MetLife Investment Management LLC Reduces Position in Devon Energy Co. (NYSE:DVN)

MetLife Investment Management LLC reduced its position in shares of Devon Energy Co. (NYSE:DVN) by 3.3% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 162,878 shares of the energy company’s stock after selling 5,643 shares during the quarter. MetLife Investment Management LLC’s holdings in Devon Energy were worth $6,372,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently modified their holdings of the business. Pacer Advisors Inc. raised its holdings in shares of Devon Energy by 16.9% during the third quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock valued at $453,446,000 after acquiring an additional 1,677,652 shares in the last quarter. Victory Capital Management Inc. increased its position in shares of Devon Energy by 3.8% during the third quarter. Victory Capital Management Inc. now owns 9,971,343 shares of the energy company’s stock valued at $390,079,000 after buying an additional 361,968 shares during the period. Raymond James & Associates raised its stake in Devon Energy by 1.5% in the second quarter. Raymond James & Associates now owns 9,183,778 shares of the energy company’s stock worth $435,311,000 after buying an additional 138,919 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Devon Energy by 16.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 8,793,217 shares of the energy company’s stock valued at $416,779,000 after acquiring an additional 1,255,543 shares in the last quarter. Finally, Smead Capital Management Inc. grew its holdings in shares of Devon Energy by 3.5% during the 3rd quarter. Smead Capital Management Inc. now owns 5,879,516 shares of the energy company’s stock worth $230,007,000 after acquiring an additional 198,193 shares during the period. 69.72% of the stock is owned by institutional investors.

Devon Energy Stock Performance

Shares of DVN stock opened at $37.95 on Friday. 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 has a market cap of $24.93 billion, a P/E ratio of 7.04, a P/E/G ratio of 1.20 and a beta of 2.03. Devon Energy Co. has a one year low of $37.28 and a one year high of $55.09. The firm’s 50 day moving average price is $39.74 and its 200-day moving average price is $43.64.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. The business had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The business’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.65 earnings per share. As a group, equities research analysts predict that Devon Energy Co. will post 4.79 EPS for the current year.

Devon Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.32%. The ex-dividend date is Friday, December 13th. Devon Energy’s payout ratio is currently 16.33%.

Analyst Upgrades and Downgrades

Several brokerages have commented on DVN. Truist Financial lowered Devon Energy from a “buy” rating to a “hold” rating and lowered their price objective for the company from $49.00 to $43.00 in a research report on Thursday, November 7th. Wells Fargo & Company dropped their price target on Devon Energy from $50.00 to $49.00 and set an “overweight” rating on the stock in a research report on Thursday, November 7th. Susquehanna lowered their price target on Devon Energy from $63.00 to $62.00 and set a “positive” rating for the company in a research report on Friday, October 18th. Morgan Stanley reduced their price target on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a research report on Monday, September 16th. Finally, Scotiabank dropped their price objective on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating on the stock in a research report on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, Devon Energy presently has a consensus rating of “Hold” and a consensus price target of $51.15.

About Devon Energy

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.