Boston Partners Sells 1,696,549 Shares of Devon Energy Co. (NYSE:DVN)

Boston Partners lessened its holdings in Devon Energy Co. (NYSE:DVN) by 30.4% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 3,891,388 shares of the energy company’s stock after selling 1,696,549 shares during the period. Boston Partners owned about 0.61% of Devon Energy worth $188,143,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Geode Capital Management LLC increased its holdings in Devon Energy by 6.2% in the 1st quarter. Geode Capital Management LLC now owns 14,145,039 shares of the energy company’s stock worth $715,360,000 after acquiring an additional 823,626 shares in the last quarter. Morgan Stanley increased its holdings in Devon Energy by 3.3% in the 4th quarter. Morgan Stanley now owns 11,263,424 shares of the energy company’s stock worth $692,813,000 after acquiring an additional 356,448 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in Devon Energy by 13.7% in the 1st quarter. Bank of New York Mellon Corp now owns 8,321,000 shares of the energy company’s stock worth $421,126,000 after acquiring an additional 1,003,951 shares in the last quarter. Victory Capital Management Inc. increased its holdings in Devon Energy by 15.0% in the 2nd quarter. Victory Capital Management Inc. now owns 8,059,219 shares of the energy company’s stock worth $389,583,000 after acquiring an additional 1,049,592 shares in the last quarter. Finally, Raymond James & Associates increased its holdings in Devon Energy by 4.6% in the 2nd quarter. Raymond James & Associates now owns 8,027,615 shares of the energy company’s stock worth $388,055,000 after acquiring an additional 350,916 shares in the last quarter. Institutional investors own 68.34% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on DVN shares. Stifel Nicolaus increased their price objective on shares of Devon Energy from $77.00 to $79.00 and gave the company a “buy” rating in a report on Friday, August 25th. Raymond James cut their price objective on shares of Devon Energy from $70.00 to $62.00 and set a “strong-buy” rating for the company in a report on Monday, July 24th. Mizuho cut their price objective on shares of Devon Energy from $62.00 to $58.00 and set a “buy” rating for the company in a report on Thursday, October 12th. StockNews.com started coverage on shares of Devon Energy in a report on Thursday, October 5th. They set a “hold” rating for the company. Finally, Wells Fargo & Company cut their price objective on shares of Devon Energy from $51.00 to $50.00 and set an “equal weight” rating for the company in a report on Friday, October 20th. Seven research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $59.94.

Devon Energy Stock Up 0.8 %

Shares of DVN opened at $44.66 on Friday. The company has a market cap of $28.61 billion, a PE ratio of 7.57, a P/E/G ratio of 0.15 and a beta of 2.30. The business has a fifty day moving average of $47.30 and a 200 day moving average of $48.92. Devon Energy Co. has a 52-week low of $42.59 and a 52-week high of $70.43. The company has a quick ratio of 0.89, a current ratio of 0.96 and a debt-to-equity ratio of 0.48.

Devon Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 15th will be given a dividend of $0.77 per share. This represents a $3.08 annualized dividend and a dividend yield of 6.90%. This is an increase from Devon Energy’s previous quarterly dividend of $0.49. The ex-dividend date of this dividend is Thursday, December 14th. Devon Energy’s dividend payout ratio (DPR) is 13.68%.

About Devon Energy

Devon Energy Corporation, an independent energy company, explores for, develops, and produces oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Anadarko, Williston, Eagle Ford, and Powder River Basin. The company was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.