Bank of New York Mellon Corp Has $145.33 Million Stock Holdings in Devon Energy Co. (NYSE:DVN)

Bank of New York Mellon Corp cut its stake in Devon Energy Co. (NYSE:DVN) by 2.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,440,198 shares of the energy company’s stock after selling 105,885 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.68% of Devon Energy worth $145,328,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the stock. Rothschild Investment LLC increased its stake in shares of Devon Energy by 122.9% in the fourth quarter. Rothschild Investment LLC now owns 79,579 shares of the energy company’s stock worth $2,605,000 after acquiring an additional 43,876 shares during the last quarter. IFP Advisors Inc boosted its holdings in Devon Energy by 120.9% in the fourth quarter. IFP Advisors Inc now owns 41,611 shares of the energy company’s stock worth $1,362,000 after purchasing an additional 22,770 shares in the last quarter. Boothe Investment Group Inc. boosted its holdings in Devon Energy by 36.4% in the fourth quarter. Boothe Investment Group Inc. now owns 162,858 shares of the energy company’s stock worth $5,330,000 after purchasing an additional 43,441 shares in the last quarter. South Dakota Investment Council boosted its holdings in Devon Energy by 7.4% in the fourth quarter. South Dakota Investment Council now owns 90,426 shares of the energy company’s stock worth $2,960,000 after purchasing an additional 6,200 shares in the last quarter. Finally, Howard Capital Management Inc. boosted its holdings in Devon Energy by 12.0% in the fourth quarter. Howard Capital Management Inc. now owns 27,043 shares of the energy company’s stock worth $885,000 after purchasing an additional 2,902 shares in the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Stock Performance

NYSE:DVN opened at $36.24 on Friday. Devon Energy Co. has a 12-month low of $30.39 and a 12-month high of $55.09. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. The firm has a market capitalization of $23.52 billion, a PE ratio of 7.95, a price-to-earnings-growth ratio of 1.20 and a beta of 1.98. The firm has a 50-day moving average price of $34.94 and a 200 day moving average price of $38.10.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping 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. Research analysts anticipate that Devon Energy Co. will post 4.85 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The firm 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 $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.65%. The ex-dividend date of this dividend is Friday, March 14th. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. Devon Energy’s dividend payout ratio is 21.05%.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on DVN shares. Cowen cut shares of Devon Energy to a “hold” rating and decreased their price objective for the stock from $46.00 to $45.00 in a report on Tuesday, February 18th. Raymond James upped their price objective on shares of Devon Energy from $53.00 to $54.00 and gave the stock an “outperform” rating in a report on Thursday, January 23rd. Sanford C. Bernstein upgraded shares of Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price target for the company in a report on Wednesday, January 15th. Piper Sandler upped their price target on shares of Devon Energy from $54.00 to $55.00 and gave the company an “overweight” rating in a report on Monday, February 24th. Finally, Wolfe Research upgraded shares of Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price target for the company in a report on Friday, January 3rd. Ten investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, Devon Energy presently has an average rating of “Moderate Buy” and a consensus target price of $48.87.

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.