Gluskin Sheff & Assoc Inc. reduced its position in shares of Devon Energy Corporation (NYSE:DVN) by 97.8% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 9,040 shares of the energy company’s stock after selling 411,264 shares during the quarter. Gluskin Sheff & Assoc Inc.’s holdings in Devon Energy Corporation were worth $289,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. BlackRock Inc. boosted its stake in Devon Energy Corporation by 3,279.8% during the 1st quarter. BlackRock Inc. now owns 46,398,296 shares of the energy company’s stock valued at $1,935,735,000 after purchasing an additional 45,025,477 shares in the last quarter. Vanguard Group Inc. boosted its stake 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 valued at $1,815,977,000 after purchasing an additional 1,385,334 shares in the last quarter. Artisan Partners Limited Partnership boosted its stake 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 valued at $336,989,000 after purchasing an additional 255,610 shares in the last quarter. Standard Life Investments LTD boosted its stake in Devon Energy Corporation by 1.3% during the 2nd quarter. Standard Life Investments LTD now owns 6,054,868 shares of the energy company’s stock valued at $193,604,000 after purchasing an additional 75,952 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake 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 valued at $229,034,000 after purchasing an additional 786,562 shares in the last quarter. 76.99% of the stock is owned by hedge funds and other institutional investors.
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In related news, Director Robert H. Henry sold 7,045 shares of the company’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $33.35, for a total value of $234,950.75. Following the completion of the transaction, the director now directly owns 11,338 shares of the company’s stock, valued at approximately $378,122.30. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.98% of the stock is currently owned by corporate insiders.
Several equities research analysts have recently weighed in on the company. Royal Bank Of Canada set a $53.00 price objective on Devon Energy Corporation and gave the stock a “buy” rating in a research note on Monday, May 29th. BidaskClub raised Devon Energy Corporation from a “strong sell” rating to a “sell” rating in a research note on Wednesday, June 14th. Citigroup Inc. reduced their price objective on Devon Energy Corporation from $52.00 to $40.00 and set a “buy” rating for the company in a research note on Friday, July 21st. BMO Capital Markets set a $38.00 price objective on Devon Energy Corporation and gave the stock a “buy” rating in a research note on Monday, August 28th. Finally, Stifel Nicolaus set a $61.00 price objective on Devon Energy Corporation and gave the stock a “buy” rating in a research note on Friday, August 25th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have issued a buy rating to the company’s stock. Devon Energy Corporation has an average rating of “Hold” and a consensus price target of $45.61.
Shares of Devon Energy Corporation (NYSE DVN) traded up 1.61% during mid-day trading on Thursday, hitting $35.45. The company had a trading volume of 1,299,075 shares. The company has a market capitalization of $18.63 billion, a P/E ratio of 8.02 and a beta of 2.18. Devon Energy Corporation has a one year low of $28.79 and a one year high of $50.69. The firm’s 50-day moving average price is $31.92 and its 200 day moving average price is $35.28.
Devon Energy Corporation (NYSE:DVN) last announced its earnings results on Tuesday, August 1st. The energy company reported $0.34 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.33 by $0.01. The firm had revenue of $3.27 billion during the quarter, compared to analyst estimates of $3.24 billion. Devon Energy Corporation had a net margin of 16.07% and a return on equity of 5.36%. The company’s revenue for the quarter was up 31.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.06 EPS. Analysts predict that Devon Energy Corporation will post $1.73 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.69%. The ex-dividend date is Thursday, December 14th. Devon Energy Corporation’s payout ratio is presently 5.47%.
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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