Yacktman Asset Management LP Acquires 208,944 Shares of Devon Energy Co. (NYSE:DVN)

Yacktman Asset Management LP boosted its holdings in shares of Devon Energy Co. (NYSE:DVN) by 6.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,253,163 shares of the energy company’s stock after buying an additional 208,944 shares during the quarter. Devon Energy makes up about 1.4% of Yacktman Asset Management LP’s investment portfolio, making the stock its 29th largest holding. Yacktman Asset Management LP owned approximately 0.51% of Devon Energy worth $147,368,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Lord Abbett & CO. LLC grew its position in shares of Devon Energy by 15.5% during the 3rd quarter. Lord Abbett & CO. LLC now owns 549,710 shares of the energy company’s stock valued at $26,221,000 after acquiring an additional 73,570 shares during the period. Nordea Investment Management AB lifted its position in Devon Energy by 2.7% during the third quarter. Nordea Investment Management AB now owns 373,757 shares of the energy company’s stock valued at $17,974,000 after purchasing an additional 9,823 shares in the last quarter. Atria Investments Inc increased its position in Devon Energy by 64.4% in the third quarter. Atria Investments Inc now owns 54,639 shares of the energy company’s stock worth $2,606,000 after buying an additional 21,400 shares in the last quarter. Pearl River Capital LLC raised its stake in shares of Devon Energy by 367.7% in the third quarter. Pearl River Capital LLC now owns 75,042 shares of the energy company’s stock worth $3,580,000 after buying an additional 58,997 shares during the period. Finally, Argent Trust Co lifted its position in shares of Devon Energy by 22.1% during the 3rd quarter. Argent Trust Co now owns 86,795 shares of the energy company’s stock valued at $4,140,000 after buying an additional 15,715 shares in the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Mizuho reduced their target price on shares of Devon Energy from $54.00 to $53.00 and set a “buy” rating for the company in a report on Thursday, January 11th. Citigroup raised their price objective on shares of Devon Energy from $55.00 to $62.00 and gave the company a “buy” rating in a research report on Thursday, April 11th. Stifel Nicolaus upped their target price on shares of Devon Energy from $65.00 to $66.00 and gave the stock a “buy” rating in a report on Tuesday. JPMorgan Chase & Co. raised their price target on Devon Energy from $57.00 to $62.00 and gave the company an “overweight” rating in a report on Monday, April 8th. Finally, UBS Group upped their price objective on Devon Energy from $48.00 to $57.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 10th. Five investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $58.33.

Devon Energy Trading Up 0.4 %

Shares of NYSE DVN traded up $0.22 during mid-day trading on Friday, reaching $52.83. The company had a trading volume of 3,139,093 shares, compared to its average volume of 7,836,357. Devon Energy Co. has a 52 week low of $40.47 and a 52 week high of $55.09. The business’s 50-day moving average is $48.70 and its 200-day moving average is $46.13. The stock has a market cap of $33.55 billion, a price-to-earnings ratio of 8.97 and a beta of 2.19. The company has a current ratio of 1.07, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, February 27th. The energy company reported $1.41 EPS for the quarter, topping analysts’ consensus estimates of $1.39 by $0.02. The business had revenue of $4.15 billion for the quarter, compared to analyst estimates of $3.88 billion. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The company’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same period last year, the company posted $1.66 earnings per share. Equities analysts expect that Devon Energy Co. will post 5.25 earnings per share for the current year.

Devon Energy Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were given a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.33%. The ex-dividend date of this dividend was Thursday, March 14th. Devon Energy’s payout ratio is 15.09%.

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.