Swiss National Bank Trims Stake in Devon Energy Co. (NYSE:DVN)

Swiss National Bank decreased its holdings in shares of Devon Energy Co. (NYSE:DVN) by 5.2% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,766,639 shares of the energy company’s stock after selling 96,100 shares during the quarter. Swiss National Bank owned 0.27% of Devon Energy worth $57,822,000 at the end of the most recent reporting period.

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

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Sanford C. Bernstein raised shares of Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 target price on the stock in a research report on Wednesday, January 15th. Wolfe Research upgraded Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 target price for the company in a report on Friday, January 3rd. JPMorgan Chase & Co. dropped their price target on Devon Energy from $48.00 to $42.00 and set a “neutral” rating on the stock in a research report on Thursday. StockNews.com raised shares of Devon Energy from a “sell” rating to a “hold” rating in a research note on Friday, January 3rd. Finally, Benchmark reissued a “buy” rating and set a $44.00 target price on shares of Devon Energy in a research report on Thursday, February 20th. 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 stock. According to data from MarketBeat, Devon Energy currently has an average rating of “Moderate Buy” and an average target price of $48.54.

Devon Energy Stock Performance

DVN opened at $34.50 on Friday. The firm’s 50-day moving average price is $35.38 and its 200-day moving average price is $37.32. The company has a market cap of $22.39 billion, a P/E ratio of 7.56, a price-to-earnings-growth ratio of 1.20 and a beta of 1.91. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. Devon Energy Co. has a 52-week low of $30.39 and a 52-week high of $55.09.

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

Devon Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be given a dividend of $0.24 per share. The ex-dividend date is Friday, March 14th. This represents a $0.96 dividend on an annualized basis and a yield of 2.78%. This is a boost from Devon Energy’s previous quarterly dividend of $0.22. Devon Energy’s payout ratio is currently 21.05%.

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.