Vinva Investment Management Ltd Cuts Stake in Devon Energy Co. (NYSE:DVN)

Vinva Investment Management Ltd reduced its stake in Devon Energy Co. (NYSE:DVN - Free Report) by 89.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 30,818 shares of the energy company's stock after selling 249,362 shares during the period. Vinva Investment Management Ltd's holdings in Devon Energy were worth $985,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Pathstone Holdings LLC increased its stake in Devon Energy by 20.6% during the 3rd quarter. Pathstone Holdings LLC now owns 199,218 shares of the energy company's stock valued at $7,797,000 after purchasing an additional 34,056 shares in the last quarter. Caprock Group LLC increased its position in shares of Devon Energy by 114.6% during the third quarter. Caprock Group LLC now owns 50,585 shares of the energy company's stock valued at $1,979,000 after acquiring an additional 27,012 shares in the last quarter. Prospera Financial Services Inc raised its holdings in Devon Energy by 20.4% in the 3rd quarter. Prospera Financial Services Inc now owns 22,813 shares of the energy company's stock worth $893,000 after acquiring an additional 3,867 shares during the last quarter. Fifth Third Wealth Advisors LLC raised its holdings in Devon Energy by 45.1% in the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 11,259 shares of the energy company's stock worth $440,000 after acquiring an additional 3,499 shares during the last quarter. Finally, B. Metzler seel. Sohn & Co. Holding AG bought a new position in Devon Energy in the 3rd quarter valued at approximately $806,000. 69.72% of the stock is currently owned by institutional investors.

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Analysts Set New Price Targets

Several research analysts have recently weighed in on DVN shares. Sanford C. Bernstein upgraded Devon Energy from a "market perform" rating to an "outperform" rating and set a $45.00 price target for the company in a research note on Wednesday, January 15th. Wolfe Research raised Devon Energy from a "peer perform" rating to an "outperform" rating and set a $45.00 target price for the company in a research report on Friday, January 3rd. Truist Financial upped their target price on shares of Devon Energy from $42.00 to $44.00 and gave the company a "hold" rating in a research note on Thursday, February 20th. Cowen lowered shares of Devon Energy to a "hold" rating and reduced their price target for the stock from $46.00 to $45.00 in a research note on Tuesday, February 18th. Finally, Royal Bank of Canada restated a "sector perform" rating and set a $50.00 price objective on shares of Devon Energy in a research report on Friday, January 10th. Ten investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $48.46.

Devon Energy Price Performance

Shares of NYSE:DVN remained flat at $36.96 during mid-day trading on Tuesday. The company had a trading volume of 5,932,880 shares, compared to its average volume of 7,845,709. The stock's 50 day simple moving average is $35.46 and its 200 day simple moving average is $36.95. The company has a market capitalization of $23.99 billion, a price-to-earnings ratio of 8.11, a PEG ratio of 1.20 and a beta of 1.91. Devon Energy Co. has a 52 week low of $30.39 and a 52 week high of $55.09. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57.

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

Devon Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.60%. The ex-dividend date of this dividend is Friday, March 14th. This is a positive change from Devon Energy's previous quarterly dividend of $0.22. Devon Energy's dividend payout ratio is presently 21.05%.

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.