Franklin Resources Inc. Sells 281,326 Shares of Devon Energy Co. (NYSE:DVN)

Franklin Resources Inc. decreased its position in Devon Energy Co. (NYSE:DVN - Free Report) by 20.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,081,764 shares of the energy company's stock after selling 281,326 shares during the quarter. Franklin Resources Inc. owned about 0.16% of Devon Energy worth $35,405,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. B. Metzler seel. Sohn & Co. AG increased its stake in shares of Devon Energy by 6.2% in the 4th quarter. B. Metzler seel. Sohn & Co. AG now owns 21,900 shares of the energy company's stock valued at $717,000 after purchasing an additional 1,286 shares during the last quarter. Summit Financial LLC lifted its stake in shares of Devon Energy by 168.4% in the fourth quarter. Summit Financial LLC now owns 32,159 shares of the energy company's stock worth $1,053,000 after acquiring an additional 20,176 shares during the period. Alliancebernstein L.P. lifted its position in shares of Devon Energy by 0.8% in the 4th quarter. Alliancebernstein L.P. now owns 929,222 shares of the energy company's stock worth $30,413,000 after purchasing an additional 7,494 shares during the period. Meeder Asset Management Inc. lifted its stake in shares of Devon Energy by 923.6% in the 4th quarter. Meeder Asset Management Inc. now owns 57,916 shares of the energy company's stock valued at $1,896,000 after purchasing an additional 52,258 shares during the period. Finally, O Shaughnessy Asset Management LLC grew its holdings in Devon Energy by 42.4% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 654,943 shares of the energy company's stock worth $21,436,000 after purchasing an additional 195,103 shares during the period. Institutional investors and hedge funds own 69.72% of the company's stock.

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Wall Street Analysts Forecast Growth

DVN has been the topic of a number of recent research reports. Piper Sandler increased their target price on Devon Energy from $54.00 to $55.00 and gave the stock an "overweight" rating in a report on Monday, February 24th. Barclays increased their price objective on Devon Energy from $43.00 to $44.00 and gave the stock an "equal weight" rating in a research note on Thursday, February 20th. Morgan Stanley set a $47.00 target price on Devon Energy and gave the company an "overweight" rating in a research report on Wednesday, March 26th. Royal Bank of Canada reissued a "sector perform" rating and issued a $50.00 price target on shares of Devon Energy in a research report on Friday, January 10th. Finally, Citigroup cut their price objective on shares of Devon Energy from $46.00 to $43.00 and set a "buy" rating on the stock in a report on Friday, April 4th. Ten analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $47.63.

Devon Energy Trading Up 16.2 %

Shares of NYSE DVN traded up $4.35 during midday trading on Wednesday, reaching $31.15. The company had a trading volume of 21,568,210 shares, compared to its average volume of 8,339,042. The stock has a market cap of $20.22 billion, a PE ratio of 6.83, a price-to-earnings-growth ratio of 1.20 and a beta of 1.50. Devon Energy Co. has a one year low of $25.89 and a one year high of $55.09. The firm's fifty day moving average price is $34.62 and its 200-day moving average price is $36.31. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57.

Devon Energy (NYSE:DVN - Get Free Report) last issued its earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.16. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. The firm had revenue of $4.40 billion for the quarter, compared to analysts' expectations of $4.25 billion. On average, equities research analysts anticipate that Devon Energy Co. will post 4.85 earnings per share for the current year.

Devon Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 3.08%. This is an increase from Devon Energy's previous quarterly dividend of $0.22. The ex-dividend date was Friday, March 14th. Devon Energy's dividend payout ratio is 21.05%.

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.