Shikiar Asset Management Inc. Sells 155,490 Shares of Devon Energy Co. (NYSE:DVN)

Shikiar Asset Management Inc. reduced its stake in Devon Energy Co. (NYSE:DVN - Free Report) by 83.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,465 shares of the energy company's stock after selling 155,490 shares during the period. Shikiar Asset Management Inc.'s holdings in Devon Energy were worth $997,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of DVN. Capital Performance Advisors LLP bought a new position in Devon Energy in the third quarter worth about $35,000. Future Financial Wealth Managment LLC bought a new position in Devon Energy in the third quarter worth about $39,000. True Wealth Design LLC increased its stake in shares of Devon Energy by 3,889.3% during the third quarter. True Wealth Design LLC now owns 1,117 shares of the energy company's stock valued at $44,000 after purchasing an additional 1,089 shares in the last quarter. Hazlett Burt & Watson Inc. increased its stake in shares of Devon Energy by 29.8% during the third quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company's stock valued at $49,000 after purchasing an additional 290 shares in the last quarter. Finally, Activest Wealth Management increased its stake in shares of Devon Energy by 60.4% during the third quarter. Activest Wealth Management now owns 1,275 shares of the energy company's stock valued at $50,000 after purchasing an additional 480 shares in the last quarter. 69.72% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on DVN shares. Wolfe Research raised shares of Devon Energy from a "peer perform" rating to an "outperform" rating and set a $45.00 target price for the company in a research note on Friday, January 3rd. Sanford C. Bernstein raised shares of Devon Energy from a "market perform" rating to an "outperform" rating and set a $45.00 target price for the company in a research note on Wednesday. TD Cowen decreased their target price on shares of Devon Energy from $54.00 to $46.00 and set a "hold" rating for the company in a research note on Tuesday, November 5th. BMO Capital Markets decreased their target price on shares of Devon Energy from $52.00 to $48.00 and set an "outperform" rating for the company in a research note on Friday, October 4th. Finally, Barclays decreased their target price on shares of Devon Energy from $55.00 to $46.00 and set an "equal weight" rating for the company in a research note on Thursday, October 3rd. Nine research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. According to MarketBeat.com, Devon Energy currently has an average rating of "Moderate Buy" and an average price target of $49.27.

Devon Energy Stock Performance

Shares of Devon Energy stock traded down $0.44 on Friday, hitting $37.98. 9,342,292 shares of the company's stock were exchanged, compared to its average volume of 10,750,120. The company has a 50-day simple moving average of $35.48 and a 200-day simple moving average of $40.32. The stock has a market capitalization of $24.95 billion, a PE ratio of 7.05, a PEG ratio of 1.14 and a beta of 2.00. Devon Energy Co. has a 1 year low of $30.39 and a 1 year high of $55.09. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.01. The business had revenue of $4.02 billion for the quarter, compared to analysts' expectations of $3.72 billion. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The company's revenue was up 4.9% compared to the same quarter last year. During the same quarter last year, the company posted $1.65 EPS. As a group, equities analysts anticipate that Devon Energy Co. will post 4.72 EPS for the current year.

Devon Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were given a dividend of $0.22 per share. The ex-dividend date was Friday, December 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.32%. Devon Energy's payout ratio is 16.33%.

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.