Advisors Asset Management Inc. Has $5.09 Million Position in Devon Energy Co. (NYSE:DVN)

Advisors Asset Management Inc. reduced its stake in shares of Devon Energy Co. (NYSE:DVN) by 18.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 130,198 shares of the energy company’s stock after selling 30,079 shares during the quarter. Advisors Asset Management Inc.’s holdings in Devon Energy were worth $5,093,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. William B. Walkup & Associates Inc. acquired a new position in Devon Energy during the second quarter worth $1,026,000. CIBC Asset Management Inc grew its holdings in shares of Devon Energy by 6.3% during the third quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company’s stock worth $4,193,000 after purchasing an additional 6,358 shares during the last quarter. Smead Capital Management Inc. grew its holdings 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 purchasing an additional 198,193 shares during the last quarter. Nations Financial Group Inc. IA ADV bought a new stake in shares of Devon Energy during the third quarter worth $592,000. Finally, Gordian Capital Singapore Pte Ltd bought a new stake in shares of Devon Energy during the second quarter worth $711,000. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have recently commented on DVN. Evercore ISI decreased their target price on Devon Energy from $55.00 to $50.00 and set an “in-line” rating on the stock in a report on Monday, September 30th. UBS Group decreased their target price on Devon Energy from $53.00 to $47.00 and set a “neutral” rating on the stock in a report on Wednesday, September 18th. Benchmark reiterated a “hold” rating on shares of Devon Energy in a report on Tuesday, October 15th. StockNews.com cut Devon Energy from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Finally, Wells Fargo & Company decreased their price target on Devon Energy from $50.00 to $49.00 and set an “overweight” rating on the stock in a report on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $51.85.

Devon Energy Trading Up 1.2 %

NYSE DVN opened at $38.77 on Friday. The firm has a market cap 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. 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 stock’s 50-day moving average is $39.94 and its 200-day moving average is $44.08. Devon Energy Co. has a one year low of $37.76 and a one year high of $55.09.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. The company had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. Devon Energy’s revenue was up 4.9% compared to the same quarter last year. During the same quarter last year, the firm posted $1.65 earnings per share. Sell-side analysts anticipate that Devon Energy Co. will post 4.81 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.27%. The ex-dividend date of this dividend is Friday, December 13th. Devon Energy’s dividend payout ratio is currently 16.33%.

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.