Baird Financial Group Inc. grew its stake in Devon Energy Corp (NYSE:DVN) by 12.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 88,283 shares of the energy company’s stock after acquiring an additional 9,477 shares during the quarter. Baird Financial Group Inc.’s holdings in Devon Energy were worth $3,549,000 at the end of the most recent quarter.
Other large investors also recently made changes to their positions in the company. Jafra Capital Management LP purchased a new position in shares of Devon Energy in the 2nd quarter valued at $3,297,000. FMR LLC increased its holdings in shares of Devon Energy by 11.1% in the 2nd quarter. FMR LLC now owns 11,782,553 shares of the energy company’s stock valued at $517,962,000 after acquiring an additional 1,173,389 shares during the period. Swiss National Bank increased its holdings in shares of Devon Energy by 8.9% in the 2nd quarter. Swiss National Bank now owns 1,738,426 shares of the energy company’s stock valued at $76,421,000 after acquiring an additional 142,600 shares during the period. Global X Management Co LLC increased its holdings in shares of Devon Energy by 18.9% in the 2nd quarter. Global X Management Co LLC now owns 14,142 shares of the energy company’s stock valued at $622,000 after acquiring an additional 2,244 shares during the period. Finally, Gabelli Funds LLC increased its holdings in shares of Devon Energy by 3.3% in the 2nd quarter. Gabelli Funds LLC now owns 489,800 shares of the energy company’s stock valued at $21,532,000 after acquiring an additional 15,500 shares during the period. Institutional investors and hedge funds own 82.99% of the company’s stock.
Devon Energy stock opened at $27.20 on Friday. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.65. The stock has a market cap of $13.19 billion, a price-to-earnings ratio of 43.17, a PEG ratio of 1.43 and a beta of 2.26. Devon Energy Corp has a fifty-two week low of $25.87 and a fifty-two week high of $46.54.
Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, November 6th. The energy company reported $0.63 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.42 by $0.21. The business had revenue of $2.58 billion for the quarter, compared to the consensus estimate of $2.61 billion. Devon Energy had a return on equity of 6.40% and a net margin of 16.62%. The company’s quarterly revenue was up 33.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.46 EPS. On average, research analysts forecast that Devon Energy Corp will post 1.57 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 15th will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Thursday, March 14th. This represents a $0.32 annualized dividend and a yield of 1.18%. Devon Energy’s payout ratio is presently 50.79%.
DVN has been the topic of a number of analyst reports. Piper Jaffray Companies upgraded Devon Energy from a “neutral” rating to an “overweight” rating in a report on Thursday, September 27th. Johnson Rice upgraded Devon Energy from an “accumulate” rating to a “buy” rating in a report on Wednesday, August 15th. TheStreet downgraded Devon Energy from a “c-” rating to a “d+” rating in a report on Friday, November 2nd. Morgan Stanley cut their price target on Devon Energy from $45.00 to $44.00 and set a “hold” rating on the stock in a report on Wednesday, September 26th. Finally, Capital One Financial upgraded Devon Energy from an “equal weight” rating to an “overweight” rating in a report on Wednesday, October 24th. They noted that the move was a valuation call. Ten research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. Devon Energy presently has an average rating of “Buy” and an average target price of $47.22.
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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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