Principal Street Partners LLC Sells 74,485 Shares of Devon Energy Co. (NYSE:DVN)

Principal Street Partners LLC decreased its holdings in shares of Devon Energy Co. (NYSE:DVN) by 63.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 42,001 shares of the energy company’s stock after selling 74,485 shares during the quarter. Principal Street Partners LLC’s holdings in Devon Energy were worth $1,375,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of Devon Energy by 7.3% in the 4th quarter. Vanguard Group Inc. now owns 80,682,170 shares of the energy company’s stock valued at $2,640,727,000 after acquiring an additional 5,465,692 shares during the last quarter. Geode Capital Management LLC raised its position in Devon Energy by 6.5% during the fourth quarter. Geode Capital Management LLC now owns 16,931,275 shares of the energy company’s stock valued at $552,830,000 after purchasing an additional 1,038,305 shares during the period. Fuller & Thaler Asset Management Inc. lifted its stake in shares of Devon Energy by 42.8% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 10,395,225 shares of the energy company’s stock valued at $340,236,000 after purchasing an additional 3,114,656 shares during the last quarter. Victory Capital Management Inc. lifted its stake in shares of Devon Energy by 2.3% in the 4th quarter. Victory Capital Management Inc. now owns 10,203,812 shares of the energy company’s stock valued at $333,971,000 after purchasing an additional 232,469 shares during the last quarter. Finally, Invesco Ltd. boosted its holdings in shares of Devon Energy by 32.8% in the 4th quarter. Invesco Ltd. now owns 9,461,719 shares of the energy company’s stock worth $309,682,000 after purchasing an additional 2,335,473 shares during the period. Institutional investors own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Scotiabank decreased their price target on Devon Energy from $45.00 to $35.00 and set a “sector outperform” rating on the stock in a report on Friday, April 11th. Morgan Stanley set a $47.00 price objective on shares of Devon Energy and gave the company an “overweight” rating in a research report on Wednesday, March 26th. Cowen lowered shares of Devon Energy to a “hold” rating and lowered their target price for the stock from $46.00 to $45.00 in a report on Tuesday, February 18th. Raymond James set a $40.00 price target on shares of Devon Energy in a report on Monday, April 21st. Finally, The Goldman Sachs Group increased their price objective on shares of Devon Energy from $38.00 to $43.00 and gave the stock a “buy” rating in a research report on Thursday, May 15th. Ten equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $43.83.

Devon Energy Stock Down 1.8%

Devon Energy stock opened at $32.66 on Tuesday. 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 cap of $20.97 billion, a P/E ratio of 7.16, a P/E/G ratio of 1.20 and a beta of 1.00. The business has a fifty day moving average of $32.46 and a two-hundred day moving average of $34.48. Devon Energy Co. has a twelve month low of $25.89 and a twelve month high of $50.24.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, May 6th. The energy company reported $1.21 earnings per share for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.06). Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The company had revenue of $4.45 billion for the quarter, compared to analysts’ expectations of $4.31 billion. During the same quarter last year, the company earned $1.16 earnings per share. The company’s revenue for the quarter was up 23.8% compared to the same quarter last year. On average, analysts forecast that Devon Energy Co. will post 4.85 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be paid a $0.24 dividend. The ex-dividend date is Friday, June 13th. This represents a $0.96 annualized dividend and a yield of 2.94%. Devon Energy’s dividend payout ratio (DPR) is 21.87%.

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.