Flputnam Investment Management Co. Sells 6,850 Shares of Devon Energy Co. (NYSE:DVN)

Flputnam Investment Management Co. lessened its holdings in Devon Energy Co. (NYSE:DVN) by 8.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 73,541 shares of the energy company’s stock after selling 6,850 shares during the period. Flputnam Investment Management Co.’s holdings in Devon Energy were worth $3,331,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Pacer Advisors Inc. boosted its stake in shares of Devon Energy by 1,279.7% during the fourth quarter. Pacer Advisors Inc. now owns 6,145,605 shares of the energy company’s stock valued at $278,396,000 after purchasing an additional 5,700,167 shares in the last quarter. T. Rowe Price Investment Management Inc. boosted its stake in shares of Devon Energy by 96.4% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 5,608,577 shares of the energy company’s stock valued at $344,984,000 after purchasing an additional 2,752,752 shares in the last quarter. J.P. Morgan Private Wealth Advisors LLC acquired a new stake in shares of Devon Energy during the third quarter valued at about $113,793,000. Morgan Stanley boosted its stake in shares of Devon Energy by 23.6% during the third quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock valued at $555,567,000 after purchasing an additional 2,220,194 shares in the last quarter. Finally, International Assets Investment Management LLC lifted its stake in shares of Devon Energy by 3,885.4% in the fourth quarter. International Assets Investment Management LLC now owns 1,695,206 shares of the energy company’s stock worth $76,793,000 after acquiring an additional 1,652,671 shares during the period. Institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Performance

Shares of Devon Energy stock traded down $0.74 during trading hours on Tuesday, hitting $51.94. 1,306,616 shares of the company’s stock traded hands, compared to its average volume of 8,024,675. Devon Energy Co. has a 12-month low of $40.47 and a 12-month high of $56.19. The stock has a market capitalization of $32.98 billion, a price-to-earnings ratio of 9.04 and a beta of 2.19. The company has a fifty day simple moving average of $47.08 and a 200-day simple moving average of $45.74. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.07 and a quick ratio of 0.99.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.02. The firm had revenue of $4.15 billion during the quarter, compared to analyst estimates of $3.88 billion. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The business’s revenue was down 3.6% compared to the same quarter last year. During the same period last year, the firm posted $1.66 EPS. Equities research analysts anticipate that Devon Energy Co. will post 5.02 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were paid a dividend of $0.44 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.76 annualized dividend and a dividend yield of 3.39%. Devon Energy’s payout ratio is 15.09%.

Analyst Ratings Changes

A number of research firms recently commented on DVN. Scotiabank lifted their price objective on Devon Energy from $53.00 to $67.00 and gave the stock a “sector outperform” rating in a research note on Thursday, April 11th. Morgan Stanley boosted their price target on Devon Energy from $49.00 to $50.00 and gave the company an “overweight” rating in a research note on Monday. Piper Sandler dropped their price target on Devon Energy from $61.00 to $59.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 24th. Stifel Nicolaus dropped their price target on Devon Energy from $75.00 to $65.00 and set a “buy” rating on the stock in a research note on Friday, March 22nd. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $55.00 target price on shares of Devon Energy in a research report on Thursday, March 7th. Five equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $57.89.

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.