Mediolanum International Funds Ltd Cuts Holdings in Devon Energy Corporation $DVN

Mediolanum International Funds Ltd lowered its position in Devon Energy Corporation (NYSE:DVN) by 44.2% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 53,289 shares of the energy company’s stock after selling 42,295 shares during the period. Mediolanum International Funds Ltd’s holdings in Devon Energy were worth $1,719,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Choreo LLC grew its holdings in Devon Energy by 5.7% in the first quarter. Choreo LLC now owns 17,445 shares of the energy company’s stock valued at $653,000 after purchasing an additional 944 shares during the period. AE Wealth Management LLC lifted its position in shares of Devon Energy by 49.2% during the 1st quarter. AE Wealth Management LLC now owns 14,904 shares of the energy company’s stock valued at $557,000 after buying an additional 4,916 shares in the last quarter. Avantax Advisory Services Inc. grew its stake in Devon Energy by 10.3% in the 1st quarter. Avantax Advisory Services Inc. now owns 83,675 shares of the energy company’s stock valued at $3,129,000 after acquiring an additional 7,827 shares during the period. Cetera Investment Advisers grew its stake in Devon Energy by 13.5% in the 1st quarter. Cetera Investment Advisers now owns 279,775 shares of the energy company’s stock valued at $10,464,000 after acquiring an additional 33,315 shares during the period. Finally, Assetmark Inc. increased its holdings in Devon Energy by 9.6% in the 1st quarter. Assetmark Inc. now owns 9,847 shares of the energy company’s stock worth $368,000 after acquiring an additional 864 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on DVN. Susquehanna increased their price objective on shares of Devon Energy from $40.00 to $42.00 and gave the company a “positive” rating in a report on Wednesday, November 12th. Siebert Williams Shank reduced their price target on shares of Devon Energy from $52.00 to $46.00 and set a “buy” rating for the company in a research report on Monday, October 13th. Barclays decreased their price target on shares of Devon Energy from $42.00 to $40.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 7th. Roth Capital started coverage on Devon Energy in a research note on Monday, October 13th. They set a “buy” rating and a $42.00 price objective for the company. Finally, William Blair assumed coverage on Devon Energy in a report on Monday, August 25th. They set an “outperform” rating for the company. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $43.89.

Devon Energy Price Performance

Shares of NYSE DVN opened at $35.63 on Monday. The stock has a market capitalization of $22.35 billion, a price-to-earnings ratio of 7.99, a price-to-earnings-growth ratio of 2.49 and a beta of 1.01. Devon Energy Corporation has a 52 week low of $25.89 and a 52 week high of $39.65. The firm has a 50-day simple moving average of $33.97 and a 200-day simple moving average of $33.57. The company has a quick ratio of 1.13, a current ratio of 1.22 and a debt-to-equity ratio of 0.55.

Devon Energy (NYSE:DVN) last issued its earnings results on Wednesday, November 5th. The energy company reported $1.04 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.11. The business had revenue of $0.00 million for the quarter, compared to analysts’ expectations of $4.10 billion. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.During the same period in the previous year, the firm posted $1.10 EPS. On average, equities analysts predict that Devon Energy Corporation will post 4.85 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 30th. Investors of record on Monday, December 15th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend is Monday, December 15th. Devon Energy’s dividend payout ratio (DPR) is presently 22.59%.

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.