Adalta Capital Management LLC lowered its stake in Devon Energy Corp (NYSE:DVN) by 25.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 27,275 shares of the energy company’s stock after selling 9,355 shares during the period. Adalta Capital Management LLC’s holdings in Devon Energy were worth $1,129,000 at the end of the most recent quarter.
Several other institutional investors also recently modified their holdings of the stock. EnCap Energy Capital Fund IX L.P. acquired a new stake in Devon Energy during the 4th quarter worth $488,237,000. Alyeska Investment Group L.P. grew its holdings in Devon Energy by 4,117.5% during the 3rd quarter. Alyeska Investment Group L.P. now owns 1,835,864 shares of the energy company’s stock worth $67,395,000 after acquiring an additional 1,792,334 shares during the period. Discovery Capital Management LLC CT grew its holdings in Devon Energy by 2,921.0% during the 4th quarter. Discovery Capital Management LLC CT now owns 1,223,485 shares of the energy company’s stock worth $50,652,000 after acquiring an additional 1,182,985 shares during the period. Amundi Pioneer Asset Management Inc. acquired a new stake in Devon Energy during the 4th quarter worth $47,888,000. Finally, Barrow Hanley Mewhinney & Strauss LLC grew its holdings in Devon Energy by 16.2% during the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,202,360 shares of the energy company’s stock worth $256,778,000 after acquiring an additional 862,460 shares during the period. 82.22% of the stock is owned by institutional investors and hedge funds.
A number of equities analysts have recently weighed in on the stock. KLR Group cut shares of Devon Energy from a “buy” rating to a “hold” rating and set a $49.00 price target on the stock. in a research report on Tuesday, January 23rd. Credit Suisse Group set a $50.00 price target on shares of Devon Energy and gave the stock a “buy” rating in a research report on Tuesday, January 23rd. They noted that the move was a valuation call. Morgan Stanley lifted their price target on shares of Devon Energy from $48.00 to $54.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 24th. Stifel Nicolaus set a $68.00 price target on shares of Devon Energy and gave the stock a “buy” rating in a research report on Tuesday, January 30th. Finally, Piper Jaffray Companies reissued a “hold” rating and set a $42.00 price target on shares of Devon Energy in a research report on Tuesday, January 9th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $45.79.
Shares of Devon Energy Corp (NYSE DVN) opened at $32.82 on Tuesday. The company has a market cap of $17,250.00, a price-to-earnings ratio of 19.08, a P/E/G ratio of 2.10 and a beta of 2.26. Devon Energy Corp has a 52-week low of $28.79 and a 52-week high of $45.16. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.45 and a quick ratio of 1.45.
Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, February 20th. The energy company reported $0.38 EPS for the quarter, missing the consensus estimate of $0.60 by ($0.22). The company had revenue of $3.98 billion during the quarter, compared to the consensus estimate of $3.58 billion. Devon Energy had a net margin of 10.04% and a return on equity of 6.92%. The company’s revenue was up 41.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.25 earnings per share. equities analysts predict that Devon Energy Corp will post 2.23 earnings per share for the current fiscal year.
The business also recently disclosed 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. This is a boost from Devon Energy’s previous quarterly dividend of $0.06. This represents a $0.32 annualized dividend and a yield of 0.98%. The ex-dividend date is Thursday, June 14th. Devon Energy’s payout ratio is currently 13.95%.
Devon Energy announced that its board has approved a stock repurchase plan on Wednesday, March 7th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the energy company to purchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.
Devon Energy Company 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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