Franklin Resources Inc. decreased its position in Devon Energy Corp (NYSE:DVN) by 3.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,973,957 shares of the energy company’s stock after selling 94,069 shares during the quarter. Franklin Resources Inc. owned 0.57% of Devon Energy worth $123,149,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Geode Capital Management LLC raised its stake in shares of Devon Energy by 1.5% in the 4th quarter. Geode Capital Management LLC now owns 6,428,838 shares of the energy company’s stock valued at $265,669,000 after purchasing an additional 97,478 shares during the period. Victory Capital Management Inc. raised its stake in shares of Devon Energy by 12.0% in the 4th quarter. Victory Capital Management Inc. now owns 6,238,204 shares of the energy company’s stock valued at $258,262,000 after purchasing an additional 667,482 shares during the period. Barrow Hanley Mewhinney & Strauss LLC raised its stake in shares of Devon Energy by 16.2% in the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,202,360 shares of the energy company’s stock valued at $256,778,000 after purchasing an additional 862,460 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Devon Energy by 1.8% in the 4th quarter. Bank of New York Mellon Corp now owns 5,779,373 shares of the energy company’s stock valued at $239,266,000 after purchasing an additional 102,768 shares during the period. Finally, First Eagle Investment Management LLC raised its stake in shares of Devon Energy by 1.9% in the 3rd quarter. First Eagle Investment Management LLC now owns 4,887,600 shares of the energy company’s stock valued at $179,424,000 after purchasing an additional 88,950 shares during the period. 82.22% of the stock is currently owned by hedge funds and other institutional investors.
DVN has been the topic of several recent research reports. Royal Bank of Canada set a $43.00 price target on Devon Energy and gave the company a “buy” rating in a research note on Friday, February 23rd. KLR Group downgraded Devon Energy from a “buy” rating to a “hold” rating and set a $49.00 price target on the stock. in a research note on Tuesday, January 23rd. Wolfe Research raised Devon Energy from a “market perform” rating to an “outperform” rating in a research note on Tuesday, January 30th. BMO Capital Markets reaffirmed a “buy” rating and issued a $50.00 target price on shares of Devon Energy in a research report on Tuesday, February 27th. Finally, Barclays lifted their target price on Devon Energy from $35.00 to $38.00 and gave the company an “overweight” rating in a research report on Monday, November 20th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $45.79.
Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, February 20th. The energy company reported $0.38 earnings per share for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.22). The business had revenue of $3.98 billion for the quarter, compared to analyst estimates of $3.58 billion. Devon Energy had a return on equity of 6.92% and a net margin of 10.04%. Devon Energy’s quarterly revenue was up 41.8% compared to the same quarter last year. During the same period last year, the firm earned $0.25 EPS. research analysts expect that Devon Energy Corp will post 2.23 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 29th. Shareholders of record on Friday, June 15th will be given 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 an increase from Devon Energy’s previous quarterly dividend of $0.06. Devon Energy’s payout ratio is 9.06%.
Devon Energy declared that its Board of Directors has authorized a share repurchase program on Wednesday, March 7th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the energy company to reacquire shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
In other Devon Energy news, EVP Lyndon C. Taylor sold 12,798 shares of the business’s stock in a transaction that occurred on Thursday, December 14th. The stock was sold at an average price of $38.29, for a total transaction of $490,035.42. Following the transaction, the executive vice president now owns 67,900 shares of the company’s stock, valued at $2,599,891. The sale was disclosed in a document filed with the SEC, which is available through this link. 0.51% of the stock is owned by insiders.
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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