The Manufacturers Life Insurance Company Has $18.23 Million Stock Holdings in Devon Energy Co. (NYSE:DVN)

The Manufacturers Life Insurance Company reduced its position in Devon Energy Co. (NYSE:DVN) by 60.7% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 466,056 shares of the energy company’s stock after selling 719,874 shares during the period. The Manufacturers Life Insurance Company owned about 0.07% of Devon Energy worth $18,232,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Triad Wealth Partners LLC acquired a new position in shares of Devon Energy in the second quarter valued at $27,000. 1620 Investment Advisors Inc. acquired a new position in Devon Energy in the 2nd quarter valued at about $34,000. Capital Performance Advisors LLP bought a new position in Devon Energy in the 3rd quarter valued at about $35,000. PSI Advisors LLC lifted its position in Devon Energy by 66.7% during the second quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock worth $36,000 after acquiring an additional 300 shares during the last quarter. Finally, Future Financial Wealth Managment LLC bought a new stake in shares of Devon Energy during the third quarter worth approximately $39,000. Institutional investors own 69.72% of the company’s stock.

Analyst Ratings Changes

DVN has been the topic of a number of recent research reports. Truist Financial lowered Devon Energy from a “buy” rating to a “hold” rating and lowered their target price for the stock from $49.00 to $43.00 in a research note on Thursday, November 7th. Citigroup reduced their target price on shares of Devon Energy from $55.00 to $48.00 and set a “buy” rating for the company in a research report on Tuesday, November 26th. Barclays lowered their price target on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 3rd. JPMorgan Chase & Co. cut their price objective on shares of Devon Energy from $64.00 to $51.00 and set an “overweight” rating for the company in a report on Thursday, September 12th. Finally, Morgan Stanley lowered their target price on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a report on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $51.15.

Devon Energy Trading Up 0.3 %

DVN opened at $37.95 on Monday. The company’s 50 day moving average is $39.68 and its 200-day moving average is $43.52. The company has a market cap of $24.93 billion, a P/E ratio of 7.04, a PEG ratio of 1.20 and a beta of 2.03. Devon Energy Co. has a 1-year low of $37.28 and a 1-year high of $55.09. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The firm had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same quarter in the previous year, the firm posted $1.65 earnings per share. The company’s revenue was up 4.9% on a year-over-year basis. Equities research analysts predict that Devon Energy Co. will post 4.79 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be given a $0.22 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.88 annualized dividend and a yield of 2.32%. Devon Energy’s dividend payout ratio is presently 16.33%.

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.