Independent Investors Inc. cut its stake in Devon Energy Corp. (NYSE:DVN) by 8.6% during the second quarter, Holdings Channel reports. The firm owned 10,600 shares of the energy company’s stock after selling 1,000 shares during the period. Independent Investors Inc.’s holdings in Devon Energy Corp. were worth $384,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of DVN. 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 during the period. Retirement Systems of Alabama boosted its position in Devon Energy Corp. by 49.2% in the second quarter. Retirement Systems of Alabama now owns 390,482 shares of the energy company’s stock valued at $14,155,000 after buying an additional 128,792 shares during the period. Guinness Asset Management Ltd boosted its position in Devon Energy Corp. by 0.7% in the second quarter. Guinness Asset Management Ltd now owns 307,076 shares of the energy company’s stock valued at $11,132,000 after buying an additional 2,000 shares during the period. Wellington Management Group LLP boosted its position in Devon Energy Corp. by 53.3% in the first quarter. Wellington Management Group LLP now owns 1,770,278 shares of the energy company’s stock valued at $48,576,000 after buying an additional 615,396 shares during the period. Finally, Standard Life Investments LTD purchased a new position in Devon Energy Corp. during the second quarter valued at approximately $46,082,000. Hedge funds and other institutional investors own 75.61% of the company’s stock.
Shares of Devon Energy Corp. (NYSE:DVN) traded up 0.31% during trading on Tuesday, reaching $41.90. 5,105,400 shares of the company traded hands. The company has a 50-day moving average of $42.74 and a 200-day moving average of $37.75. The stock’s market capitalization is $21.94 billion. Devon Energy Corp. has a 12 month low of $18.07 and a 12 month high of $48.68.
Devon Energy Corp. (NYSE:DVN) last released its quarterly earnings data on Tuesday, August 2nd. The energy company reported $0.06 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.19) by $0.25. Devon Energy Corp. had a negative net margin of 114.09% and a positive return on equity of 3.62%. The firm had revenue of $2.49 billion for the quarter, compared to the consensus estimate of $2.29 million. During the same period in the previous year, the company earned $0.78 earnings per share. The company’s quarterly revenue was down 26.7% on a year-over-year basis. Analysts forecast that Devon Energy Corp. will post ($0.29) earnings per share for the current fiscal year.
The business also recently disclosed 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. The ex-dividend date of this dividend is Tuesday, December 13th. This represents a $0.24 annualized dividend and a dividend yield of 0.57%. Devon Energy Corp.’s dividend payout ratio is currently -0.82%.
DVN has been the subject of several recent analyst reports. Vetr upgraded shares of Devon Energy Corp. from a “buy” rating to a “strong-buy” rating and set a $46.16 target price for the company in a research report on Tuesday, September 20th. Argus increased their price objective on shares of Devon Energy Corp. from $51.00 to $61.00 and gave the company a “buy” rating in a report on Tuesday, August 23rd. Bank of America Corp. set a $64.00 price objective on shares of Devon Energy Corp. and gave the company a “buy” rating in a report on Monday, October 10th. Barclays PLC increased their price objective on shares of Devon Energy Corp. from $45.00 to $50.00 and gave the company an “overweight” rating in a report on Thursday, September 1st. Finally, Morgan Stanley reiterated an “overweight” rating on shares of Devon Energy Corp. in a report on Wednesday, June 29th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty have assigned a buy rating and three have given a strong buy rating to the stock. Devon Energy Corp. has an average 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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