Devon Energy Co. (NYSE:DVN) Shares Sold by Cullen Frost Bankers Inc.

Cullen Frost Bankers Inc. lessened its stake in Devon Energy Co. (NYSE:DVN) by 10.4% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 4,266 shares of the energy company’s stock after selling 496 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in Devon Energy were worth $140,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. EnCap Energy Capital Fund XI L.P. purchased a new stake in shares of Devon Energy during the third quarter worth about $461,857,000. EnCap Partners GP LLC purchased a new stake in Devon Energy during the 3rd quarter worth approximately $408,653,000. EnCap Energy Capital Fund X L.P. acquired a new position in shares of Devon Energy during the third quarter valued at approximately $230,928,000. Pacer Advisors Inc. lifted its position in shares of Devon Energy by 16.9% in the third quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock valued at $453,446,000 after acquiring an additional 1,677,652 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its stake in shares of Devon Energy by 90.8% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 2,724,407 shares of the energy company’s stock worth $89,170,000 after acquiring an additional 1,296,590 shares during the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Stock Up 2.6 %

Devon Energy stock opened at $34.74 on Monday. The company has a market capitalization of $22.54 billion, a PE ratio of 7.62, a price-to-earnings-growth ratio of 1.20 and a beta of 1.91. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04. Devon Energy Co. has a fifty-two week low of $30.39 and a fifty-two week high of $55.09. The firm has a 50 day moving average price of $35.24 and a 200 day moving average price of $37.63.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.16. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The business had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.25 billion. Research analysts expect that Devon Energy Co. will post 4.85 earnings per share for the current year.

Devon Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.76%. The ex-dividend date of this dividend is Friday, March 14th. This is a boost from Devon Energy’s previous quarterly dividend of $0.22. Devon Energy’s dividend payout ratio is currently 21.05%.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Sanford C. Bernstein raised Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a research note on Wednesday, January 15th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $50.00 target price on shares of Devon Energy in a research report on Friday, January 10th. Benchmark restated a “buy” rating and set a $44.00 price target on shares of Devon Energy in a research report on Thursday, February 20th. Cowen downgraded shares of Devon Energy to a “hold” rating and cut their price objective for the company from $46.00 to $45.00 in a report on Tuesday, February 18th. Finally, StockNews.com upgraded Devon Energy from a “sell” rating to a “hold” rating in a report on Friday, January 3rd. Ten investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, Devon Energy currently has an average rating of “Moderate Buy” and an average price target of $48.87.

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.