The Manufacturers Life Insurance Company Has $18.23 Million Stake in Devon Energy Co. (NYSE:DVN)

The Manufacturers Life Insurance Company cut its stake in shares of Devon Energy Co. (NYSE:DVN) by 60.7% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 466,056 shares of the energy company’s stock after selling 719,874 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Devon Energy were worth $18,232,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. William B. Walkup & Associates Inc. acquired a new position in shares of Devon Energy in the second quarter worth approximately $1,026,000. CIBC Asset Management Inc lifted its position in shares of Devon Energy by 6.3% in the 3rd quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company’s stock worth $4,193,000 after purchasing an additional 6,358 shares during the period. Smead Capital Management Inc. boosted its stake in shares of Devon Energy by 3.5% in the 3rd quarter. Smead Capital Management Inc. now owns 5,879,516 shares of the energy company’s stock valued at $230,007,000 after purchasing an additional 198,193 shares during the last quarter. Nations Financial Group Inc. IA ADV acquired a new stake in shares of Devon Energy during the third quarter worth $592,000. Finally, Gordian Capital Singapore Pte Ltd bought a new position in Devon Energy during the second quarter worth $711,000. Institutional investors own 69.72% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on DVN shares. Benchmark reaffirmed a “hold” rating on shares of Devon Energy in a research report on Tuesday, October 15th. Wells Fargo & Company cut their target price on Devon Energy from $50.00 to $49.00 and set an “overweight” rating on the stock in a research report on Thursday, November 7th. Raymond James lowered their target price on Devon Energy from $58.00 to $51.00 in a report on Tuesday, November 5th. BMO Capital Markets cut their price target on Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a report on Friday, October 4th. Finally, Susquehanna lowered their price objective on shares of Devon Energy from $63.00 to $62.00 and set a “positive” rating for the company in a research note on Friday, October 18th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $51.15.

Devon Energy Stock Up 0.3 %

Shares of NYSE:DVN opened at $37.95 on Monday. The business’s 50 day moving average is $39.68 and its 200 day moving average is $43.52. Devon Energy Co. has a 12-month low of $37.28 and a 12-month high of $55.09. The stock has a market cap of $24.93 billion, a price-to-earnings ratio of 7.04, a PEG ratio of 1.20 and a beta of 2.03. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data 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. The firm had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The business’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.65 EPS. On average, sell-side analysts forecast that Devon Energy Co. will post 4.79 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date is Friday, December 13th. Devon Energy’s payout ratio is 16.33%.

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.