Sasco Capital Inc. CT Has $10.91 Million Holdings in Devon Energy Co. (NYSE:DVN)

Sasco Capital Inc. CT decreased its holdings in shares of Devon Energy Co. (NYSE:DVN) by 15.1% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 278,852 shares of the energy company’s stock after selling 49,490 shares during the period. Sasco Capital Inc. CT’s holdings in Devon Energy were worth $10,909,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of DVN. International Assets Investment Management LLC raised its holdings in Devon Energy by 4,125.7% during the third quarter. International Assets Investment Management LLC now owns 2,280,961 shares of the energy company’s stock valued at $89,231,000 after buying an additional 2,226,983 shares in the last quarter. Pacer Advisors Inc. lifted its holdings in shares of Devon Energy by 16.8% during the second quarter. Pacer Advisors Inc. now owns 9,913,516 shares of the energy company’s stock worth $469,901,000 after buying an additional 1,428,776 shares during the last quarter. Los Angeles Capital Management LLC boosted its position in shares of Devon Energy by 7,165.6% in the second quarter. Los Angeles Capital Management LLC now owns 1,376,253 shares of the energy company’s stock valued at $65,234,000 after acquiring an additional 1,357,311 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Devon Energy by 16.7% in the second quarter. Dimensional Fund Advisors LP now owns 8,793,217 shares of the energy company’s stock worth $416,779,000 after acquiring an additional 1,255,543 shares during the last quarter. Finally, National Bank of Canada FI increased its position in Devon Energy by 447.6% during the second quarter. National Bank of Canada FI now owns 1,179,538 shares of the energy company’s stock worth $56,299,000 after acquiring an additional 964,147 shares during the period. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Stock Up 0.8 %

NYSE:DVN opened at $38.77 on Tuesday. 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 $37.76 and a 52-week high of $55.09. The company has a market cap of $25.47 billion, a price-to-earnings ratio of 7.19, a P/E/G ratio of 1.20 and a beta of 2.03. The stock’s fifty day moving average price is $40.04 and its two-hundred day moving average price is $44.24.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts’ expectations of $3.72 billion. During the same quarter in the previous year, the company posted $1.65 EPS. The business’s revenue for the quarter was up 4.9% compared to the same quarter last year. On average, analysts anticipate that Devon Energy Co. will post 4.84 EPS for the current year.

Devon Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be given a $0.22 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.27%. Devon Energy’s dividend payout ratio is 16.33%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on DVN shares. Susquehanna reduced their price target on shares of Devon Energy from $63.00 to $62.00 and set a “positive” rating for the company in a report on Friday, October 18th. Evercore ISI decreased their target price on Devon Energy from $55.00 to $50.00 and set an “in-line” rating on the stock in a research report on Monday, September 30th. Piper Sandler upped their price target on Devon Energy from $56.00 to $57.00 and gave the company an “overweight” rating in a report on Monday. BMO Capital Markets cut their target price on Devon Energy from $52.00 to $48.00 and set an “outperform” rating for the company in a research note on Friday, October 4th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Devon Energy from $64.00 to $51.00 and set an “overweight” rating on the stock in a report on Thursday, September 12th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, Devon Energy presently has an average rating of “Hold” and a consensus target price of $51.85.

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.