Hennessy Advisors Inc. Sells 3,400 Shares of Devon Energy Co. (NYSE:DVN)

Hennessy Advisors Inc. lessened its stake in Devon Energy Co. (NYSE:DVN) by 5.6% in the fourth quarter, HoldingsChannel reports. The fund owned 57,300 shares of the energy company’s stock after selling 3,400 shares during the period. Hennessy Advisors Inc.’s holdings in Devon Energy were worth $1,875,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Envestnet Asset Management Inc. grew its holdings in shares of Devon Energy by 0.5% in the second quarter. Envestnet Asset Management Inc. now owns 315,446 shares of the energy company’s stock worth $14,952,000 after purchasing an additional 1,591 shares during the last quarter. Edgestream Partners L.P. bought a new stake in Devon Energy in the 2nd quarter worth $342,000. Mercer Global Advisors Inc. ADV increased its position in shares of Devon Energy by 2.3% in the second quarter. Mercer Global Advisors Inc. ADV now owns 104,754 shares of the energy company’s stock valued at $4,958,000 after acquiring an additional 2,384 shares during the period. Meiji Yasuda Asset Management Co Ltd. raised its stake in shares of Devon Energy by 12.5% during the second quarter. Meiji Yasuda Asset Management Co Ltd. now owns 10,567 shares of the energy company’s stock valued at $501,000 after acquiring an additional 1,172 shares during the last quarter. Finally, Blair William & Co. IL boosted its holdings in shares of Devon Energy by 2.0% during the second quarter. Blair William & Co. IL now owns 120,419 shares of the energy company’s stock worth $5,708,000 after purchasing an additional 2,365 shares during the period. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Trading Down 1.2 %

Shares of NYSE DVN opened at $37.98 on Friday. The company has a market cap of $24.95 billion, a PE ratio of 7.05, a P/E/G ratio of 1.14 and a beta of 2.00. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11. The firm’s 50 day moving average price is $35.48 and its 200-day moving average price is $40.27. Devon Energy Co. has a 52-week low of $30.39 and a 52-week high of $55.09.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating the consensus estimate of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The business had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same period last year, the business posted $1.65 EPS. The company’s revenue was up 4.9% compared to the same quarter last year. On average, equities research analysts expect that Devon Energy Co. will post 4.72 EPS for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were 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 of this dividend was Friday, December 13th. Devon Energy’s dividend payout ratio (DPR) is 16.33%.

Analysts Set New Price Targets

DVN has been the subject of a number of recent analyst reports. Barclays lowered their price target on Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a research report on Thursday, October 3rd. Scotiabank dropped their price target on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. Jefferies Financial Group began coverage on shares of Devon Energy in a research report on Thursday, October 3rd. They set a “hold” rating and a $45.00 price objective on the stock. Raymond James dropped their target price on shares of Devon Energy from $58.00 to $51.00 in a research report on Tuesday, November 5th. Finally, Mizuho reduced their price target on shares of Devon Energy from $51.00 to $47.00 and set an “outperform” rating on the stock in a research report on Monday, December 16th. Nine research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, Devon Energy currently has a consensus rating of “Moderate Buy” and an average price target of $49.27.

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.