Devon Energy Co. (NYSE:DVN) Shares Sold by Tortoise Capital Advisors L.L.C.

Tortoise Capital Advisors L.L.C. reduced its holdings in Devon Energy Co. (NYSE:DVN) by 34.5% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 159,805 shares of the energy company’s stock after selling 84,344 shares during the quarter. Tortoise Capital Advisors L.L.C.’s holdings in Devon Energy were worth $5,230,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of DVN. Hurley Capital LLC acquired a new position in Devon Energy in the fourth quarter valued at approximately $26,000. Cromwell Holdings LLC boosted its position in Devon Energy by 98.0% during the 4th quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock valued at $40,000 after purchasing an additional 598 shares during the period. Sierra Ocean LLC bought a new position in Devon Energy during the 4th quarter worth $43,000. Endeavor Private Wealth Inc. acquired a new stake in Devon Energy in the fourth quarter worth $52,000. Finally, Thompson Investment Management Inc. lifted its stake in Devon Energy by 60.0% in the fourth quarter. Thompson Investment Management Inc. now owns 1,600 shares of the energy company’s stock valued at $52,000 after buying an additional 600 shares during the last quarter. Institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Performance

Shares of DVN opened at $30.29 on Friday. The firm has a market cap of $19.66 billion, a price-to-earnings ratio of 6.64, a price-to-earnings-growth ratio of 1.20 and a beta of 1.50. Devon Energy Co. has a 12 month low of $25.89 and a 12 month high of $53.20. The company’s fifty day moving average is $33.92 and its 200-day moving average is $35.80. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, February 18th. The energy company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.00 by $0.16. The company had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.25 billion. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. Equities analysts expect that Devon Energy Co. will post 4.85 EPS for the current fiscal year.

Devon Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were paid a $0.24 dividend. This is an increase from Devon Energy’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.96 annualized dividend and a dividend yield of 3.17%. Devon Energy’s dividend payout ratio (DPR) is presently 21.05%.

Wall Street Analysts Forecast Growth

A number of analysts recently 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 price objective on the stock in a report on Friday, January 3rd. UBS Group cut their price target on Devon Energy from $41.00 to $35.00 and set a “neutral” rating on the stock in a report on Monday, April 7th. Morgan Stanley set a $47.00 price objective on Devon Energy and gave the stock an “overweight” rating in a report on Wednesday, March 26th. Williams Trading set a $50.00 target price on Devon Energy in a research note on Wednesday, March 5th. Finally, Raymond James decreased their price target on Devon Energy from $54.00 to $46.00 and set an “outperform” rating for the company in a research note on Monday, March 10th. Ten investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $46.71.

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.