Los Angeles Capital Management LLC Trims Stake in Devon Energy Co. (NYSE:DVN)

Los Angeles Capital Management LLC lessened its holdings in shares of Devon Energy Co. (NYSE:DVN - Free Report) by 11.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,222,887 shares of the energy company's stock after selling 153,366 shares during the quarter. Los Angeles Capital Management LLC owned about 0.20% of Devon Energy worth $47,839,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in DVN. Vanguard Group Inc. raised its holdings in shares of Devon Energy by 3.5% during the 1st quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company's stock worth $3,836,615,000 after acquiring an additional 2,559,039 shares in the last quarter. Pacer Advisors Inc. raised its position in shares of Devon Energy by 16.8% during the 2nd quarter. Pacer Advisors Inc. now owns 9,913,516 shares of the energy company's stock valued at $469,901,000 after buying an additional 1,428,776 shares in the last quarter. Raymond James & Associates lifted its holdings in shares of Devon Energy by 1.5% in the 2nd quarter. Raymond James & Associates now owns 9,183,778 shares of the energy company's stock valued at $435,311,000 after acquiring an additional 138,919 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Devon Energy by 16.7% during the second quarter. Dimensional Fund Advisors LP now owns 8,793,217 shares of the energy company's stock worth $416,779,000 after acquiring an additional 1,255,543 shares during the last quarter. Finally, Thrivent Financial for Lutherans raised its position in Devon Energy by 15.9% during the second quarter. Thrivent Financial for Lutherans now owns 5,094,017 shares of the energy company's stock valued at $241,456,000 after purchasing an additional 699,743 shares during the period. 69.72% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

DVN has been the topic of several analyst reports. BMO Capital Markets cut their target price on Devon Energy from $52.00 to $48.00 and set an "outperform" rating on the stock in a research report on Friday, October 4th. Raymond James dropped their price target on shares of Devon Energy from $58.00 to $51.00 in a research note on Tuesday, November 5th. Piper Sandler cut their price target on shares of Devon Energy from $57.00 to $56.00 and set an "overweight" rating on the stock in a report on Tuesday, October 15th. Truist Financial downgraded shares of Devon Energy from a "buy" rating to a "hold" rating and decreased their price objective for the stock from $49.00 to $43.00 in a research note on Thursday. Finally, Sanford C. Bernstein reduced their target price on Devon Energy from $48.00 to $43.00 and set a "market perform" rating on the stock in a research note on Wednesday, July 17th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $51.80.

Devon Energy Stock Performance

Shares of Devon Energy stock traded down $0.02 during midday trading on Friday, hitting $38.87. The company had a trading volume of 8,623,251 shares, compared to its average volume of 8,479,262. The stock has a market cap of $25.53 billion, a price-to-earnings ratio of 7.21, a PEG ratio of 1.23 and a beta of 2.03. Devon Energy Co. has a 12-month low of $37.76 and a 12-month high of $55.09. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. The company has a fifty day simple moving average of $40.48 and a 200 day simple moving average of $44.84.

Devon Energy (NYSE:DVN - Get Free Report) last released its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.01. The firm had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The firm's revenue was up 4.9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.65 EPS. As a group, analysts predict that Devon Energy Co. will post 4.93 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Investors 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 dividend on an annualized basis and a yield of 2.26%. Devon Energy's dividend payout ratio is currently 16.33%.

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.