National Bank of Canada FI Cuts Position in Devon Energy Co. (NYSE:DVN)

National Bank of Canada FI trimmed its holdings in shares of Devon Energy Co. (NYSE:DVN) by 31.1% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,062,035 shares of the energy company’s stock after selling 479,165 shares during the quarter. National Bank of Canada FI owned 0.16% of Devon Energy worth $34,761,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Cromwell Holdings LLC raised its stake in shares of Devon Energy by 98.0% during the 4th quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock worth $40,000 after purchasing an additional 598 shares during the period. Sierra Ocean LLC purchased a new position in Devon Energy in the fourth quarter valued at about $43,000. Endeavor Private Wealth Inc. bought a new position in shares of Devon Energy during the 4th quarter valued at approximately $52,000. Thompson Investment Management Inc. increased its stake in shares of Devon Energy by 60.0% during the 4th quarter. Thompson Investment Management Inc. now owns 1,600 shares of the energy company’s stock worth $52,000 after purchasing an additional 600 shares during the last quarter. Finally, Asset Planning Inc bought a new stake in shares of Devon Energy in the 4th quarter worth approximately $54,000. 69.72% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

DVN has been the subject of a number of recent research reports. 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. Benchmark restated a “buy” rating and issued a $44.00 price objective on shares of Devon Energy in a research note on Thursday, February 20th. Cowen lowered shares of Devon Energy to a “hold” rating and cut their target price for the stock from $46.00 to $45.00 in a research report on Tuesday, February 18th. JPMorgan Chase & Co. dropped their price target on shares of Devon Energy from $48.00 to $42.00 and set a “neutral” rating on the stock in a research note on Thursday, March 13th. Finally, Mizuho reduced their price objective on shares of Devon Energy from $51.00 to $47.00 and set an “outperform” rating for the company in a research note on Monday, December 16th. Ten analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $48.29.

Devon Energy Stock Performance

NYSE DVN opened at $37.92 on Thursday. The company has a market capitalization of $24.61 billion, a P/E ratio of 8.32, a P/E/G ratio of 1.20 and a beta of 1.91. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04. Devon Energy Co. has a 52-week low of $30.39 and a 52-week high of $55.09. The company has a fifty day moving average of $35.42 and a 200-day moving average of $36.82.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.16. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The firm had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.25 billion. As a group, equities research analysts predict that Devon Energy Co. will post 4.85 EPS for the current fiscal year.

Devon Energy Increases Dividend

The business also recently announced 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. The ex-dividend date was Friday, March 14th. This is a boost from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a yield of 2.53%. Devon Energy’s dividend payout ratio is currently 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.