ARS Investment Partners LLC Decreases Position in Devon Energy Corporation $DVN

ARS Investment Partners LLC decreased its stake in Devon Energy Corporation (NYSE:DVN) by 18.7% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 61,945 shares of the energy company’s stock after selling 14,280 shares during the period. ARS Investment Partners LLC’s holdings in Devon Energy were worth $2,172,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Geode Capital Management LLC boosted its holdings in shares of Devon Energy by 1.2% in the second quarter. Geode Capital Management LLC now owns 18,595,683 shares of the energy company’s stock valued at $589,399,000 after acquiring an additional 218,034 shares in the last quarter. AQR Capital Management LLC grew its stake in Devon Energy by 78.7% in the 2nd quarter. AQR Capital Management LLC now owns 6,360,499 shares of the energy company’s stock worth $202,327,000 after acquiring an additional 2,802,137 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Devon Energy by 1.6% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 4,784,270 shares of the energy company’s stock worth $152,188,000 after buying an additional 77,433 shares during the last quarter. Adage Capital Partners GP L.L.C. grew its holdings in Devon Energy by 83.9% in the second quarter. Adage Capital Partners GP L.L.C. now owns 4,568,092 shares of the energy company’s stock valued at $145,311,000 after purchasing an additional 2,083,600 shares during the period. Finally, Legal & General Group Plc grew its position in Devon Energy by 3.7% during the second quarter. Legal & General Group Plc now owns 3,179,937 shares of the energy company’s stock valued at $101,154,000 after acquiring an additional 112,537 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Down 0.2%

DVN stock opened at $36.28 on Thursday. Devon Energy Corporation has a 52-week low of $25.89 and a 52-week high of $38.88. The firm has a market capitalization of $22.76 billion, a P/E ratio of 8.54, a P/E/G ratio of 2.76 and a beta of 0.62. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.96 and a quick ratio of 0.87. The company’s 50 day simple moving average is $35.02 and its 200-day simple moving average is $34.33.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Wednesday, November 5th. The energy company reported $1.04 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.11. Devon Energy had a net margin of 15.56% and a return on equity of 18.14%. The firm had revenue of $0.00 million for the quarter, compared to analyst estimates of $4.10 billion. During the same quarter in the prior year, the business earned $1.10 EPS. As a group, equities research analysts anticipate that Devon Energy Corporation will post 4.85 EPS for the current year.

Devon Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 30th. Shareholders of record on Monday, December 15th will be given a $0.24 dividend. The ex-dividend date of this dividend is Monday, December 15th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.6%. Devon Energy’s payout ratio is currently 22.59%.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on DVN shares. BMO Capital Markets reduced their target price on shares of Devon Energy from $50.00 to $48.00 and set an “outperform” rating on the stock in a report on Monday, December 15th. Argus upgraded Devon Energy to a “strong-buy” rating in a research note on Wednesday, November 26th. Barclays reduced their price target on shares of Devon Energy from $42.00 to $40.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 7th. Susquehanna increased their target price on Devon Energy from $40.00 to $42.00 and gave the stock a “positive” rating in a research report on Wednesday, November 12th. Finally, Sanford C. Bernstein increased their price target on Devon Energy from $43.00 to $48.00 and gave the stock an “outperform” rating in a research note on Friday, November 21st. Two research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $44.86.

About Devon Energy

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.