Hartford Investment Management Co. decreased its stake in shares of Devon Energy Corporation (NYSE:DVN) by 3.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 114,283 shares of the energy company’s stock after selling 4,342 shares during the period. Hartford Investment Management Co.’s holdings in Devon Energy Corporation were worth $3,654,000 as of its most recent filing with the SEC.
A number of other hedge funds have also made changes to their positions in DVN. ING Groep NV boosted its position in shares of Devon Energy Corporation by 1,681.8% in the second quarter. ING Groep NV now owns 476,907 shares of the energy company’s stock valued at $15,247,000 after buying an additional 450,141 shares during the period. Acadian Asset Management LLC purchased a new position in shares of Devon Energy Corporation during the second quarter valued at about $2,034,000. First Midwest Bank Trust Division boosted its position in shares of Devon Energy Corporation by 39.8% in the second quarter. First Midwest Bank Trust Division now owns 19,161 shares of the energy company’s stock valued at $613,000 after buying an additional 5,456 shares during the period. Quantitative Systematic Strategies LLC boosted its position in shares of Devon Energy Corporation by 110.5% in the second quarter. Quantitative Systematic Strategies LLC now owns 15,877 shares of the energy company’s stock valued at $505,000 after buying an additional 8,334 shares during the period. Finally, APG Asset Management N.V. boosted its position in shares of Devon Energy Corporation by 184.4% in the second quarter. APG Asset Management N.V. now owns 188,779 shares of the energy company’s stock valued at $6,035,000 after buying an additional 122,400 shares during the period. 77.27% of the stock is currently owned by hedge funds and other institutional investors.
Devon Energy Corporation (NYSE:DVN) opened at 31.61 on Friday. The firm has a market cap of $16.61 billion, a P/E ratio of 7.15 and a beta of 2.17. The firm’s 50-day moving average price is $31.79 and its 200 day moving average price is $37.85. Devon Energy Corporation has a 12-month low of $28.79 and a 12-month high of $50.69.
Devon Energy Corporation (NYSE:DVN) last posted its quarterly earnings results on Tuesday, August 1st. The energy company reported $0.34 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.33 by $0.01. The company had revenue of $3.27 billion for the quarter, compared to the consensus estimate of $3.24 billion. Devon Energy Corporation had a return on equity of 5.36% and a net margin of 16.07%. The firm’s quarterly revenue was up 31.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.06 EPS. Analysts forecast that Devon Energy Corporation will post $1.73 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.76%. The ex-dividend date is Thursday, September 14th. Devon Energy Corporation’s dividend payout ratio is currently 5.47%.
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DVN has been the topic of a number of research analyst reports. Barclays PLC reiterated an “overweight” rating and set a $35.00 price target (up previously from $31.00) on shares of Devon Energy Corporation in a report on Thursday, August 3rd. Royal Bank Of Canada set a $53.00 price target on Devon Energy Corporation and gave the company a “buy” rating in a report on Monday, May 29th. BidaskClub upgraded Devon Energy Corporation from a “sell” rating to a “hold” rating in a report on Wednesday, July 19th. Bank of America Corporation reissued a “buy” rating on shares of Devon Energy Corporation in a research report on Thursday, May 11th. Finally, Piper Jaffray Companies initiated coverage on Devon Energy Corporation in a research report on Monday, July 17th. They set a “neutral” rating and a $48.00 price objective for the company. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $47.62.
In related news, Director Robert H. Henry sold 7,045 shares of the company’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $33.35, for a total transaction of $234,950.75. Following the sale, the director now directly owns 11,338 shares in the company, valued at approximately $378,122.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.98% of the stock is owned by corporate insiders.
Devon Energy Corporation Company 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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