Sonora Investment Management Group LLC Lowers Holdings in Devon Energy Co. (NYSE:DVN)

Sonora Investment Management Group LLC trimmed its holdings in Devon Energy Co. (NYSE:DVN) by 15.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,188 shares of the energy company’s stock after selling 1,300 shares during the period. Sonora Investment Management Group LLC’s holdings in Devon Energy were worth $235,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also made changes to their positions in DVN. EnCap Energy Capital Fund XI L.P. purchased a new position in shares of Devon Energy in the third quarter valued at about $461,857,000. EnCap Partners GP LLC purchased a new stake in shares of Devon Energy in the third quarter worth about $408,653,000. EnCap Energy Capital Fund X L.P. purchased a new stake in shares of Devon Energy in the third quarter worth about $230,928,000. International Assets Investment Management LLC lifted its position in shares of Devon Energy by 4,125.7% in the third quarter. International Assets Investment Management LLC now owns 2,280,961 shares of the energy company’s stock worth $89,231,000 after buying an additional 2,226,983 shares in the last quarter. Finally, Pacer Advisors Inc. lifted its position in shares of Devon Energy by 16.9% in the third quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock worth $453,446,000 after buying an additional 1,677,652 shares in the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Stock Performance

Shares of DVN opened at $34.09 on Friday. Devon Energy Co. has a 12 month low of $30.39 and a 12 month high of $55.09. The stock has a fifty day moving average price of $34.89 and a 200-day moving average price of $39.54. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. The firm has a market cap of $22.39 billion, a PE ratio of 6.32, a P/E/G ratio of 1.10 and a beta of 2.00.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The company had revenue of $4.02 billion during the quarter, compared to analyst estimates of $3.72 billion. During the same quarter last year, the business posted $1.65 EPS. The firm’s quarterly revenue was up 4.9% on a year-over-year basis. Equities research analysts predict that Devon Energy Co. will post 4.68 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Friday, December 13th were issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.58%. The ex-dividend date was Friday, December 13th. Devon Energy’s payout ratio is 16.33%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on DVN shares. StockNews.com upgraded Devon Energy from a “sell” rating to a “hold” rating in a research report on Friday, January 3rd. Wells Fargo & Company cut their target price on Devon Energy from $49.00 to $43.00 and set an “overweight” rating on the stock in a research note on Tuesday, December 17th. Citigroup cut their target price on Devon Energy from $55.00 to $48.00 and set a “buy” rating on the stock in a research note on Tuesday, November 26th. Wolfe Research raised Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 target price on the stock in a research note on Friday, January 3rd. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $50.00 price objective on shares of Devon Energy in a research note on Friday, January 10th. Nine investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $49.45.

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.