Panagora Asset Management Inc. Lowers Stock Holdings in Devon Energy Co. (NYSE:DVN)

Panagora Asset Management Inc. cut its position in Devon Energy Co. (NYSE:DVN - Free Report) by 72.3% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 19,201 shares of the energy company's stock after selling 50,024 shares during the period. Panagora Asset Management Inc.'s holdings in Devon Energy were worth $910,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the company. Vanguard Group Inc. raised its holdings in Devon Energy by 3.5% in the first quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company's stock worth $3,836,615,000 after buying an additional 2,559,039 shares during the last quarter. Raymond James & Associates raised its holdings in Devon Energy by 1.5% in the second quarter. Raymond James & Associates now owns 9,183,778 shares of the energy company's stock worth $435,311,000 after buying an additional 138,919 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Devon Energy by 26.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company's stock worth $320,609,000 after buying an additional 1,488,374 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its holdings in Devon Energy by 3.8% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 4,699,410 shares of the energy company's stock worth $222,752,000 after buying an additional 169,923 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of Devon Energy by 0.4% in the second quarter. Bank of New York Mellon Corp now owns 4,680,448 shares of the energy company's stock worth $221,853,000 after acquiring an additional 18,443 shares during the period. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Price Performance

Shares of DVN traded down $0.22 during mid-day trading on Monday, reaching $44.78. The stock had a trading volume of 5,832,400 shares, compared to its average volume of 7,091,235. The firm has a market cap of $28.04 billion, a price-to-earnings ratio of 8.55, a PEG ratio of 1.26 and a beta of 2.07. Devon Energy Co. has a 12 month low of $40.47 and a 12 month high of $55.09. The business has a fifty day moving average of $45.79 and a 200 day moving average of $47.63. 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 (NYSE:DVN - Get Free Report) last posted its quarterly 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. The business had revenue of $3.92 billion during the quarter, compared to analyst estimates of $3.90 billion. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The company's revenue was up 13.4% on a year-over-year basis. During the same period in the prior year, the business posted $1.18 earnings per share. Equities analysts predict that Devon Energy Co. will post 5.37 EPS for the current year.

Devon Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be given a $0.22 dividend. The ex-dividend date is Friday, September 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.97%. Devon Energy's payout ratio is currently 16.79%.

Analyst Upgrades and Downgrades

DVN has been the subject of a number of research analyst reports. Wells Fargo & Company reduced their price target on shares of Devon Energy from $57.00 to $55.00 and set an "overweight" rating for the company in a research note on Wednesday, August 14th. Sanford C. Bernstein reduced their price target 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. JPMorgan Chase & Co. lifted their price target on shares of Devon Energy from $62.00 to $64.00 and gave the stock an "overweight" rating in a research note on Monday, July 8th. BMO Capital Markets upgraded shares of Devon Energy to a "strong-buy" rating in a research note on Wednesday, July 3rd. Finally, Mizuho lifted their price target on shares of Devon Energy from $57.00 to $61.00 and gave the stock a "buy" rating in a research note on Monday, May 13th. Six investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Devon Energy has an average rating of "Moderate Buy" and an average target price of $58.75.

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.