Salem Capital Management Inc. trimmed its stake in Devon Energy Corp (NYSE:DVN) by 2.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 83,067 shares of the energy company’s stock after selling 2,229 shares during the period. Devon Energy comprises approximately 1.7% of Salem Capital Management Inc.’s investment portfolio, making the stock its 26th biggest position. Salem Capital Management Inc.’s holdings in Devon Energy were worth $3,439,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Sawyer & Company Inc bought a new stake in Devon Energy during the fourth quarter valued at $151,000. FNY Managed Accounts LLC bought a new stake in Devon Energy during the third quarter valued at $134,000. Sun Life Financial INC boosted its position in Devon Energy by 32,058.3% during the second quarter. Sun Life Financial INC now owns 3,859 shares of the energy company’s stock valued at $123,000 after acquiring an additional 3,847 shares during the last quarter. Steward Partners Investment Advisory LLC bought a new stake in Devon Energy during the third quarter valued at $183,000. Finally, Haverford Trust Co. bought a new stake in Devon Energy during the third quarter valued at $207,000. 77.49% of the stock is currently owned by institutional investors and hedge funds.
In related news, EVP Lyndon C. Taylor sold 12,798 shares of the firm’s stock in a transaction dated Thursday, December 14th. The shares were sold at an average price of $38.29, for a total value of $490,035.42. Following the transaction, the executive vice president now owns 67,900 shares of the company’s stock, valued at approximately $2,599,891. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.51% of the stock is currently owned by company insiders.
A number of analysts have commented on the stock. Capital One Financial cut shares of Devon Energy from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, January 10th. Piper Jaffray Companies reaffirmed a “hold” rating and set a $42.00 price target on shares of Devon Energy in a research report on Tuesday, January 9th. Barclays reaffirmed a “buy” rating and set a $39.00 price target on shares of Devon Energy in a research report on Sunday, December 24th. Royal Bank of Canada set a $47.00 price target on shares of Devon Energy and gave the company a “buy” rating in a research report on Wednesday, December 20th. Finally, Jefferies Group set a $46.00 price target on shares of Devon Energy and gave the company a “buy” rating in a research report on Wednesday, December 20th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and fifteen have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $45.82.
Devon Energy Corp (DVN) traded up $0.97 during mid-day trading on Tuesday, hitting $44.04. 7,671,300 shares of the stock were exchanged, compared to its average volume of 4,896,011. The company has a market cap of $23,100.00, a PE ratio of 14.98, a PEG ratio of 2.62 and a beta of 2.21. 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 Corp has a one year low of $28.79 and a one year high of $47.82.
Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, October 31st. The energy company reported $0.46 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.39 by $0.07. Devon Energy had a net margin of 11.62% and a return on equity of 6.88%. The company had revenue of $3.16 billion for the quarter, compared to analysts’ expectations of $3.13 billion. During the same quarter in the prior year, the firm earned $1.89 EPS. The business’s revenue was up 9.5% on a year-over-year basis. research analysts forecast that Devon Energy Corp will post 1.79 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 29th. Investors of record on Thursday, March 15th will be given a $0.06 dividend. The ex-dividend date of this dividend is Wednesday, March 14th. This represents a $0.24 annualized dividend and a yield of 0.54%. Devon Energy’s payout ratio is 8.16%.
Devon Energy 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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