Sovereign s Capital Management LLC Makes New Investment in Devon Energy Co. (NYSE:DVN)

Sovereign s Capital Management LLC bought a new stake in Devon Energy Co. (NYSE:DVN) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm bought 30,151 shares of the energy company’s stock, valued at approximately $987,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. lifted its position in shares of Devon Energy by 7.3% during the 4th quarter. Vanguard Group Inc. now owns 80,682,170 shares of the energy company’s stock worth $2,640,727,000 after buying an additional 5,465,692 shares during the last quarter. Geode Capital Management LLC raised its stake 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 worth $552,830,000 after acquiring an additional 1,038,305 shares in the last quarter. Fuller & Thaler Asset Management Inc. lifted its holdings in shares of Devon Energy by 42.8% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 10,395,225 shares of the energy company’s stock worth $340,236,000 after acquiring an additional 3,114,656 shares during the last quarter. Victory Capital Management Inc. boosted 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 in the last quarter. Finally, Invesco Ltd. grew its holdings in shares of Devon Energy by 32.8% during the 4th quarter. Invesco Ltd. now owns 9,461,719 shares of the energy company’s stock valued at $309,682,000 after purchasing an additional 2,335,473 shares during the last quarter. Institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Performance

NYSE:DVN opened at $33.26 on Monday. 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 fifty-two week low of $25.89 and a fifty-two week high of $50.24. The company has a 50 day simple moving average of $32.50 and a two-hundred day simple moving average of $34.51. The company has a market capitalization of $21.35 billion, a PE ratio of 7.29, a P/E/G ratio of 1.20 and a beta of 1.00.

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

Devon Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be issued a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.96 dividend on an annualized basis and a yield of 2.89%. Devon Energy’s payout ratio is currently 21.87%.

Analyst Upgrades and Downgrades

DVN has been the subject of several research reports. Scotiabank dropped their price objective on shares of Devon Energy from $45.00 to $35.00 and set a “sector outperform” rating for the company in a research note on Friday, April 11th. Royal Bank of Canada lowered their price target on shares of Devon Energy from $49.00 to $40.00 and set a “sector perform” rating for the company in a report on Monday, April 14th. Wells Fargo & Company raised their price objective on Devon Energy from $44.00 to $46.00 and gave the company an “overweight” rating in a report on Wednesday, May 14th. StockNews.com upgraded Devon Energy from a “sell” rating to a “hold” rating in a research report on Thursday. Finally, Citigroup dropped their target price on Devon Energy from $46.00 to $43.00 and set a “buy” rating for the company in a research report on Friday, April 4th. Ten investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, Devon Energy presently has an average rating of “Moderate Buy” and an average target price of $43.83.

Devon Energy Company 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.