Devon Energy Co. (NYSE:DVN) Shares Sold by Royal Fund Management LLC

Royal Fund Management LLC trimmed its stake in shares of Devon Energy Co. (NYSE:DVN) by 42.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 46,974 shares of the energy company’s stock after selling 35,246 shares during the period. Royal Fund Management LLC’s holdings in Devon Energy were worth $1,538,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Riversedge Advisors LLC lifted its stake in Devon Energy by 3.6% in the 3rd quarter. Riversedge Advisors LLC now owns 7,336 shares of the energy company’s stock valued at $287,000 after buying an additional 253 shares in the last quarter. Modus Advisors LLC raised its stake in Devon Energy by 2.4% during the third quarter. Modus Advisors LLC now owns 11,439 shares of the energy company’s stock worth $447,000 after purchasing an additional 272 shares during the period. Lummis Asset Management LP grew its holdings in shares of Devon Energy by 1.0% during the 2nd quarter. Lummis Asset Management LP now owns 30,055 shares of the energy company’s stock worth $1,425,000 after purchasing an additional 290 shares during the period. Hazlett Burt & Watson Inc. lifted its holdings in shares of Devon Energy by 29.8% in the 3rd quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock worth $49,000 after acquiring an additional 290 shares during the last quarter. Finally, Sfmg LLC boosted its holdings in Devon Energy by 0.5% during the 3rd quarter. Sfmg LLC now owns 64,871 shares of the energy company’s stock valued at $2,538,000 after acquiring an additional 294 shares during the period. Institutional investors and hedge funds own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Evercore ISI reduced their price target on shares of Devon Energy from $55.00 to $50.00 and set an “in-line” rating for the company in a research report on Monday, September 30th. Barclays cut their price target on Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a report on Thursday, October 3rd. Scotiabank reduced their price objective on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating on the stock in a research note on Thursday, October 10th. BMO Capital Markets lowered their price objective on shares of Devon Energy from $52.00 to $48.00 and set an “outperform” rating for the company in a research report on Friday, October 4th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $50.00 price objective on shares of Devon Energy in a research note on Friday, January 10th. Nine investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, Devon Energy presently has a consensus rating of “Moderate Buy” and a consensus target price of $49.27.

Devon Energy Price Performance

DVN stock opened at $37.98 on Tuesday. The company has a market capitalization of $24.95 billion, a P/E ratio of 7.05, a PEG ratio of 1.26 and a beta of 2.00. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11. Devon Energy Co. has a 52-week low of $30.39 and a 52-week high of $55.09. The company has a fifty day moving average price of $35.46 and a 200-day moving average price of $40.14.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The company had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same period in the prior year, the firm posted $1.65 EPS. The company’s quarterly revenue was up 4.9% on a year-over-year basis. As a group, equities analysts expect that Devon Energy Co. will post 4.68 EPS for the current year.

Devon Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were issued a $0.22 dividend. The ex-dividend date was Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.32%. Devon Energy’s payout ratio is currently 16.33%.

Devon Energy Company 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.