Tortoise Capital Advisors L.L.C. Reduces Stake in Devon Energy Corporation (DVN)

Tortoise Capital Advisors L.L.C. decreased its position in shares of Devon Energy Corporation (NYSE:DVN) by 7.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 240,530 shares of the energy company’s stock after selling 18,100 shares during the quarter. Tortoise Capital Advisors L.L.C.’s holdings in Devon Energy were worth $8,830,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in DVN. Sun Life Financial INC lifted its position in Devon Energy by 32,058.3% in the second quarter. Sun Life Financial INC now owns 3,859 shares of the energy company’s stock valued at $123,000 after buying an additional 3,847 shares during the last quarter. FNY Managed Accounts LLC acquired a new position in Devon Energy in the third quarter valued at about $134,000. Fiduciary Trust Co. acquired a new position in Devon Energy in the second quarter valued at about $144,000. Global X Management Co. LLC lifted its position in Devon Energy by 12.5% in the second quarter. Global X Management Co. LLC now owns 4,539 shares of the energy company’s stock valued at $145,000 after buying an additional 503 shares during the last quarter. Finally, FUKOKU MUTUAL LIFE INSURANCE Co lifted its position in Devon Energy by 67.6% in the second quarter. FUKOKU MUTUAL LIFE INSURANCE Co now owns 5,700 shares of the energy company’s stock valued at $182,000 after buying an additional 2,300 shares during the last quarter. 77.64% of the stock is currently owned by hedge funds and other institutional investors.

A number of analysts have issued reports on DVN shares. BidaskClub lowered shares of Devon Energy from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 19th. Cowen reiterated a “buy” rating and set a $37.00 price target on shares of Devon Energy in a research note on Tuesday, August 22nd. Royal Bank of Canada set a $43.00 price target on shares of Devon Energy and gave the stock a “buy” rating in a research note on Friday, August 25th. Stifel Nicolaus set a $61.00 price target on shares of Devon Energy and gave the stock a “buy” rating in a research note on Friday, August 25th. Finally, BMO Capital Markets set a $38.00 price target on shares of Devon Energy and gave the stock a “buy” rating in a research note on Monday, August 28th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and fourteen have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $45.39.

Devon Energy Corporation (DVN) traded down $0.06 during mid-day trading on Friday, hitting $38.00. 3,799,900 shares of the company were exchanged, compared to its average volume of 4,751,811. The stock has a market capitalization of $20,013.00, a price-to-earnings ratio of 26.11, a price-to-earnings-growth ratio of 1.20 and a beta of 2.21. Devon Energy Corporation has a 12-month low of $28.79 and a 12-month high of $49.45. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.63 and a quick ratio of 1.63.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, October 31st. The energy company reported $0.46 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.39 by $0.07. The company had revenue of $3.16 billion for the quarter, compared to analyst estimates of $3.13 billion. Devon Energy had a net margin of 11.62% and a return on equity of 6.88%. The firm’s revenue was up 9.5% on a year-over-year basis. During the same period in the prior year, the firm posted $1.89 earnings per share. sell-side analysts forecast that Devon Energy Corporation will post 1.77 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 29th. Shareholders of record on Thursday, March 15th will be paid a $0.06 dividend. The ex-dividend date is Wednesday, March 14th. This represents a $0.24 annualized dividend and a yield of 0.63%. Devon Energy’s dividend payout ratio is currently 8.19%.

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Devon Energy Profile

Devon Energy Corporation is an independent energy company. The Company also controls EnLink Midstream Partners, L.P. (EnLink). The Company’s segments include U.S., Canada and EnLink. The Company is engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs).

Institutional Ownership by Quarter for Devon Energy (NYSE:DVN)

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