Prudential PLC Has $397,000 Stock Position in Devon Energy Co. (NYSE:DVN)

Prudential PLC cut its stake in Devon Energy Co. (NYSE:DVN - Free Report) by 60.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,116 shares of the energy company's stock after selling 18,405 shares during the period. Prudential PLC's holdings in Devon Energy were worth $397,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of DVN. Morse Asset Management Inc bought a new stake in Devon Energy during the third quarter worth about $126,000. Quadrature Capital Ltd bought a new stake in Devon Energy during the 3rd quarter worth approximately $325,000. Kovitz Investment Group Partners LLC increased its holdings in Devon Energy by 49.6% during the 3rd quarter. Kovitz Investment Group Partners LLC now owns 47,904 shares of the energy company's stock valued at $1,874,000 after purchasing an additional 15,891 shares in the last quarter. EP Wealth Advisors LLC increased its holdings in Devon Energy by 146.3% during the 3rd quarter. EP Wealth Advisors LLC now owns 22,136 shares of the energy company's stock valued at $866,000 after purchasing an additional 13,150 shares in the last quarter. Finally, Orion Portfolio Solutions LLC raised its position in Devon Energy by 22.2% in the 3rd quarter. Orion Portfolio Solutions LLC now owns 66,387 shares of the energy company's stock valued at $2,597,000 after purchasing an additional 12,062 shares during the last quarter. Institutional investors own 69.72% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on DVN shares. Mizuho lowered 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. Wells Fargo & Company lowered their price objective on shares of Devon Energy from $49.00 to $43.00 and set an "overweight" rating for the company in a research report on Tuesday, December 17th. Royal Bank of Canada reaffirmed a "sector perform" rating and issued a $50.00 target price on shares of Devon Energy in a research note on Friday, January 10th. Morgan Stanley set a $47.00 price target on shares of Devon Energy and gave the company an "overweight" rating in a research note on Wednesday, March 26th. Finally, StockNews.com upgraded shares of Devon Energy from a "sell" rating to a "hold" rating in a research report on Friday, January 3rd. Ten research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $47.08.

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Devon Energy Trading Up 1.7 %

DVN stock traded up $0.48 during midday trading on Friday, hitting $28.23. 12,096,764 shares of the company's stock were exchanged, compared to its average volume of 8,392,362. Devon Energy Co. has a one year low of $25.89 and a one year high of $55.09. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04. The company has a market cap of $18.32 billion, a PE ratio of 6.19, a price-to-earnings-growth ratio of 1.20 and a beta of 1.50. The stock's fifty day moving average price is $34.38 and its 200-day moving average price is $36.14.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.16. The business had revenue of $4.40 billion for the quarter, compared to analysts' expectations of $4.25 billion. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. Research analysts predict that Devon Energy Co. will post 4.85 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.40%. This is a positive change from Devon Energy's previous quarterly dividend of $0.22. The ex-dividend date was Friday, March 14th. Devon Energy's dividend payout ratio (DPR) is presently 21.05%.

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.