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

Yacktman Asset Management LP grew its stake in shares of Devon Energy Co. (NYSE:DVN - Free Report) by 6.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,253,163 shares of the energy company's stock after purchasing an additional 208,944 shares during the quarter. Devon Energy makes up approximately 1.4% of Yacktman Asset Management LP's investment portfolio, making the stock its 29th largest position. Yacktman Asset Management LP owned approximately 0.51% of Devon Energy worth $147,368,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. Morgan Stanley lifted its stake in Devon Energy by 23.6% in the third quarter. Morgan Stanley now owns 11,647,104 shares of the energy company's stock worth $555,567,000 after acquiring an additional 2,220,194 shares during the period. Victory Capital Management Inc. lifted its stake in Devon Energy by 5.1% in the third quarter. Victory Capital Management Inc. now owns 8,470,996 shares of the energy company's stock worth $404,067,000 after acquiring an additional 411,777 shares during the period. Raymond James & Associates lifted its stake in Devon Energy by 5.0% in the third quarter. Raymond James & Associates now owns 8,429,670 shares of the energy company's stock worth $402,095,000 after acquiring an additional 402,055 shares during the period. Northern Trust Corp lifted its stake in Devon Energy by 1.2% in the third quarter. Northern Trust Corp now owns 6,774,537 shares of the energy company's stock worth $323,145,000 after acquiring an additional 82,607 shares during the period. Finally, Pacer Advisors Inc. raised its holdings in Devon Energy by 1,279.7% in the fourth quarter. Pacer Advisors Inc. now owns 6,145,605 shares of the energy company's stock worth $278,396,000 after purchasing an additional 5,700,167 shares in the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have commented on DVN. UBS Group boosted their target price on shares of Devon Energy from $48.00 to $57.00 and gave the stock a "neutral" rating in a report on Wednesday, April 10th. Citigroup upped their price objective on shares of Devon Energy from $55.00 to $62.00 and gave the company a "buy" rating in a report on Thursday, April 11th. Raymond James cut their price objective on shares of Devon Energy from $53.00 to $52.00 and set an "outperform" rating on the stock in a report on Wednesday, January 24th. Piper Sandler upped their price objective on shares of Devon Energy from $59.00 to $60.00 and gave the company an "overweight" rating in a report on Friday, April 19th. Finally, Susquehanna upped their price objective on shares of Devon Energy from $52.00 to $65.00 and gave the company a "positive" rating in a report on Monday. Five equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $58.33.

Devon Energy Stock Performance

Devon Energy stock traded up $0.11 during mid-day trading on Friday, hitting $52.72. The company had a trading volume of 4,617,947 shares, compared to its average volume of 7,856,879. The company has a current ratio of 1.07, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46. Devon Energy Co. has a 12-month low of $40.47 and a 12-month high of $55.09. The company's fifty day moving average is $48.88 and its 200-day moving average is $46.18. The company has a market capitalization of $33.48 billion, a price-to-earnings ratio of 9.04 and a beta of 2.19.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings data on Tuesday, February 27th. The energy company reported $1.41 EPS for the quarter, topping the consensus estimate of $1.39 by $0.02. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The business had revenue of $4.15 billion for the quarter, compared to analyst estimates of $3.88 billion. During the same quarter in the prior year, the firm posted $1.66 EPS. The business's quarterly revenue was down 3.6% compared to the same quarter last year. Equities research analysts predict that Devon Energy Co. will post 5.25 EPS for the current year.

Devon Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were given a dividend of $0.44 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.34%. Devon Energy's dividend payout ratio (DPR) is 15.09%.

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.