Nordea Investment Management AB Lowers Stock Holdings in Devon Energy Co. (NYSE:DVN)

Nordea Investment Management AB lessened its position in shares of Devon Energy Co. (NYSE:DVN) by 89.1% during the first quarter, HoldingsChannel.com reports. The fund owned 41,952 shares of the energy company’s stock after selling 343,470 shares during the period. Nordea Investment Management AB’s holdings in Devon Energy were worth $2,095,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Pacer Advisors Inc. raised its position in shares of Devon Energy by 1,279.7% in the fourth quarter. Pacer Advisors Inc. now owns 6,145,605 shares of the energy company’s stock worth $278,396,000 after buying an additional 5,700,167 shares in the last quarter. International Assets Investment Management LLC raised its holdings in shares of Devon Energy by 3,885.4% in the 4th quarter. International Assets Investment Management LLC now owns 1,695,206 shares of the energy company’s stock valued at $76,793,000 after acquiring an additional 1,652,671 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Devon Energy by 26.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company’s stock valued at $320,609,000 after acquiring an additional 1,488,374 shares during the last quarter. Raymond James & Associates grew its holdings in shares of Devon Energy by 8.9% during the first quarter. Raymond James & Associates now owns 9,044,859 shares of the energy company’s stock worth $453,871,000 after purchasing an additional 736,449 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its position in shares of Devon Energy by 63.4% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 1,420,702 shares of the energy company’s stock worth $71,291,000 after purchasing an additional 551,004 shares during the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Price Performance

Shares of DVN opened at $45.90 on Thursday. The stock has a market cap of $29.01 billion, a PE ratio of 8.76, a price-to-earnings-growth ratio of 1.23 and a beta of 2.07. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.97 and a current ratio of 1.04. Devon Energy Co. has a fifty-two week low of $40.47 and a fifty-two week high of $55.09. The firm’s 50-day simple moving average is $47.94 and its two-hundred day simple moving average is $47.02.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.06. The firm had revenue of $3.60 billion for 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%. The business’s revenue for the quarter was down 5.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.46 EPS. Analysts anticipate that Devon Energy Co. will post 5.25 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were paid a $0.22 dividend. The ex-dividend date was Friday, June 14th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.92%. Devon Energy’s dividend payout ratio is currently 16.79%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Mizuho lifted their target price on shares of Devon Energy from $57.00 to $61.00 and gave the company a “buy” rating in a research report on Monday, May 13th. Citigroup upped their target price on shares of Devon Energy from $55.00 to $62.00 and gave the stock a “buy” rating in a research report on Thursday, April 11th. Wells Fargo & Company upgraded Devon Energy from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $46.00 to $59.00 in a research report on Monday, April 1st. Bank of America reiterated a “buy” rating and issued a $64.00 price objective on shares of Devon Energy in a report on Friday, June 14th. Finally, Scotiabank raised their price objective on Devon Energy from $53.00 to $67.00 and gave the company a “sector outperform” rating in a report on Thursday, April 11th. Four equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $60.00.

Insider Activity

In related news, EVP Tana K. Cashion sold 20,000 shares of the company’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $51.04, for a total value of $1,020,800.00. Following the transaction, the executive vice president now owns 104,182 shares in the company, valued at approximately $5,317,449.28. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.73% of the company’s stock.

About Devon Energy

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.