MetLife Investment Management LLC Has $6.37 Million Stock Holdings in Devon Energy Co. (NYSE:DVN)

MetLife Investment Management LLC cut its position in Devon Energy Co. (NYSE:DVN) by 3.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 162,878 shares of the energy company’s stock after selling 5,643 shares during the period. MetLife Investment Management LLC’s holdings in Devon Energy were worth $6,372,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Jacobs Levy Equity Management Inc. acquired a new stake in Devon Energy in the 1st quarter valued at $373,000. LRI Investments LLC bought a new stake in shares of Devon Energy during the first quarter worth about $39,000. Atria Investments Inc raised its holdings in shares of Devon Energy by 68.2% in the 1st quarter. Atria Investments Inc now owns 78,314 shares of the energy company’s stock worth $3,930,000 after acquiring an additional 31,767 shares during the last quarter. Burney Co. lifted its position in Devon Energy by 42.0% in the 1st quarter. Burney Co. now owns 12,300 shares of the energy company’s stock valued at $617,000 after acquiring an additional 3,640 shares in the last quarter. Finally, Cetera Investment Advisers boosted its stake in Devon Energy by 824.0% during the 1st quarter. Cetera Investment Advisers now owns 298,341 shares of the energy company’s stock valued at $14,971,000 after purchasing an additional 266,054 shares during the last quarter. 69.72% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. UBS Group dropped their target price on Devon Energy from $53.00 to $47.00 and set a “neutral” rating on the stock in a report on Wednesday, September 18th. JPMorgan Chase & Co. cut their price target on shares of Devon Energy from $64.00 to $51.00 and set an “overweight” rating on the stock in a report on Thursday, September 12th. BMO Capital Markets cut their target price on Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a research note on Friday, October 4th. Citigroup cut their price objective on Devon Energy from $55.00 to $48.00 and set a “buy” rating on the stock in a research report on Tuesday. Finally, Mizuho decreased their target price on Devon Energy from $53.00 to $51.00 and set an “outperform” rating for the company in a research report on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, Devon Energy has a consensus rating of “Hold” and an average price target of $51.15.

Devon Energy Price Performance

Shares of NYSE:DVN opened at $37.95 on Friday. Devon Energy Co. has a one year low of $37.28 and a one year high of $55.09. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. The firm has a market capitalization of $24.93 billion, a price-to-earnings ratio of 7.04, a PEG ratio of 1.20 and a beta of 2.03. The company’s fifty day moving average price is $39.74 and its 200-day moving average price is $43.64.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates 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 quarter last year, the business posted $1.65 earnings per share. The company’s revenue for the quarter was up 4.9% on a year-over-year basis. On average, equities research analysts anticipate that Devon Energy Co. will post 4.79 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date is Friday, December 13th. Devon Energy’s payout ratio is currently 16.33%.

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.