarter. Horizon Investments LLC grew its holdings in shares of Devon Energy by 4.1% during the 4th quarter. Horizon Investments LLC now owns 8,843 shares of the energy company's stock valued at $289,000 after acquiring an additional 347 shares in the last quarter. Tocqueville Asset Management L.P. boosted its holdings in 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 in the last quarter. Sierra Ocean LLC lifted its position in Devon Energy by 29.4% during the 1st quarter. Sierra Ocean LLC now owns 1,709 shares of the energy company's stock worth $64,000 after acquiring an additional 388 shares during the last quarter. Finally, Salem Investment Counselors Inc. raised its position 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 valued at $47,000 after buying an additional 400 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on DVN shares. The Goldman Sachs Group raised their price target on shares of Devon Energy from $38.00 to $43.00 and gave the company a "buy" rating in a report on Thursday, May 15th. Wells Fargo & Company dropped their target price on shares of Devon Energy from $46.00 to $41.00 and set an "overweight" rating on the stock in a report on Monday, June 16th. Wall Street Zen upgraded shares of Devon Energy from a "sell" rating to a "hold" rating in a research report on Thursday, May 15th. Morgan Stanley lifted their price target on shares of Devon Energy from $42.00 to $44.00 and gave the company an "overweight" rating in a research note on Friday, May 23rd. Finally, Barclays boosted their price target on shares of Devon Energy from $38.00 to $40.00 and gave the stock an "equal weight" rating in a report on Wednesday, May 7th. Ten research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $43.50.

Devon Energy Stock Down 0.9%

NYSE:DVN traded down $0.31 on Wednesday, reaching $34.61. 6,284,510 shares of the stock traded hands, compared to its average volume of 8,860,418. The company's fifty day simple moving average is $32.50 and its 200 day simple moving average is $33.46. The company has a current ratio of 1.08, a quick ratio of 0.99 and a debt-to-equity ratio of 0.57. The company has a market capitalization of $22.22 billion, a price-to-earnings ratio of 7.88, a PEG ratio of 2.45 and a beta of 1.02. Devon Energy Corporation has a 12 month low of $25.89 and a 12 month high of $49.35.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The energy company reported $1.21 earnings per share (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 company had revenue of $4.45 billion for the quarter, compared to the consensus estimate of $4.31 billion. During the same quarter in the previous year, the business earned $1.16 EPS. The company's quarterly revenue was up 23.8% on a year-over-year basis. Equities analysts predict 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. Investors of record on Friday, June 13th were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.77%. The ex-dividend date of this dividend was Friday, June 13th. Devon Energy's dividend payout ratio (DPR) is presently 21.87%.

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.