Columbia Pacific Advisors LLC cut its position in shares of Devon Energy Corp (NYSE:DVN) by 21.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 27,007 shares of the energy company’s stock after selling 7,595 shares during the quarter. Devon Energy makes up about 1.7% of Columbia Pacific Advisors LLC’s holdings, making the stock its 17th biggest position. Columbia Pacific Advisors LLC’s holdings in Devon Energy were worth $1,118,000 at the end of the most recent reporting period.
Other institutional investors have also recently added to or reduced their stakes in the company. Smith Asset Management Group LP boosted its holdings in Devon Energy by 6.1% during the fourth quarter. Smith Asset Management Group LP now owns 269,375 shares of the energy company’s stock worth $11,208,000 after purchasing an additional 15,485 shares during the last quarter. TVR Capital Management LP boosted its stake in Devon Energy by 81.1% in the fourth quarter. TVR Capital Management LP now owns 253,504 shares of the energy company’s stock valued at $10,495,000 after acquiring an additional 113,504 shares during the last quarter. Synovus Financial Corp purchased a new position in Devon Energy in the fourth quarter valued at about $1,911,000. Folger Hill Asset Management LP purchased a new position in Devon Energy in the fourth quarter valued at about $1,656,000. Finally, Ninepoint Partners LP purchased a new position in Devon Energy in the third quarter valued at about $6,241,000. Institutional investors and hedge funds own 82.22% of the company’s stock.
A number of research analysts have weighed in on DVN shares. Barclays boosted their target price on shares of Devon Energy from $35.00 to $38.00 and gave the company an “overweight” rating in a research note on Monday, November 20th. Piper Jaffray Companies reiterated a “hold” rating and issued a $38.00 target price on shares of Devon Energy in a research note on Friday, November 24th. Scotiabank set a $50.00 target price on shares of Devon Energy and gave the company a “buy” rating in a research note on Saturday, November 25th. Citigroup reiterated a “buy” rating and issued a $44.00 target price on shares of Devon Energy in a research note on Tuesday, November 28th. Finally, Credit Suisse Group started coverage on shares of Devon Energy in a research note on Monday, December 11th. They issued an “outperform” rating and a $43.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $45.79.
Shares of Devon Energy Corp (DVN) opened at $32.82 on Tuesday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.45 and a current ratio of 1.45. The firm has a market cap of $17,213.99, a P/E ratio of 12.38, a P/E/G ratio of 2.10 and a beta of 2.26. Devon Energy Corp has a twelve month low of $28.79 and a twelve month high of $45.16.
Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, February 20th. The energy company reported $0.38 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.60 by ($0.22). The firm had revenue of $3.98 billion for the quarter, compared to the consensus estimate of $3.58 billion. Devon Energy had a return on equity of 6.92% and a net margin of 10.04%. The business’s revenue was up 41.8% on a year-over-year basis. During the same period last year, the company posted $0.25 EPS. analysts forecast that Devon Energy Corp will post 2.23 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 29th. Investors of record on Friday, June 15th will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.98%. The ex-dividend date is Thursday, June 14th. This is a positive change from Devon Energy’s previous quarterly dividend of $0.06. Devon Energy’s dividend payout ratio is 9.06%.
Devon Energy announced that its board has authorized a share buyback program on Wednesday, March 7th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the energy company to reacquire shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.
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About Devon Energy
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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