Man Group plc Sells 339,257 Shares of Devon Energy Co. (NYSE:DVN)

Man Group plc cut its position in shares of Devon Energy Co. (NYSE:DVN - Free Report) by 14.2% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,053,934 shares of the energy company's stock after selling 339,257 shares during the quarter. Man Group plc owned 0.31% of Devon Energy worth $67,225,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of DVN. Hurley Capital LLC acquired a new position in Devon Energy during the fourth quarter valued at approximately $26,000. Accredited Wealth Management LLC acquired a new position in Devon Energy during the fourth quarter valued at approximately $28,000. Cromwell Holdings LLC boosted its position in Devon Energy by 98.0% during the fourth quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company's stock valued at $40,000 after purchasing an additional 598 shares during the last quarter. Sierra Ocean LLC acquired a new position in Devon Energy during the fourth quarter valued at approximately $43,000. Finally, Endeavor Private Wealth Inc. acquired a new position in Devon Energy during the fourth quarter valued at approximately $52,000. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Price Performance

Devon Energy stock opened at $33.95 on Thursday. The stock's fifty day moving average price is $32.54 and its two-hundred day moving average price is $34.64. Devon Energy Co. has a one year low of $25.89 and a one year high of $50.24. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01. The firm has a market cap of $21.80 billion, a PE ratio of 7.45, a price-to-earnings-growth ratio of 1.20 and a beta of 1.00.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings results 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 18.14% and a return on equity of 22.52%. The business had revenue of $4.45 billion during the quarter, compared to the consensus estimate of $4.31 billion. During the same quarter in the previous year, the business posted $1.16 EPS. The company's revenue for the quarter was up 23.8% on a year-over-year basis. As a group, research analysts expect that Devon Energy Co. will post 4.85 EPS for the current fiscal year.

Devon Energy Announces Dividend

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

Analyst Ratings Changes

Several research analysts recently commented on DVN shares. Piper Sandler reduced their price target on Devon Energy from $56.00 to $53.00 and set an "overweight" rating for the company in a research report on Tuesday. Cowen cut Devon Energy to a "hold" rating and cut their price objective for the company from $46.00 to $45.00 in a research report on Tuesday, February 18th. StockNews.com raised Devon Energy from a "sell" rating to a "hold" rating in a research report on Thursday. JPMorgan Chase & Co. cut their price objective on Devon Energy from $48.00 to $42.00 and set a "neutral" rating for the company in a research report on Thursday, March 13th. Finally, Benchmark reaffirmed a "buy" rating and issued a $44.00 price objective on shares of Devon Energy in a research report on Thursday, February 20th. Ten analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $43.87.

Devon Energy 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.

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