Tortoise Capital Advisors L.L.C. Has $5.23 Million Stake in Devon Energy Co. (NYSE:DVN)

Tortoise Capital Advisors L.L.C. decreased its holdings in Devon Energy Co. (NYSE:DVN) by 34.5% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 159,805 shares of the energy company’s stock after selling 84,344 shares during the quarter. Tortoise Capital Advisors L.L.C.’s holdings in Devon Energy were worth $5,230,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in DVN. Transce3nd LLC acquired a new position in shares of Devon Energy in the 4th quarter worth approximately $93,000. Trajan Wealth LLC boosted its stake in shares of Devon Energy by 22.6% in the 4th quarter. Trajan Wealth LLC now owns 7,158 shares of the energy company’s stock valued at $234,000 after purchasing an additional 1,319 shares in the last quarter. MML Investors Services LLC increased its position in shares of Devon Energy by 144.3% during the 4th quarter. MML Investors Services LLC now owns 43,122 shares of the energy company’s stock worth $1,411,000 after purchasing an additional 25,473 shares in the last quarter. MetLife Investment Management LLC boosted its position in Devon Energy by 6.4% in the fourth quarter. MetLife Investment Management LLC now owns 173,267 shares of the energy company’s stock valued at $5,671,000 after buying an additional 10,389 shares in the last quarter. Finally, Norinchukin Bank The increased its holdings in shares of Devon Energy by 17.0% during the fourth quarter. Norinchukin Bank The now owns 31,598 shares of the energy company’s stock worth $1,034,000 after buying an additional 4,593 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Morgan Stanley set a $47.00 price target on Devon Energy and gave the company an “overweight” rating in a report on Wednesday, March 26th. Sanford C. Bernstein raised shares of Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price target on the stock in a research note on Wednesday, January 15th. Susquehanna increased their price objective on Devon Energy from $50.00 to $52.00 and gave the company a “positive” rating in a research report on Thursday, February 20th. Barclays upped their price target on Devon Energy from $43.00 to $44.00 and gave the company an “equal weight” rating in a research note on Thursday, February 20th. Finally, JPMorgan Chase & Co. dropped their price objective on Devon Energy from $48.00 to $42.00 and set a “neutral” rating for the company in a report on Thursday, March 13th. Ten equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, Devon Energy has a consensus rating of “Moderate Buy” and an average price target of $46.71.

Devon Energy Price Performance

Devon Energy stock opened at $30.29 on Friday. The company has a market capitalization of $19.66 billion, a price-to-earnings ratio of 6.64, a PEG ratio of 1.20 and a beta of 1.50. The stock’s 50 day moving average is $33.92 and its 200-day moving average is $35.80. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57. Devon Energy Co. has a 12 month low of $25.89 and a 12 month high of $53.20.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.16. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. The company had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.25 billion. Equities research 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 issued a dividend of $0.24 per share. The ex-dividend date was Friday, March 14th. This is a boost from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a dividend yield of 3.17%. Devon Energy’s dividend payout ratio (DPR) is currently 21.05%.

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.