TCTC Holdings LLC Reduces Position in Devon Energy Co. (NYSE:DVN)

TCTC Holdings LLC trimmed its position in Devon Energy Co. (NYSE:DVN) by 64.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,559 shares of the energy company’s stock after selling 10,000 shares during the quarter. TCTC Holdings LLC’s holdings in Devon Energy were worth $217,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Chilton Capital Management LLC raised its holdings in Devon Energy by 23.3% during the first quarter. Chilton Capital Management LLC now owns 10,586 shares of the energy company’s stock worth $531,000 after purchasing an additional 2,000 shares in the last quarter. Sei Investments Co. lifted its position in Devon Energy by 3.6% in the first quarter. Sei Investments Co. now owns 228,499 shares of the energy company’s stock valued at $11,462,000 after acquiring an additional 7,931 shares during the last quarter. NorthRock Partners LLC acquired a new position in Devon Energy in the first quarter valued at $230,000. Verus Capital Partners LLC increased its position in shares of Devon Energy by 8.6% during the first quarter. Verus Capital Partners LLC now owns 11,210 shares of the energy company’s stock worth $563,000 after purchasing an additional 891 shares in the last quarter. Finally, Inspire Advisors LLC lifted its holdings in shares of Devon Energy by 38.8% in the 1st quarter. Inspire Advisors LLC now owns 25,887 shares of the energy company’s stock valued at $1,299,000 after purchasing an additional 7,231 shares during the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on DVN shares. Jefferies Financial Group started coverage on Devon Energy in a research report on Thursday, October 3rd. They set a “hold” rating and a $45.00 price target on the stock. TD Cowen cut their target price on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a report on Tuesday, November 5th. Wolfe Research assumed coverage on shares of Devon Energy in a research report on Thursday, July 18th. They set a “peer perform” rating on the stock. Scotiabank dropped their price objective on shares of Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating on the stock in a research note on Thursday, October 10th. Finally, Mizuho reduced their price objective on Devon Energy from $53.00 to $51.00 and set an “outperform” rating for the company in a research note on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, Devon Energy currently has a consensus rating of “Hold” and an average price target of $51.80.

Devon Energy Trading Down 0.1 %

NYSE:DVN opened at $38.87 on Friday. The company has a market capitalization of $24.34 billion, a PE ratio of 7.21, a price-to-earnings-growth ratio of 1.23 and a beta of 2.03. Devon Energy Co. has a 52-week low of $37.76 and a 52-week high of $55.09. The stock has a fifty day simple moving average of $40.48 and a 200-day simple moving average of $44.84. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.61.

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

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Stockholders 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 annualized dividend and a dividend 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.