Sasco Capital Inc. CT Lowers Stock Position in Devon Energy Co. (NYSE:DVN)

Sasco Capital Inc. CT reduced its position in Devon Energy Co. (NYSE:DVN) by 15.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 278,852 shares of the energy company’s stock after selling 49,490 shares during the quarter. Sasco Capital Inc. CT’s holdings in Devon Energy were worth $10,909,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. lifted its position in shares of Devon Energy by 14.8% during the third quarter. PNC Financial Services Group Inc. now owns 174,495 shares of the energy company’s stock worth $6,826,000 after purchasing an additional 22,534 shares in the last quarter. B. Metzler seel. Sohn & Co. Holding AG acquired a new position in Devon Energy in the 3rd quarter worth $806,000. Fifth Third Wealth Advisors LLC boosted its position in Devon Energy by 45.1% in the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 11,259 shares of the energy company’s stock valued at $440,000 after buying an additional 3,499 shares during the last quarter. Prospera Financial Services Inc grew its stake in shares of Devon Energy by 20.4% during the third quarter. Prospera Financial Services Inc now owns 22,813 shares of the energy company’s stock valued at $893,000 after acquiring an additional 3,867 shares in the last quarter. Finally, Smead Capital Management Inc. increased its position in shares of Devon Energy by 3.5% during the third quarter. Smead Capital Management Inc. now owns 5,879,516 shares of the energy company’s stock worth $230,007,000 after acquiring an additional 198,193 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Jefferies Financial Group initiated coverage on Devon Energy in a research report on Thursday, October 3rd. They issued a “hold” rating and a $45.00 target price on the stock. Mizuho decreased their price objective on shares of Devon Energy from $53.00 to $51.00 and set an “outperform” rating for the company in a report on Wednesday, October 9th. Barclays reduced their price target on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 3rd. Raymond James lowered their price objective on Devon Energy from $58.00 to $51.00 in a report on Tuesday, November 5th. Finally, UBS Group lowered their price target on Devon Energy from $53.00 to $47.00 and set a “neutral” rating for the company in a report on Wednesday, September 18th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, Devon Energy has an average rating of “Hold” and a consensus price target of $51.85.

Devon Energy Stock Performance

Shares of DVN opened at $38.77 on Tuesday. The stock has a market capitalization of $25.47 billion, a P/E ratio of 7.19, a P/E/G ratio of 1.20 and a beta of 2.03. Devon Energy Co. has a 12-month low of $37.76 and a 12-month high of $55.09. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. The firm’s 50 day moving average is $40.04 and its 200-day moving average is $44.24.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. The company had revenue of $4.02 billion during the quarter, compared to analyst estimates of $3.72 billion. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The business’s quarterly revenue was up 4.9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.65 earnings per share. Equities research analysts anticipate that Devon Energy Co. will post 4.84 EPS for the current fiscal year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.27%. The ex-dividend date is Friday, December 13th. Devon Energy’s dividend payout ratio (DPR) is currently 16.33%.

Devon Energy Company 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.