Shapiro Capital Management LLC Has $58.74 Million Stock Position in Devon Energy Co. (NYSE:DVN)

Shapiro Capital Management LLC reduced its stake in Devon Energy Co. (NYSE:DVN) by 7.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,794,687 shares of the energy company’s stock after selling 144,384 shares during the period. Devon Energy makes up approximately 2.0% of Shapiro Capital Management LLC’s investment portfolio, making the stock its 24th biggest position. Shapiro Capital Management LLC owned about 0.27% of Devon Energy worth $58,740,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Klein Pavlis & Peasley Financial Inc. acquired a new position in Devon Energy in the 4th quarter worth about $782,000. Resona Asset Management Co. Ltd. bought a new stake in shares of Devon Energy during the fourth quarter worth about $5,967,000. New York State Teachers Retirement System increased its stake in shares of Devon Energy by 4.5% in the fourth quarter. New York State Teachers Retirement System now owns 736,351 shares of the energy company’s stock valued at $24,101,000 after buying an additional 31,520 shares during the period. First Dallas Securities Inc. raised its holdings in Devon Energy by 31.9% in the 4th quarter. First Dallas Securities Inc. now owns 52,715 shares of the energy company’s stock valued at $1,725,000 after buying an additional 12,760 shares during the last quarter. Finally, Aviva PLC boosted its position in Devon Energy by 767.3% during the 4th quarter. Aviva PLC now owns 376,999 shares of the energy company’s stock worth $12,339,000 after buying an additional 333,530 shares during the period. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Stock Down 1.7%

Shares of NYSE:DVN opened at $33.39 on Friday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04. Devon Energy Co. has a 52-week low of $25.89 and a 52-week high of $50.24. The business’s 50 day simple moving average is $32.52 and its two-hundred day simple moving average is $34.60. The firm has a market cap of $21.44 billion, a P/E ratio of 7.32, a PEG ratio of 1.20 and a beta of 1.00.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, May 6th. The energy company reported $1.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.06). The firm had revenue of $4.45 billion during the quarter, compared to the consensus estimate of $4.31 billion. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. Devon Energy’s revenue for the quarter was up 23.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.16 earnings per share. As a group, research analysts forecast that Devon Energy Co. will post 4.85 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.88%. The ex-dividend date is Friday, June 13th. Devon Energy’s dividend payout ratio is currently 21.87%.

Analyst Ratings Changes

Several brokerages have issued reports on DVN. Truist Financial upped their price target on shares of Devon Energy from $42.00 to $44.00 and gave the company a “hold” rating in a research report on Thursday, February 20th. Susquehanna decreased their price objective on Devon Energy from $52.00 to $41.00 and set a “positive” rating for the company in a report on Tuesday, April 22nd. Piper Sandler cut their target price on Devon Energy from $56.00 to $53.00 and set an “overweight” rating on the stock in a report on Tuesday. Citigroup decreased their price target on Devon Energy from $46.00 to $43.00 and set a “buy” rating for the company in a research note on Friday, April 4th. Finally, Morgan Stanley set a $47.00 price objective on Devon Energy and gave the stock an “overweight” rating in a research note on Wednesday, March 26th. Ten analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $43.83.

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.