Bank of New York Mellon Corp Has $132.93 Million Stock Holdings in Devon Energy Corporation $DVN

Bank of New York Mellon Corp trimmed its stake in Devon Energy Corporation (NYSE:DVN) by 2.0% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,791,616 shares of the energy company’s stock after selling 77,813 shares during the quarter. Bank of New York Mellon Corp’s holdings in Devon Energy were worth $132,934,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. AQR Capital Management LLC increased its holdings in Devon Energy by 78.7% during the second quarter. AQR Capital Management LLC now owns 6,360,499 shares of the energy company’s stock worth $202,327,000 after buying an additional 2,802,137 shares during the last quarter. Adage Capital Partners GP L.L.C. grew its position in shares of Devon Energy by 83.9% in the 2nd 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 acquiring an additional 2,083,600 shares during the period. Sourcerock Group LLC increased its stake in shares of Devon Energy by 2,132.3% during the 2nd quarter. Sourcerock Group LLC now owns 1,751,276 shares of the energy company’s stock worth $55,708,000 after purchasing an additional 1,672,824 shares during the last quarter. Prudential Financial Inc. raised its holdings in shares of Devon Energy by 93.4% in the 2nd quarter. Prudential Financial Inc. now owns 1,506,329 shares of the energy company’s stock valued at $47,916,000 after purchasing an additional 727,532 shares during the period. Finally, American Century Companies Inc. lifted its stake in Devon Energy by 44.6% in the 2nd quarter. American Century Companies Inc. now owns 1,638,065 shares of the energy company’s stock valued at $52,107,000 after purchasing an additional 505,382 shares during the last quarter. Institutional investors own 69.72% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Sanford C. Bernstein lowered their price target on Devon Energy from $48.00 to $42.00 and set an “outperform” rating on the stock in a research report on Monday, January 5th. Jefferies Financial Group boosted their target price on Devon Energy from $33.00 to $36.00 and gave the stock a “hold” rating in a report on Tuesday, January 20th. Barclays increased their price target on Devon Energy from $40.00 to $42.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 21st. Wolfe Research reduced their price objective on shares of Devon Energy from $53.00 to $48.00 and set an “outperform” rating for the company in a research report on Monday, January 5th. Finally, Scotiabank downgraded shares of Devon Energy from a “sector outperform” rating to a “sector perform” rating and decreased their price objective for the company from $47.00 to $41.00 in a report on Thursday, January 15th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Devon Energy currently has a consensus rating of “Moderate Buy” and an average price target of $44.76.

Devon Energy Trading Up 0.5%

Shares of Devon Energy stock opened at $40.14 on Friday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.87 and a current ratio of 0.96. The firm has a 50-day moving average of $36.99 and a 200-day moving average of $35.02. Devon Energy Corporation has a 52-week low of $25.89 and a 52-week high of $41.31. The stock has a market cap of $25.18 billion, a PE ratio of 9.44, a PEG ratio of 3.64 and a beta of 0.60.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Wednesday, November 5th. The energy company reported $1.04 earnings per share for the quarter, topping 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 business had revenue of $0.00 million during the quarter, compared to analysts’ expectations of $4.10 billion. During the same quarter in the previous year, the company earned $1.10 EPS. As a group, sell-side analysts forecast that Devon Energy Corporation will post 4.85 EPS for the current year.

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 30th. Investors of record on Monday, December 15th were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.4%. The ex-dividend date was Monday, December 15th. Devon Energy’s payout ratio is 22.59%.

Devon Energy Company Profile

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.