Franklin Resources Inc. Sells 281,326 Shares of Devon Energy Co. (NYSE:DVN)

Franklin Resources Inc. reduced its position in shares of Devon Energy Co. (NYSE:DVN) by 20.6% in the fourth quarter, HoldingsChannel reports. The firm owned 1,081,764 shares of the energy company’s stock after selling 281,326 shares during the quarter. Franklin Resources Inc.’s holdings in Devon Energy were worth $35,405,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Legacy Investment Solutions LLC purchased a new stake in Devon Energy during the third quarter valued at approximately $8,002,000. Klein Pavlis & Peasley Financial Inc. bought a new position in Devon Energy in the 4th quarter worth $782,000. Fortem Financial Group LLC purchased a new position in Devon Energy during the third quarter valued at $583,000. World Investment Advisors LLC grew its holdings in Devon Energy by 3,440.3% during the third quarter. World Investment Advisors LLC now owns 149,437 shares of the energy company’s stock valued at $5,846,000 after purchasing an additional 145,216 shares during the period. Finally, New York State Teachers Retirement System increased its position in Devon Energy by 4.5% in the fourth quarter. New York State Teachers Retirement System now owns 736,351 shares of the energy company’s stock worth $24,101,000 after buying an additional 31,520 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Down 11.7 %

Shares of DVN opened at $29.30 on Friday. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. The business has a fifty day moving average of $35.22 and a 200 day moving average of $36.70. The company has a market cap of $19.01 billion, a PE ratio of 6.42, a P/E/G ratio of 1.20 and a beta of 1.50. Devon Energy Co. has a 52-week low of $29.06 and a 52-week high of $55.09.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.16. The firm had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.25 billion. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. On average, sell-side analysts expect that Devon Energy Co. will post 4.85 EPS for the current year.

Devon Energy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were paid a dividend of $0.24 per share. This is a boost from Devon Energy’s previous quarterly dividend of $0.22. The ex-dividend date was Friday, March 14th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.28%. Devon Energy’s dividend payout ratio is currently 21.05%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on DVN shares. Barclays increased their target price on shares of Devon Energy from $43.00 to $44.00 and gave the stock an “equal weight” rating in a report on Thursday, February 20th. Piper Sandler raised their price objective on shares of Devon Energy from $54.00 to $55.00 and gave the company an “overweight” rating in a research report on Monday, February 24th. Cowen downgraded shares of Devon Energy to a “hold” rating and dropped their target price for the stock from $46.00 to $45.00 in a report on Tuesday, February 18th. Benchmark restated a “buy” rating and issued a $44.00 price objective on shares of Devon Energy in a research report on Thursday, February 20th. Finally, Truist Financial increased their target price on Devon Energy from $42.00 to $44.00 and gave the stock a “hold” rating in a research report on Thursday, February 20th. Ten investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $48.17.

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.