Zacks Investment Management acquired a new stake in Devon Energy Corp (NYSE:DVN) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 32,084 shares of the energy company’s stock, valued at approximately $1,410,000.
Several other institutional investors and hedge funds have also added to or reduced their stakes in DVN. Verition Fund Management LLC boosted its position in shares of Devon Energy by 24.7% in the 1st quarter. Verition Fund Management LLC now owns 6,300 shares of the energy company’s stock valued at $200,000 after purchasing an additional 1,249 shares during the period. Blair William & Co. IL boosted its position in shares of Devon Energy by 5.5% in the 1st quarter. Blair William & Co. IL now owns 24,811 shares of the energy company’s stock valued at $789,000 after purchasing an additional 1,283 shares during the period. Northwestern Mutual Wealth Management Co. boosted its position in shares of Devon Energy by 18.9% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 8,696 shares of the energy company’s stock valued at $382,000 after purchasing an additional 1,382 shares during the period. Nomura Asset Management Co. Ltd. boosted its position in shares of Devon Energy by 2.3% in the 1st quarter. Nomura Asset Management Co. Ltd. now owns 72,194 shares of the energy company’s stock valued at $2,295,000 after purchasing an additional 1,620 shares during the period. Finally, Private Asset Management Inc. boosted its position in shares of Devon Energy by 3.4% in the 2nd quarter. Private Asset Management Inc. now owns 49,015 shares of the energy company’s stock valued at $1,558,000 after purchasing an additional 1,630 shares during the period. Institutional investors and hedge funds own 84.01% of the company’s stock.
Devon Energy stock opened at $39.67 on Friday. Devon Energy Corp has a twelve month low of $29.83 and a twelve month high of $46.54. The company has a quick ratio of 1.65, a current ratio of 1.65 and a debt-to-equity ratio of 0.45. The company has a market cap of $21.34 billion, a price-to-earnings ratio of 62.97, a P/E/G ratio of 3.66 and a beta of 2.24.
Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, July 31st. The energy company reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.03). Devon Energy had a positive return on equity of 5.52% and a negative net margin of 1.60%. The company had revenue of $2.25 billion for the quarter, compared to analyst estimates of $3.96 billion. During the same period in the previous year, the business posted $0.80 earnings per share. research analysts forecast that Devon Energy Corp will post 1.64 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 28th. Stockholders of record on Friday, December 14th will be issued a $0.08 dividend. The ex-dividend date is Thursday, December 13th. This represents a $0.32 annualized dividend and a dividend yield of 0.81%. Devon Energy’s dividend payout ratio is currently 50.79%.
Devon Energy announced that its board has approved a stock repurchase plan on Wednesday, June 6th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the energy company to repurchase up to 14.6% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
DVN has been the subject of a number of research analyst reports. M Partners upped their target price on Devon Energy to $44.00 and gave the company a “neutral” rating in a research report on Friday, June 8th. B. Riley upped their target price on Devon Energy from $37.00 to $47.00 and gave the company a “neutral” rating in a research report on Monday, June 11th. Zacks Investment Research raised Devon Energy from a “hold” rating to a “strong-buy” rating and set a $48.00 target price for the company in a research report on Monday, June 18th. ValuEngine raised Devon Energy from a “hold” rating to a “buy” rating in a research report on Wednesday, June 27th. Finally, Morgan Stanley initiated coverage on Devon Energy in a research report on Thursday, July 12th. They issued an “equal weight” rating and a $46.00 target price for the company. Nine equities research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. Devon Energy currently has an average rating of “Buy” and an average target price of $50.23.
In other news, Director Robert H. Henry sold 5,600 shares of the firm’s stock in a transaction that occurred on Tuesday, August 21st. The stock was sold at an average price of $42.14, for a total value of $235,984.00. Following the completion of the sale, the director now directly owns 9,704 shares of the company’s stock, valued at approximately $408,926.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.55% of the stock is owned by company insiders.
Devon Energy Company Profile
Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States and Canada. It operates approximately 14,600 gross wells. The company also offers gathering, transmission, processing, storage, fractionation, and marketing to upstream oil and natural gas producers; and owns natural gas pipelines, plants and treatment facilities.
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