Gabelli Funds LLC Reduces Stock Position in Devon Energy Co. (NYSE:DVN)

Gabelli Funds LLC trimmed its holdings in shares of Devon Energy Co. (NYSE:DVN) by 4.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 313,400 shares of the energy company’s stock after selling 15,800 shares during the quarter. Gabelli Funds LLC’s holdings in Devon Energy were worth $14,855,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in DVN. Brown Advisory Inc. increased its stake in Devon Energy by 43.0% during the fourth quarter. Brown Advisory Inc. now owns 11,889 shares of the energy company’s stock worth $539,000 after acquiring an additional 3,573 shares during the last quarter. TrinityPoint Wealth LLC purchased a new position in shares of Devon Energy in the 4th quarter worth approximately $2,068,000. Ontario Teachers Pension Plan Board bought a new position in shares of Devon Energy during the 4th quarter valued at approximately $399,000. US Bancorp DE increased its position in shares of Devon Energy by 7.6% during the 4th quarter. US Bancorp DE now owns 137,359 shares of the energy company’s stock valued at $6,222,000 after purchasing an additional 9,647 shares during the last quarter. Finally, TCW Group Inc. purchased a new stake in Devon Energy during the 4th quarter valued at $463,000. Institutional investors own 69.72% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on DVN. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $57.00 price objective on shares of Devon Energy in a research note on Tuesday, September 3rd. Wolfe Research started coverage on shares of Devon Energy in a research note on Thursday, July 18th. They set a “peer perform” rating for the company. Scotiabank reduced their price objective on shares of Devon Energy from $67.00 to $60.00 and set a “sector outperform” rating on the stock in a research report on Friday, July 12th. Sanford C. Bernstein decreased their price objective on shares of Devon Energy from $48.00 to $43.00 and set a “market perform” rating for the company in a research note on Wednesday, July 17th. Finally, JPMorgan Chase & Co. cut their target price on Devon Energy from $64.00 to $51.00 and set an “overweight” rating on the stock in a research note on Thursday, September 12th. Six research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $57.00.

Devon Energy Trading Up 0.8 %

NYSE:DVN opened at $41.12 on Tuesday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.03 and a current ratio of 1.11. The firm has a 50-day simple moving average of $43.92 and a 200-day simple moving average of $47.27. Devon Energy Co. has a one year low of $39.02 and a one year high of $55.09. The firm has a market cap of $25.99 billion, a P/E ratio of 7.85, a P/E/G ratio of 1.13 and a beta of 2.03.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.26 by $0.15. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The company had revenue of $3.92 billion during the quarter, compared to analyst estimates of $3.90 billion. During the same quarter in the prior year, the business earned $1.18 earnings per share. Devon Energy’s revenue was up 13.4% on a year-over-year basis. Equities analysts anticipate that Devon Energy Co. will post 5.36 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.14%. The ex-dividend date of this dividend is Friday, September 13th. Devon Energy’s payout ratio is currently 16.79%.

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.