Hedeker Wealth LLC bought a new position in Devon Energy Corp. (NYSE:DVN) during the second quarter, Holdings Channel reports. The institutional investor bought 6,172 shares of the energy company’s stock, valued at approximately $223,000.
Several other hedge funds have also added to or reduced their stakes in DVN. State Street Corp increased its stake in shares of Devon Energy Corp. by 31.8% in the first quarter. State Street Corp now owns 25,649,107 shares of the energy company’s stock valued at $703,812,000 after buying an additional 6,194,903 shares during the period. BlackRock Fund Advisors increased its stake in shares of Devon Energy Corp. by 22.6% in the first quarter. BlackRock Fund Advisors now owns 6,814,718 shares of the energy company’s stock valued at $186,996,000 after buying an additional 1,256,387 shares during the period. American Century Companies Inc. increased its stake in shares of Devon Energy Corp. by 37.7% in the second quarter. American Century Companies Inc. now owns 5,387,071 shares of the energy company’s stock valued at $195,281,000 after buying an additional 1,475,465 shares during the period. Sasco Capital Inc. CT increased its stake in shares of Devon Energy Corp. by 30.2% in the first quarter. Sasco Capital Inc. CT now owns 4,272,198 shares of the energy company’s stock valued at $117,229,000 after buying an additional 990,146 shares during the period. Finally, Geode Capital Management LLC boosted its position in Devon Energy Corp. by 29.0% in the first quarter. Geode Capital Management LLC now owns 4,016,066 shares of the energy company’s stock valued at $109,975,000 after buying an additional 902,528 shares in the last quarter. 75.61% of the stock is currently owned by hedge funds and other institutional investors.
Devon Energy Corp. (NYSE:DVN) traded down 3.04% during mid-day trading on Monday, hitting $41.77. The company had a trading volume of 6,840,124 shares. The company’s market capitalization is $21.87 billion. The company has a 50-day moving average price of $42.81 and a 200 day moving average price of $37.49. Devon Energy Corp. has a 52-week low of $18.07 and a 52-week high of $48.68.
Devon Energy Corp. (NYSE:DVN) last issued its earnings results on Tuesday, August 2nd. The energy company reported $0.06 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.19) by $0.25. The company earned $2.49 billion during the quarter, compared to analysts’ expectations of $2.29 million. Devon Energy Corp. had a positive return on equity of 3.62% and a negative net margin of 114.09%. The firm’s quarterly revenue was down 26.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.78 EPS. On average, analysts forecast that Devon Energy Corp. will post ($0.29) EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 30th. Shareholders of record on Thursday, December 15th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.57%. The ex-dividend date of this dividend is Tuesday, December 13th. Devon Energy Corp.’s payout ratio is currently -0.82%.
DVN has been the topic of several research analyst reports. Howard Weil upgraded shares of Devon Energy Corp. from a “sector outperform” rating to a “focus stock” rating and upped their target price for the company from $50.00 to $61.00 in a research note on Monday, July 11th. Zacks Investment Research upgraded shares of Devon Energy Corp. from a “hold” rating to a “strong-buy” rating and set a $48.00 target price on the stock in a research note on Tuesday, August 16th. Vetr cut shares of Devon Energy Corp. from a “strong-buy” rating to a “buy” rating and set a $45.44 target price on the stock. in a research note on Tuesday, September 13th. Morgan Stanley restated an “overweight” rating on shares of Devon Energy Corp. in a research note on Wednesday, June 29th. Finally, Deutsche Bank AG upped their target price on shares of Devon Energy Corp. from $41.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, July 5th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty have issued a buy rating and three have issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $42.21.
Devon Energy Corp. Company Profile
Devon Energy Corporation (Devon) is an independent energy company engaged in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs). The Company’s operations are concentrated in various North American onshore areas in the United States and Canada. The Company also produces over 1.6 billion cubic feet of natural gas a day and approximately 135 thousand barrels of NGLs per day.
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