Scotia Capital Inc. Trims Position in Devon Energy Co. (NYSE:DVN)

Scotia Capital Inc. decreased its stake in shares of Devon Energy Co. (NYSE:DVN) by 69.9% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 6,972 shares of the energy company’s stock after selling 16,210 shares during the period. Scotia Capital Inc.’s holdings in Devon Energy were worth $228,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in DVN. Morse Asset Management Inc purchased a new position in Devon Energy in the third quarter valued at approximately $126,000. Virtu Financial LLC bought a new stake in shares of Devon Energy in the 3rd quarter worth about $7,468,000. Pine Valley Investments Ltd Liability Co acquired a new stake in Devon Energy during the third quarter valued at approximately $209,000. World Investment Advisors LLC lifted its stake in Devon Energy by 3,440.3% during the third quarter. World Investment Advisors LLC now owns 149,437 shares of the energy company’s stock worth $5,846,000 after purchasing an additional 145,216 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB bought a new stake in shares of Devon Energy during the 3rd quarter valued at about $1,576,000. 69.72% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on DVN shares. Citigroup dropped their price objective on shares of Devon Energy from $46.00 to $43.00 and set a “buy” rating on the stock in a report on Friday, April 4th. Morgan Stanley set a $47.00 price target on shares of Devon Energy and gave the company an “overweight” rating in a report on Wednesday, March 26th. Benchmark restated a “buy” rating and issued a $44.00 target price on shares of Devon Energy in a report on Thursday, February 20th. Raymond James reduced their price target on shares of Devon Energy from $54.00 to $46.00 and set an “outperform” rating for the company in a research report on Monday, March 10th. Finally, Mizuho lowered their target price on Devon Energy from $49.00 to $46.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 9th. Ten equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $46.71.

Devon Energy Price Performance

Devon Energy stock opened at $28.51 on Wednesday. The company has a market capitalization of $18.50 billion, a PE ratio of 6.25, a price-to-earnings-growth ratio of 1.20 and a beta of 1.50. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01. The business has a 50 day simple moving average of $34.17 and a 200 day simple moving average of $36.00. Devon Energy Co. has a one year low of $25.89 and a one year high of $53.20.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.16. The business had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.25 billion. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. On average, sell-side analysts forecast that Devon Energy Co. will post 4.85 EPS for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were paid a $0.24 dividend. The ex-dividend date was Friday, March 14th. This is a boost from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a yield of 3.37%. Devon Energy’s dividend payout ratio (DPR) is presently 21.05%.

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.