Bank of New York Mellon Corp Has $145.33 Million Stake in Devon Energy Co. (NYSE:DVN)

Bank of New York Mellon Corp decreased its position in shares of Devon Energy Co. (NYSE:DVN) by 2.3% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 4,440,198 shares of the energy company’s stock after selling 105,885 shares during the period. Bank of New York Mellon Corp’s holdings in Devon Energy were worth $145,328,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Rothschild Investment LLC increased its holdings in shares of Devon Energy by 122.9% during the fourth quarter. Rothschild Investment LLC now owns 79,579 shares of the energy company’s stock worth $2,605,000 after buying an additional 43,876 shares in the last quarter. IFP Advisors Inc increased its holdings in shares of Devon Energy by 120.9% during the fourth quarter. IFP Advisors Inc now owns 41,611 shares of the energy company’s stock worth $1,362,000 after buying an additional 22,770 shares in the last quarter. Boothe Investment Group Inc. increased its holdings in shares of Devon Energy by 36.4% during the fourth quarter. Boothe Investment Group Inc. now owns 162,858 shares of the energy company’s stock worth $5,330,000 after buying an additional 43,441 shares in the last quarter. South Dakota Investment Council increased its holdings in shares of Devon Energy by 7.4% during the fourth quarter. South Dakota Investment Council now owns 90,426 shares of the energy company’s stock worth $2,960,000 after buying an additional 6,200 shares in the last quarter. Finally, Howard Capital Management Inc. grew its stake in shares of Devon Energy by 12.0% during the fourth quarter. Howard Capital Management Inc. now owns 27,043 shares of the energy company’s stock valued at $885,000 after purchasing an additional 2,902 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on DVN shares. Barclays increased their price target on shares of Devon Energy from $43.00 to $44.00 and gave the company an “equal weight” rating in a research note on Thursday, February 20th. Royal Bank of Canada reissued a “sector perform” rating and set a $50.00 price target on shares of Devon Energy in a research note on Friday, January 10th. Wolfe Research raised shares of Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price target on the stock in a research note on Friday, January 3rd. Citigroup decreased their price target on shares of Devon Energy from $55.00 to $48.00 and set a “buy” rating on the stock in a research note on Tuesday, November 26th. Finally, Cowen cut shares of Devon Energy to a “hold” rating and decreased their price target for the company from $46.00 to $45.00 in a research note on Tuesday, February 18th. Ten equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $48.87.

Devon Energy Trading Up 1.0 %

NYSE:DVN opened at $36.24 on Friday. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01. The business’s 50-day simple moving average is $34.94 and its 200-day simple moving average is $38.10. Devon Energy Co. has a fifty-two week low of $30.39 and a fifty-two week high of $55.09. The stock has a market capitalization of $23.52 billion, a PE ratio of 7.95, a price-to-earnings-growth ratio of 1.20 and a beta of 1.98.

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

Devon Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.65%. The ex-dividend date is Friday, March 14th. This is a boost from Devon Energy’s previous quarterly dividend of $0.22. Devon Energy’s dividend payout ratio is 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.