Yacktman Asset Management LP Reduces Holdings in Devon Energy Co. (NYSE:DVN)

Yacktman Asset Management LP lowered its stake in shares of Devon Energy Co. (NYSE:DVN) by 0.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,317,879 shares of the energy company’s stock after selling 4,023 shares during the quarter. Devon Energy comprises 1.5% of Yacktman Asset Management LP’s portfolio, making the stock its 27th largest position. Yacktman Asset Management LP owned approximately 0.52% of Devon Energy worth $157,267,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of DVN. National Bank of Canada FI grew its stake in shares of Devon Energy by 447.6% in the 2nd quarter. National Bank of Canada FI now owns 1,179,538 shares of the energy company’s stock worth $56,299,000 after buying an additional 964,147 shares during the last quarter. First Dallas Securities Inc. boosted its holdings in Devon Energy by 4.0% in the second quarter. First Dallas Securities Inc. now owns 14,101 shares of the energy company’s stock worth $668,000 after acquiring an additional 539 shares in the last quarter. Meridian Wealth Advisors LLC grew its stake in shares of Devon Energy by 3.2% in the second quarter. Meridian Wealth Advisors LLC now owns 83,189 shares of the energy company’s stock worth $3,943,000 after acquiring an additional 2,566 shares during the last quarter. Impact Partnership Wealth LLC increased its holdings in shares of Devon Energy by 89.7% during the second quarter. Impact Partnership Wealth LLC now owns 22,843 shares of the energy company’s stock valued at $1,083,000 after acquiring an additional 10,802 shares in the last quarter. Finally, New World Advisors LLC bought a new position in Devon Energy in the 2nd quarter worth about $216,000. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Stock Performance

NYSE:DVN traded down $0.16 during trading hours on Thursday, hitting $42.08. 2,617,493 shares of the company were exchanged, compared to its average volume of 7,056,435. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.11 and a quick ratio of 1.03. Devon Energy Co. has a 52-week low of $40.47 and a 52-week high of $55.09. The stock has a market capitalization of $26.59 billion, a price-to-earnings ratio of 8.06, a PEG ratio of 1.26 and a beta of 2.03. The company’s 50 day moving average price is $45.61 and its 200-day moving average price is $47.59.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.26 by $0.15. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The firm had revenue of $3.92 billion for the quarter, compared to the consensus estimate of $3.90 billion. During the same period in the prior year, the firm earned $1.18 EPS. The firm’s revenue was up 13.4% on a year-over-year basis. As a group, research analysts forecast that Devon Energy Co. will post 5.37 earnings per share for the current year.

Devon Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.09%. The ex-dividend date is Friday, September 13th. Devon Energy’s payout ratio is 16.79%.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Mizuho upped their target price on shares of Devon Energy from $57.00 to $61.00 and gave the stock a “buy” rating in a research note on Monday, May 13th. Royal Bank of Canada reissued a “sector perform” rating and issued a $57.00 target price on shares of Devon Energy in a report on Tuesday. Sanford C. Bernstein reduced their price objective on Devon Energy from $48.00 to $43.00 and set a “market perform” rating for the company in a report on Wednesday, July 17th. Bank of America reissued a “buy” rating and issued a $64.00 target price on shares of Devon Energy in a research report on Friday, June 14th. Finally, Susquehanna dropped their price target on shares of Devon Energy from $65.00 to $63.00 and set a “positive” rating on the stock in a report on Wednesday. Six equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Devon Energy currently has an average rating of “Moderate Buy” and an average price target of $58.63.

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.