Zeke Capital Advisors LLC raised its holdings in shares of Devon Energy Corp (NYSE:DVN) by 45.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 15,019 shares of the energy company’s stock after acquiring an additional 4,707 shares during the quarter. Zeke Capital Advisors LLC’s holdings in Devon Energy were worth $622,000 as of its most recent SEC filing.
Other large investors have also bought and sold shares of the company. Taylor Hoffman Wealth Management bought a new stake in Devon Energy during the fourth quarter valued at about $102,000. NuWave Investment Management LLC bought a new stake in Devon Energy during the fourth quarter valued at about $111,000. FNY Managed Accounts LLC bought a new stake in Devon Energy during the third quarter valued at about $134,000. Advisory Services Network LLC raised its holdings in Devon Energy by 127.8% during the fourth quarter. Advisory Services Network LLC now owns 3,445 shares of the energy company’s stock valued at $143,000 after acquiring an additional 1,933 shares during the period. Finally, Icon Wealth Partners LLC bought a new stake in Devon Energy during the fourth quarter valued at about $144,000. 82.22% of the stock is currently owned by institutional investors and hedge funds.
A number of research firms have commented on DVN. Capital One Financial cut Devon Energy from an “overweight” rating to an “equal weight” rating in a report on Wednesday, January 10th. Jefferies Group set a $46.00 price target on Devon Energy and gave the company a “buy” rating in a report on Wednesday, December 20th. Royal Bank of Canada set a $43.00 price target on Devon Energy and gave the company a “buy” rating in a report on Friday, February 23rd. Citigroup reissued a “buy” rating and set a $44.00 price target on shares of Devon Energy in a report on Tuesday, November 28th. Finally, Seaport Global Securities raised Devon Energy from a “neutral” rating to a “buy” rating in a report on Tuesday, December 19th. One analyst has rated the stock with a sell rating, five have given a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. Devon Energy has a consensus rating of “Buy” and a consensus price target of $45.70.
Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, February 20th. The energy company reported $0.38 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.60 by ($0.22). The company had revenue of $3.98 billion during the quarter, compared to analysts’ expectations of $3.58 billion. Devon Energy had a return on equity of 6.92% and a net margin of 10.04%. The company’s revenue was up 41.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.25 EPS. analysts expect that Devon Energy Corp will post 1.88 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, June 29th. Investors of record on Friday, June 15th will be given a $0.08 dividend. The ex-dividend date is Thursday, June 14th. This represents a $0.32 annualized dividend and a yield of 1.00%. This is a positive change from Devon Energy’s previous quarterly dividend of $0.06. Devon Energy’s dividend payout ratio (DPR) is currently 9.06%.
Devon Energy declared that its board has approved a stock buyback program on Wednesday, March 7th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the energy company to buy shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.
Devon Energy Profile
Devon Energy Corporation is an independent energy company. The Company also controls EnLink Midstream Partners, L.P. (EnLink). The Company’s segments include U.S., Canada and EnLink. The Company is engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs).
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