Aberdeen Asset Management PLC UK grew its holdings in shares of Devon Energy Corporation (NYSE:DVN) by 97.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 236,503 shares of the energy company’s stock after purchasing an additional 116,934 shares during the period. Aberdeen Asset Management PLC UK’s holdings in Devon Energy Corporation were worth $7,561,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also modified their holdings of the company. BlackRock Inc. increased its position in shares of Devon Energy Corporation by 3,279.8% in the 1st quarter. BlackRock Inc. now owns 46,398,296 shares of the energy company’s stock valued at $1,935,735,000 after acquiring an additional 45,025,477 shares during the period. Vanguard Group Inc. grew its position in Devon Energy Corporation by 3.3% during the 1st quarter. Vanguard Group Inc. now owns 43,527,746 shares of the energy company’s stock worth $1,815,977,000 after purchasing an additional 1,385,334 shares during the period. Artisan Partners Limited Partnership grew its position in Devon Energy Corporation by 3.3% during the 1st quarter. Artisan Partners Limited Partnership now owns 8,077,398 shares of the energy company’s stock worth $336,989,000 after purchasing an additional 255,610 shares during the period. Bank of New York Mellon Corp grew its position in Devon Energy Corporation by 36.6% during the 1st quarter. Bank of New York Mellon Corp now owns 6,311,065 shares of the energy company’s stock worth $263,297,000 after purchasing an additional 1,690,260 shares during the period. Finally, Geode Capital Management LLC grew its position in Devon Energy Corporation by 16.7% during the 1st quarter. Geode Capital Management LLC now owns 5,496,960 shares of the energy company’s stock worth $229,034,000 after purchasing an additional 786,562 shares during the period. Hedge funds and other institutional investors own 77.00% of the company’s stock.
Devon Energy Corporation (NYSE DVN) opened at 33.45 on Thursday. Devon Energy Corporation has a 12 month low of $28.79 and a 12 month high of $50.69. The stock’s 50 day moving average price is $31.84 and its 200 day moving average price is $35.63. The company has a market capitalization of $17.58 billion, a price-to-earnings ratio of 7.57 and a beta of 2.18.
Devon Energy Corporation (NYSE:DVN) last posted its earnings results on Tuesday, August 1st. The energy company reported $0.34 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $0.01. Devon Energy Corporation had a return on equity of 5.36% and a net margin of 16.07%. The company had revenue of $3.27 billion for the quarter, compared to the consensus estimate of $3.24 billion. During the same period in the previous year, the business earned $0.06 earnings per share. The firm’s revenue for the quarter was up 31.6% on a year-over-year basis. Equities research analysts anticipate that Devon Energy Corporation will post $1.74 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 15th will be paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.72%. Devon Energy Corporation’s payout ratio is currently 5.47%.
In other Devon Energy Corporation news, Director Robert H. Henry sold 7,045 shares of the business’s stock in a transaction that occurred on Friday, August 4th. The stock was 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 of the company’s stock, valued at $378,122.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.98% of the company’s stock.
Several brokerages have weighed in on DVN. Barclays PLC reaffirmed an “overweight” rating and set a $35.00 price target (up from $31.00) on shares of Devon Energy Corporation in a research report on Wednesday, August 9th. Scotiabank set a $49.00 target price on Devon Energy Corporation and gave the company a “buy” rating in a research report on Saturday, July 1st. Cowen and Company restated a “buy” rating and set a $37.00 target price on shares of Devon Energy Corporation in a research report on Tuesday, August 22nd. BidaskClub cut Devon Energy Corporation from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 19th. Finally, Seaport Global Securities cut Devon Energy Corporation from a “buy” rating to a “neutral” rating and dropped their target price for the company from $51.00 to $28.00 in a research report on Wednesday, June 21st. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $46.27.
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About Devon Energy Corporation
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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