Mackenzie Financial Corp Sells 25,280 Shares of Devon Energy Co. (NYSE:DVN)

Mackenzie Financial Corp lessened its stake in shares of Devon Energy Co. (NYSE:DVN) by 13.6% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 160,931 shares of the energy company’s stock after selling 25,280 shares during the quarter. Mackenzie Financial Corp’s holdings in Devon Energy were worth $7,628,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of DVN. Eagle Asset Management Inc. raised its position in Devon Energy by 252.7% during the fourth quarter. Eagle Asset Management Inc. now owns 48,336 shares of the energy company’s stock valued at $2,190,000 after purchasing an additional 34,632 shares in the last quarter. Jones Financial Companies Lllp lifted its position in Devon Energy by 104.8% in the 4th quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock worth $33,000 after buying an additional 374 shares during the last quarter. NEOS Investment Management LLC boosted its stake in Devon Energy by 35.1% in the fourth quarter. NEOS Investment Management LLC now owns 9,099 shares of the energy company’s stock worth $412,000 after buying an additional 2,364 shares in the last quarter. Rafferty Asset Management LLC grew its position in Devon Energy by 5.7% during the fourth quarter. Rafferty Asset Management LLC now owns 327,178 shares of the energy company’s stock valued at $14,821,000 after acquiring an additional 17,617 shares during the last quarter. Finally, Belpointe Asset Management LLC raised its stake in shares of Devon Energy by 31.6% during the fourth quarter. Belpointe Asset Management LLC now owns 34,770 shares of the energy company’s stock worth $1,575,000 after acquiring an additional 8,357 shares in the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Stock Performance

Shares of NYSE:DVN opened at $39.12 on Tuesday. The firm’s 50 day simple moving average is $43.06 and its 200-day simple moving average is $47.00. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.03 and a current ratio of 1.11. Devon Energy Co. has a one year low of $37.76 and a one year high of $55.09. The firm has a market cap of $24.72 billion, a PE ratio of 7.47, a price-to-earnings-growth ratio of 1.22 and a beta of 2.03.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.26 by $0.15. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The company had revenue of $3.92 billion for the quarter, compared to analysts’ expectations of $3.90 billion. During the same period in the prior year, the business earned $1.18 EPS. The firm’s quarterly revenue was up 13.4% on a year-over-year basis. As a group, equities analysts predict that Devon Energy Co. will post 5.11 EPS for the current year.

Devon Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date was Friday, September 13th. Devon Energy’s dividend payout ratio is currently 16.79%.

Wall Street Analyst Weigh In

DVN has been the subject of a number of research reports. Scotiabank cut their price objective on shares of Devon Energy from $67.00 to $60.00 and set a “sector outperform” rating for the company in a research note on Friday, July 12th. Wells Fargo & Company reduced their price objective on Devon Energy from $57.00 to $55.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 14th. JPMorgan Chase & Co. lowered their target price on Devon Energy from $64.00 to $51.00 and set an “overweight” rating for the company in a research note on Thursday, September 12th. Royal Bank of Canada restated a “sector perform” rating and set a $57.00 price target on shares of Devon Energy in a research report on Tuesday, September 3rd. Finally, Bank of America reiterated a “buy” rating and issued a $64.00 price objective on shares of Devon Energy in a research report on Friday, June 14th. Seven equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Devon Energy has a consensus rating of “Moderate Buy” and an average target price of $55.71.

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.