King Luther Capital Management Corp Trims Stake in Devon Energy Co. (NYSE:DVN)

King Luther Capital Management Corp cut its position in shares of Devon Energy Co. (NYSE:DVN) by 38.7% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 647,369 shares of the energy company’s stock after selling 408,499 shares during the period. King Luther Capital Management Corp owned about 0.10% of Devon Energy worth $21,188,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Principal Financial Group Inc. lifted its position in shares of Devon Energy by 1.0% in the 3rd quarter. Principal Financial Group Inc. now owns 731,978 shares of the energy company’s stock worth $28,635,000 after purchasing an additional 7,487 shares during the period. Verdence Capital Advisors LLC purchased a new stake in Devon Energy during the third quarter worth $368,000. Atria Investments Inc boosted its position in Devon Energy by 4.2% during the 3rd quarter. Atria Investments Inc now owns 84,990 shares of the energy company’s stock valued at $3,325,000 after acquiring an additional 3,393 shares in the last quarter. Mesirow Financial Investment Management Inc. purchased a new position in shares of Devon Energy in the 3rd quarter valued at $512,000. Finally, Covestor Ltd raised its position in shares of Devon Energy by 312.1% in the 3rd quarter. Covestor Ltd now owns 2,176 shares of the energy company’s stock worth $85,000 after acquiring an additional 1,648 shares in the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Raymond James dropped their price objective on Devon Energy from $54.00 to $46.00 and set an “outperform” rating on the stock in a research report on Monday. Wolfe Research upgraded shares of Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price target on the stock in a report on Friday, January 3rd. Barclays boosted their price objective on shares of Devon Energy from $43.00 to $44.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 20th. Williams Trading set a $50.00 target price on shares of Devon Energy in a research note on Wednesday, March 5th. Finally, Wells Fargo & Company cut their price target on shares of Devon Energy from $49.00 to $43.00 and set an “overweight” rating on the stock in a report on Tuesday, December 17th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $48.58.

Devon Energy Stock Up 0.5 %

DVN stock opened at $34.40 on Wednesday. The company has a market capitalization of $22.32 billion, a P/E ratio of 7.54, a price-to-earnings-growth ratio of 1.20 and a beta of 1.91. Devon Energy Co. has a 12 month low of $30.39 and a 12 month high of $55.09. The firm’s fifty day simple moving average is $35.32 and its 200-day simple moving average is $37.49. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, February 18th. The energy company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.00 by $0.16. The company had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.25 billion. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. As a group, equities research analysts forecast that Devon Energy Co. will post 4.85 earnings per share for the current year.

Devon Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.79%. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. The ex-dividend date is Friday, March 14th. Devon Energy’s dividend payout ratio (DPR) is 21.05%.

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.