Chartwell Investment Partners LLC boosted its holdings in Devon Energy Corporation (NYSE:DVN) by 715.5% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 187,565 shares of the energy company’s stock after acquiring an additional 164,565 shares during the quarter. Chartwell Investment Partners LLC’s holdings in Devon Energy were worth $6,885,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Renaissance Technologies LLC grew its position in Devon Energy by 118.2% during the 2nd quarter. Renaissance Technologies LLC now owns 4,376,500 shares of the energy company’s stock worth $139,917,000 after acquiring an additional 2,370,500 shares during the last quarter. Prudential Financial Inc. lifted its stake in shares of Devon Energy by 66.7% in the 2nd quarter. Prudential Financial Inc. now owns 4,365,017 shares of the energy company’s stock valued at $139,549,000 after purchasing an additional 1,745,977 shares during the period. Vanguard Group Inc. lifted its stake in shares of Devon Energy by 3.0% in the 2nd quarter. Vanguard Group Inc. now owns 44,823,163 shares of the energy company’s stock valued at $1,432,998,000 after purchasing an additional 1,295,417 shares during the period. Victory Capital Management Inc. lifted its stake in shares of Devon Energy by 21.6% in the 3rd quarter. Victory Capital Management Inc. now owns 5,570,722 shares of the energy company’s stock valued at $204,501,000 after purchasing an additional 988,090 shares during the period. Finally, Scout Investments Inc. purchased a new position in shares of Devon Energy in the 3rd quarter valued at approximately $32,652,000. Institutional investors and hedge funds own 77.64% of the company’s stock.
A number of research analysts have recently commented on DVN shares. Jefferies Group upgraded Devon Energy from a “hold” rating to a “buy” rating and set a $43.00 target price for the company in a research note on Monday, October 9th. Stifel Nicolaus set a $66.00 target price on Devon Energy and gave the company a “buy” rating in a research note on Thursday, October 5th. Cowen reaffirmed a “buy” rating and set a $40.00 price objective on shares of Devon Energy in a research report on Thursday, September 28th. BMO Capital Markets set a $38.00 price objective on Devon Energy and gave the company a “buy” rating in a research report on Monday, August 28th. Finally, Royal Bank Of Canada set a $43.00 price objective on Devon Energy and gave the company a “buy” rating in a research report on Friday, August 25th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and fourteen have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $46.56.
Shares of Devon Energy Corporation (DVN) traded up $0.27 on Thursday, hitting $37.15. The company had a trading volume of 2,854,565 shares, compared to its average volume of 4,763,220. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 0.87. Devon Energy Corporation has a one year low of $28.79 and a one year high of $50.69. The company has a market capitalization of $19,380.00, a price-to-earnings ratio of 26.29, a P/E/G ratio of 1.21 and a beta of 2.21.
Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, October 31st. The energy company reported $0.46 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.39 by $0.07. Devon Energy had a return on equity of 6.88% and a net margin of 11.62%. The company had revenue of $3.16 billion during the quarter, compared to analyst estimates of $3.13 billion. During the same quarter in the previous year, the company posted $1.89 earnings per share. Devon Energy’s revenue was up 9.5% compared to the same quarter last year. research analysts anticipate that Devon Energy Corporation will post 1.77 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, March 29th. Investors of record on Thursday, March 15th will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Wednesday, March 14th. This represents a $0.24 annualized dividend and a yield of 0.65%. Devon Energy’s dividend payout ratio (DPR) is presently 8.16%.
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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