King Luther Capital Management Corp Cuts Holdings in Devon Energy Co. (NYSE:DVN)

King Luther Capital Management Corp lowered its position in Devon Energy Co. (NYSE:DVN) by 38.7% in the fourth quarter, HoldingsChannel reports. The fund owned 647,369 shares of the energy company’s stock after selling 408,499 shares during the quarter. King Luther Capital Management Corp’s holdings in Devon Energy were worth $21,188,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of DVN. Cromwell Holdings LLC increased its holdings in Devon Energy by 98.0% in the 4th quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock worth $40,000 after acquiring an additional 598 shares in the last quarter. Sierra Ocean LLC acquired a new stake in shares of Devon Energy in the fourth quarter valued at about $43,000. True Wealth Design LLC increased its stake in shares of Devon Energy by 3,889.3% during the third quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock worth $44,000 after purchasing an additional 1,089 shares in the last quarter. Activest Wealth Management raised its position in shares of Devon Energy by 60.4% during the 3rd quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock worth $50,000 after purchasing an additional 480 shares during the last quarter. Finally, Endeavor Private Wealth Inc. purchased a new position in Devon Energy in the 4th quarter valued at about $52,000. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Price Performance

Devon Energy stock opened at $34.40 on Wednesday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04. The company has a market capitalization of $22.32 billion, a price-to-earnings ratio of 7.54, a price-to-earnings-growth ratio of 1.20 and a beta of 1.91. The company’s 50 day simple moving average is $35.32 and its 200-day simple moving average is $37.49. Devon Energy Co. has a 1 year low of $30.39 and a 1 year high of $55.09.

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

Devon Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.79%. 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 currently 21.05%.

Analyst Ratings Changes

Several equities research analysts have commented on the company. Mizuho cut their price objective on Devon Energy from $51.00 to $47.00 and set an “outperform” rating for the company in a research note on Monday, December 16th. Barclays boosted their price target on Devon Energy from $43.00 to $44.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 20th. Royal Bank of Canada restated a “sector perform” rating and issued a $50.00 price objective on shares of Devon Energy in a report on Friday, January 10th. Benchmark reaffirmed a “buy” rating and set a $44.00 target price on shares of Devon Energy in a report on Thursday, February 20th. Finally, Raymond James decreased their price target on shares of Devon Energy from $54.00 to $46.00 and set an “outperform” rating on the stock in a research note on Monday. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have assigned 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 $48.58.

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.