New York Life Investment Management LLC Trims Stock Position in Devon Energy Co. (NYSE:DVN)

New York Life Investment Management LLC trimmed its stake in Devon Energy Co. (NYSE:DVN) by 4.2% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 90,815 shares of the energy company’s stock after selling 3,936 shares during the period. New York Life Investment Management LLC’s holdings in Devon Energy were worth $4,114,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of DVN. Lord Abbett & CO. LLC boosted its holdings in shares of Devon Energy by 15.5% in the third quarter. Lord Abbett & CO. LLC now owns 549,710 shares of the energy company’s stock valued at $26,221,000 after acquiring an additional 73,570 shares during the period. Nordea Investment Management AB grew its position in Devon Energy by 2.7% during the 3rd quarter. Nordea Investment Management AB now owns 373,757 shares of the energy company’s stock worth $17,974,000 after purchasing an additional 9,823 shares during the last quarter. Atria Investments Inc grew its position in Devon Energy by 64.4% during the 3rd quarter. Atria Investments Inc now owns 54,639 shares of the energy company’s stock worth $2,606,000 after purchasing an additional 21,400 shares during the last quarter. Pearl River Capital LLC increased its stake in Devon Energy by 367.7% in the third quarter. Pearl River Capital LLC now owns 75,042 shares of the energy company’s stock valued at $3,580,000 after purchasing an additional 58,997 shares during the period. Finally, Argent Trust Co raised its holdings in shares of Devon Energy by 22.1% in the third quarter. Argent Trust Co now owns 86,795 shares of the energy company’s stock valued at $4,140,000 after buying an additional 15,715 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Price Performance

Shares of NYSE:DVN opened at $50.54 on Friday. The firm has a market capitalization of $32.09 billion, a price-to-earnings ratio of 9.65 and a beta of 2.16. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.04 and a quick ratio of 0.99. The business’s 50 day simple moving average is $49.62 and its 200-day simple moving average is $46.31. Devon Energy Co. has a 12 month low of $40.47 and a 12 month high of $55.09.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.06. The firm had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.64 billion. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. Devon Energy’s revenue was down 5.9% on a year-over-year basis. During the same period in the previous year, the firm posted $1.46 earnings per share. As a group, equities analysts forecast that Devon Energy Co. will post 5.24 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be given a $0.22 dividend. The ex-dividend date is Friday, June 14th. This represents a $0.88 annualized dividend and a dividend yield of 1.74%. Devon Energy’s dividend payout ratio is presently 16.79%.

Analyst Ratings Changes

Several brokerages recently issued reports on DVN. Raymond James dropped their price target on Devon Energy from $53.00 to $52.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 24th. Citigroup boosted their target price on Devon Energy from $55.00 to $62.00 and gave the company a “buy” rating in a report on Thursday, April 11th. Stifel Nicolaus increased their price target on Devon Energy from $65.00 to $66.00 and gave the stock a “buy” rating in a report on Tuesday, April 23rd. Wells Fargo & Company upgraded shares of Devon Energy from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $46.00 to $59.00 in a research report on Monday, April 1st. Finally, UBS Group upped their price objective on shares of Devon Energy from $48.00 to $57.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 10th. Four investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Devon Energy currently has an average rating of “Moderate Buy” and a consensus price target of $58.44.

Devon Energy Company 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.