AGF Management Ltd. Sells 680 Shares of Devon Energy Co. (NYSE:DVN)

AGF Management Ltd. reduced its stake in shares of Devon Energy Co. (NYSE:DVN) by 0.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 202,453 shares of the energy company’s stock after selling 680 shares during the quarter. AGF Management Ltd.’s holdings in Devon Energy were worth $6,626,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Citizens Financial Group Inc. RI grew its stake in shares of Devon Energy by 12.4% during the fourth quarter. Citizens Financial Group Inc. RI now owns 12,116 shares of the energy company’s stock valued at $397,000 after buying an additional 1,339 shares during the last quarter. Marathon Trading Investment Management LLC bought a new position in shares of Devon Energy during the fourth quarter valued at about $394,000. Argentarii LLC bought a new position in shares of Devon Energy during the fourth quarter valued at about $242,000. Jackson Hole Capital Partners LLC grew its stake in shares of Devon Energy by 241.3% during the fourth quarter. Jackson Hole Capital Partners LLC now owns 23,109 shares of the energy company’s stock valued at $756,000 after buying an additional 16,338 shares during the last quarter. Finally, Amundi grew its stake in shares of Devon Energy by 2.3% during the fourth quarter. Amundi now owns 2,220,879 shares of the energy company’s stock valued at $78,064,000 after buying an additional 50,301 shares during the last quarter. 69.72% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

DVN has been the topic of a number of recent research reports. Wells Fargo & Company reduced their price objective on Devon Energy from $49.00 to $43.00 and set an “overweight” rating on the stock in a research note on Tuesday, December 17th. Benchmark reissued a “buy” rating and issued a $44.00 target price on shares of Devon Energy in a research note on Thursday, February 20th. Citigroup cut Devon Energy from a “buy” rating to a “reduce” rating in a research note on Wednesday, March 5th. Mizuho cut their target price on Devon Energy from $51.00 to $47.00 and set an “outperform” rating on the stock in a research note on Monday, December 16th. Finally, Wolfe Research raised Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 target price on the stock in a research note on Friday, January 3rd. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Devon Energy has an average rating of “Moderate Buy” and a consensus price target of $48.58.

Devon Energy Price Performance

DVN stock opened at $34.79 on Thursday. The firm has a 50 day moving average price of $35.36 and a 200-day moving average price of $37.47. Devon Energy Co. has a 52-week low of $30.39 and a 52-week high of $55.09. The firm has a market capitalization of $22.58 billion, a price-to-earnings ratio of 7.63, a PEG 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 (NYSE:DVN) last released its earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.16. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. The firm had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.25 billion. Equities research analysts forecast that Devon Energy Co. will post 4.85 EPS for the current fiscal year.

Devon Energy Increases Dividend

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

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.