Tidal Investments LLC Sells 28,501 Shares of Devon Energy Co. (NYSE:DVN)

Tidal Investments LLC decreased its position in Devon Energy Co. (NYSE:DVN) by 36.9% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 48,752 shares of the energy company’s stock after selling 28,501 shares during the quarter. Tidal Investments LLC’s holdings in Devon Energy were worth $1,596,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of DVN. Vanguard Group Inc. lifted its holdings in Devon Energy by 7.3% in the fourth quarter. Vanguard Group Inc. now owns 80,682,170 shares of the energy company’s stock valued at $2,640,727,000 after acquiring an additional 5,465,692 shares during the period. Raymond James Financial Inc. bought a new position in Devon Energy in the fourth quarter valued at about $154,170,000. Fuller & Thaler Asset Management Inc. lifted its holdings in Devon Energy by 42.8% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 10,395,225 shares of the energy company’s stock valued at $340,236,000 after acquiring an additional 3,114,656 shares during the period. Marshall Wace LLP lifted its holdings in Devon Energy by 135.5% in the fourth quarter. Marshall Wace LLP now owns 5,371,518 shares of the energy company’s stock valued at $175,810,000 after acquiring an additional 3,090,585 shares during the period. Finally, Invesco Ltd. lifted its holdings in Devon Energy by 32.8% in the fourth quarter. Invesco Ltd. now owns 9,461,719 shares of the energy company’s stock valued at $309,682,000 after acquiring an additional 2,335,473 shares during the period. Institutional investors own 69.72% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on DVN shares. Citigroup lowered their target price on Devon Energy from $46.00 to $43.00 and set a “buy” rating on the stock in a report on Friday, April 4th. Williams Trading set a $50.00 price objective on Devon Energy in a research note on Wednesday, March 5th. The Goldman Sachs Group raised their price objective on Devon Energy from $38.00 to $43.00 and gave the stock a “buy” rating in a research note on Thursday, May 15th. Susquehanna decreased their price objective on Devon Energy from $52.00 to $41.00 and set a “positive” rating on the stock in a research note on Tuesday, April 22nd. Finally, UBS Group decreased their price objective on Devon Energy from $41.00 to $35.00 and set a “neutral” rating on the stock in a research note on Monday, April 7th. 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 presently has an average rating of “Moderate Buy” and an average target price of $43.71.

Devon Energy Stock Performance

NYSE:DVN opened at $31.15 on Friday. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57. Devon Energy Co. has a 12-month low of $25.89 and a 12-month high of $49.35. The stock has a 50-day moving average price of $32.20 and a 200 day moving average price of $34.33. The stock has a market capitalization of $20.00 billion, a P/E ratio of 6.83, a P/E/G ratio of 1.20 and a beta of 1.00.

Devon Energy (NYSE:DVN) last released its 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 return on equity of 22.52% and a net margin of 18.14%. The business had revenue of $4.45 billion for the quarter, compared to analysts’ expectations of $4.31 billion. During the same quarter in the prior year, the business posted $1.16 EPS. The business’s revenue for the quarter was up 23.8% compared to the same quarter last year. Equities research analysts forecast that Devon Energy Co. will post 4.85 EPS for the current fiscal year.

Devon Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 3.08%. The ex-dividend date of this dividend is Friday, June 13th. Devon Energy’s dividend payout ratio 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.