Los Angeles Capital Management & Equity Research Inc. lowered its position in shares of Devon Energy Corporation (NYSE:DVN) by 7.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 96,737 shares of the energy company’s stock after selling 7,829 shares during the period. Los Angeles Capital Management & Equity Research Inc.’s holdings in Devon Energy were worth $3,551,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in DVN. Sun Life Financial INC grew its holdings in shares of Devon Energy by 32,058.3% during the 2nd quarter. Sun Life Financial INC now owns 3,859 shares of the energy company’s stock worth $123,000 after acquiring an additional 3,847 shares during the period. Fiduciary Trust Co. purchased a new position in shares of Devon Energy during the 2nd quarter worth approximately $144,000. Global X Management Co. LLC grew its holdings in shares of Devon Energy by 12.5% during the 2nd quarter. Global X Management Co. LLC now owns 4,539 shares of the energy company’s stock worth $145,000 after acquiring an additional 503 shares during the period. FUKOKU MUTUAL LIFE INSURANCE Co boosted its position in shares of Devon Energy by 67.6% in the 2nd quarter. FUKOKU MUTUAL LIFE INSURANCE Co now owns 5,700 shares of the energy company’s stock worth $182,000 after purchasing an additional 2,300 shares in the last quarter. Finally, Dupont Capital Management Corp bought a new stake in shares of Devon Energy in the 2nd quarter worth approximately $184,000. 77.64% of the stock is owned by institutional investors.
Several research firms recently issued reports on DVN. Scotiabank set a $50.00 price target on Devon Energy and gave the company a “buy” rating in a report on Saturday, November 25th. Piper Jaffray Companies reissued a “hold” rating and set a $38.00 price target on shares of Devon Energy in a report on Friday, November 24th. Barclays upped their price objective on Devon Energy from $35.00 to $38.00 and gave the stock an “overweight” rating in a research note on Monday, November 20th. Cowen set a $40.00 price objective on Devon Energy and gave the stock a “buy” rating in a research note on Tuesday, October 31st. Finally, Stephens upgraded Devon Energy from an “equal weight” rating to an “overweight” rating and set a $53.00 price objective for the company in a research note on Thursday, November 2nd. Two equities 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 stock. The stock has a consensus rating of “Buy” and an average target price of $46.56.
Shares of Devon Energy Corporation (NYSE:DVN) traded up $0.27 during trading hours on Thursday, hitting $37.15. 2,854,565 shares of the company were exchanged, compared to its average volume of 4,763,220. The company has a market cap of $19,380.00, a P/E ratio of 26.29, a price-to-earnings-growth ratio of 1.21 and a beta of 2.21. Devon Energy Corporation has a 1 year low of $28.79 and a 1 year high of $50.69. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 0.87.
Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, October 31st. The energy company reported $0.46 EPS for the quarter, topping the Zacks’ consensus estimate of $0.39 by $0.07. The business had revenue of $3.16 billion for the quarter, compared to analyst estimates of $3.13 billion. Devon Energy had a net margin of 11.62% and a return on equity of 6.88%. The company’s quarterly revenue was up 9.5% compared to the same quarter last year. During the same period last year, the company posted $1.89 earnings per share. equities research analysts predict that Devon Energy Corporation will post 1.77 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 29th. Investors of record on Thursday, March 15th will be issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.65%. The ex-dividend date of this dividend is Wednesday, March 14th. Devon Energy’s payout ratio is 8.16%.
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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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