Bedell Frazier Investment Counselling LLC Lowers Holdings in Devon Energy Co. (NYSE:DVN)

Bedell Frazier Investment Counselling LLC trimmed its holdings in Devon Energy Co. (NYSE:DVN) by 76.7% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 12,043 shares of the energy company’s stock after selling 39,553 shares during the quarter. Bedell Frazier Investment Counselling LLC’s holdings in Devon Energy were worth $394,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Meeder Asset Management Inc. lifted its position in shares of Devon Energy by 923.6% during the 4th quarter. Meeder Asset Management Inc. now owns 57,916 shares of the energy company’s stock valued at $1,896,000 after acquiring an additional 52,258 shares during the period. O Shaughnessy Asset Management LLC lifted its holdings in shares of Devon Energy by 42.4% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 654,943 shares of the energy company’s stock valued at $21,436,000 after acquiring an additional 195,103 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its position in Devon Energy by 8.4% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,319,188 shares of the energy company’s stock valued at $43,177,000 after acquiring an additional 101,696 shares in the last quarter. MV Capital Management Inc. boosted its holdings in Devon Energy by 105.2% in the fourth quarter. MV Capital Management Inc. now owns 2,959 shares of the energy company’s stock valued at $97,000 after purchasing an additional 1,517 shares during the last quarter. Finally, Allianz SE acquired a new stake in shares of Devon Energy in the 4th quarter valued at about $849,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Analysts Set New Price Targets

DVN has been the topic of a number of analyst reports. Barclays increased their price objective on shares of Devon Energy from $43.00 to $44.00 and gave the stock an “equal weight” rating in a report on Thursday, February 20th. 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 report on Friday, January 3rd. Williams Trading set a $50.00 target price on Devon Energy in a research report on Wednesday, March 5th. Royal Bank of Canada reissued a “sector perform” rating and set a $50.00 price objective on shares of Devon Energy in a research report on Friday, January 10th. Finally, Raymond James decreased their price target on shares of Devon Energy from $54.00 to $46.00 and set an “outperform” rating on the stock in a research report on Monday, March 10th. Ten investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $48.29.

Devon Energy Stock Down 0.3 %

NYSE:DVN opened at $36.79 on Monday. Devon Energy Co. has a 1-year low of $30.39 and a 1-year high of $55.09. 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 company has a market capitalization of $23.87 billion, a PE ratio of 8.07, a P/E/G ratio of 1.20 and a beta of 1.91. The firm’s 50-day moving average price is $35.38 and its 200-day moving average price is $36.84.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 earnings per share 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 analysts’ expectations of $4.25 billion. On average, equities analysts predict that Devon Energy Co. will post 4.85 EPS for the current fiscal year.

Devon Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.61%. This is a boost from Devon Energy’s previous quarterly dividend of $0.22. The ex-dividend date is Friday, March 14th. 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.