First Trust Advisors LP lessened its position in Devon Energy Corp (NYSE:DVN) by 57.3% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 392,023 shares of the energy company’s stock after selling 526,921 shares during the period. First Trust Advisors LP owned approximately 0.08% of Devon Energy worth $15,657,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently made changes to their positions in the business. IFP Advisors Inc grew its stake in Devon Energy by 60.9% in the third quarter. IFP Advisors Inc now owns 5,262 shares of the energy company’s stock valued at $210,000 after acquiring an additional 1,992 shares during the period. Steward Partners Investment Advisory LLC grew its stake in Devon Energy by 96.5% in the third quarter. Steward Partners Investment Advisory LLC now owns 8,074 shares of the energy company’s stock valued at $322,000 after acquiring an additional 3,965 shares during the period. IFM Investors Pty Ltd grew its stake in Devon Energy by 15.7% in the third quarter. IFM Investors Pty Ltd now owns 26,959 shares of the energy company’s stock valued at $1,077,000 after acquiring an additional 3,655 shares during the period. DFT Energy LP grew its stake in Devon Energy by 100.0% in the third quarter. DFT Energy LP now owns 230,000 shares of the energy company’s stock valued at $9,186,000 after acquiring an additional 115,000 shares during the period. Finally, Oakbrook Investments LLC grew its stake in Devon Energy by 59.2% in the third quarter. Oakbrook Investments LLC now owns 56,485 shares of the energy company’s stock valued at $2,256,000 after acquiring an additional 21,000 shares during the period. 83.77% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages have commented on DVN. UBS Group raised Devon Energy from a “neutral” rating to a “buy” rating and set a $53.00 price objective for the company in a research note on Monday, August 6th. Piper Jaffray Companies raised Devon Energy from a “neutral” rating to an “overweight” rating in a research note on Thursday, September 27th. TheStreet cut Devon Energy from a “c-” rating to a “d+” rating in a research note on Friday, November 2nd. Capital One Financial raised Devon Energy from an “equal weight” rating to an “overweight” rating in a research note on Wednesday, October 24th. They noted that the move was a valuation call. Finally, Royal Bank of Canada reduced their price objective on Devon Energy from $58.00 to $56.00 and set a “buy” rating for the company in a research note on Thursday. Six equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $49.96.
In related news, Director Robert H. Henry sold 5,600 shares of Devon Energy stock in a transaction on Tuesday, August 21st. The stock was sold at an average price of $42.14, for a total transaction of $235,984.00. Following the sale, the director now directly owns 9,704 shares in the company, valued at $408,926.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.55% of the stock is owned by company insiders.
DVN stock opened at $33.01 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 debt-to-equity ratio of 0.65, a quick ratio of 1.65 and a current ratio of 1.48. The company has a market capitalization of $17.23 billion, a PE ratio of 21.84, a P/E/G ratio of 1.47 and a beta of 2.27.
Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, November 6th. The energy company reported $0.63 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.42 by $0.21. Devon Energy had a return on equity of 6.40% and a net margin of 16.62%. The company had revenue of $2.58 billion for the quarter, compared to analyst estimates of $2.61 billion. During the same quarter last year, the company earned $0.46 earnings per share. The company’s revenue for the quarter was up 33.4% on a year-over-year basis. Equities research analysts anticipate that Devon Energy Corp will post 1.54 EPS for the current fiscal year.
The business also recently announced 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 of this dividend is Thursday, December 13th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.97%. Devon Energy’s dividend payout ratio is presently 50.79%.
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About Devon Energy
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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