Yacktman Asset Management LP Reduces Holdings in Devon Energy Co. (NYSE:DVN)

Yacktman Asset Management LP reduced its stake in Devon Energy Co. (NYSE:DVN) by 73.5% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 633,595 shares of the energy company’s stock after selling 1,753,305 shares during the quarter. Yacktman Asset Management LP’s holdings in Devon Energy were worth $20,738,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. Geode Capital Management LLC grew its holdings in shares of Devon Energy by 1.3% during the third quarter. Geode Capital Management LLC now owns 15,892,970 shares of the energy company’s stock valued at $619,747,000 after buying an additional 206,884 shares during the last quarter. EnCap Energy Capital Fund XI L.P. acquired a new stake in Devon Energy during the 3rd quarter worth about $461,857,000. Pacer Advisors Inc. grew its stake in Devon Energy by 16.9% during the 3rd quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock valued at $453,446,000 after purchasing an additional 1,677,652 shares during the last quarter. EnCap Partners GP LLC purchased a new position in shares of Devon Energy in the third quarter worth about $408,653,000. Finally, Victory Capital Management Inc. lifted its holdings in shares of Devon Energy by 3.8% during the third quarter. Victory Capital Management Inc. now owns 9,971,343 shares of the energy company’s stock worth $390,079,000 after purchasing an additional 361,968 shares during the period. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Stock Performance

NYSE DVN opened at $34.24 on Tuesday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. The stock’s 50 day simple moving average is $34.41 and its 200-day simple moving average is $38.87. The company has a market cap of $22.49 billion, a PE ratio of 6.35, a price-to-earnings-growth ratio of 1.04 and a beta of 1.98. Devon Energy Co. has a 1-year low of $30.39 and a 1-year high of $55.09.

Wall Street Analyst Weigh In

DVN has been the subject of several research reports. Mizuho decreased their price objective on shares of Devon Energy from $51.00 to $47.00 and set an “outperform” rating for the company in a research note on Monday, December 16th. StockNews.com raised Devon Energy from a “sell” rating to a “hold” rating in a research report on Friday, January 3rd. TD Cowen decreased their price objective on Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a report on Tuesday, November 5th. Wolfe Research upgraded Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price target for the company in a research report on Friday, January 3rd. Finally, Citigroup lowered their price objective on Devon Energy from $55.00 to $48.00 and set a “buy” rating on the stock in a research report on Tuesday, November 26th. Nine research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $49.45.

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.