Legal & General Group Plc Sells 1,266,697 Shares of Devon Energy Co. (NYSE:DVN)

Legal & General Group Plc reduced its stake in Devon Energy Co. (NYSE:DVN - Free Report) by 29.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,050,656 shares of the energy company's stock after selling 1,266,697 shares during the period. Legal & General Group Plc owned 0.46% of Devon Energy worth $99,848,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Morse Asset Management Inc bought a new stake in shares of Devon Energy during the 3rd quarter valued at $126,000. Orion Portfolio Solutions LLC grew its stake in Devon Energy by 22.2% during the third quarter. Orion Portfolio Solutions LLC now owns 66,387 shares of the energy company's stock worth $2,597,000 after buying an additional 12,062 shares in the last quarter. Nomura Asset Management Co. Ltd. grew its stake in Devon Energy by 4.6% during the third quarter. Nomura Asset Management Co. Ltd. now owns 284,334 shares of the energy company's stock worth $11,123,000 after buying an additional 12,503 shares in the last quarter. M&T Bank Corp increased its holdings in Devon Energy by 3.1% in the 3rd quarter. M&T Bank Corp now owns 34,801 shares of the energy company's stock valued at $1,361,000 after buying an additional 1,040 shares during the period. Finally, Geode Capital Management LLC raised its position in shares of Devon Energy by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 15,892,970 shares of the energy company's stock valued at $619,747,000 after buying an additional 206,884 shares in the last quarter. 69.72% of the stock is owned by institutional investors.

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Devon Energy Trading Up 0.2 %

DVN stock traded up $0.05 during trading on Tuesday, hitting $28.78. 3,270,879 shares of the company traded hands, compared to its average volume of 8,376,181. The company has a 50-day moving average of $34.27 and a 200-day moving average of $36.06. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04. Devon Energy Co. has a 1 year low of $25.89 and a 1 year high of $54.04. The firm has a market capitalization of $18.68 billion, a PE ratio of 6.31, a P/E/G ratio of 1.20 and a beta of 1.50.

Devon Energy (NYSE:DVN - Get Free Report) last issued its earnings results on Tuesday, February 18th. The energy company reported $1.16 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 company had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.25 billion. Analysts predict that Devon Energy Co. will post 4.85 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.34%. The ex-dividend date was Friday, March 14th. This is a boost from Devon Energy's previous quarterly dividend of $0.22. Devon Energy's dividend payout ratio (DPR) is presently 21.05%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on DVN. Mizuho cut their target price on Devon Energy from $49.00 to $46.00 and set an "outperform" rating for the company in a research note on Wednesday, April 9th. Williams Trading set a $50.00 target price on Devon Energy in a research note on Wednesday, March 5th. Barclays raised their price target on shares of Devon Energy from $43.00 to $44.00 and gave the company an "equal weight" rating in a research note on Thursday, February 20th. Scotiabank decreased their target price on shares of Devon Energy from $45.00 to $35.00 and set a "sector outperform" rating on the stock in a research note on Friday. Finally, Wells Fargo & Company dropped their price target on Devon Energy from $46.00 to $44.00 and set an "overweight" rating for the company in a research note on Monday. Ten equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $46.71.

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.