Bank of New York Mellon Corp trimmed its position in shares of Devon Energy Corp (NYSE:DVN) by 0.5% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,162,589 shares of the energy company’s stock after selling 20,644 shares during the period. Bank of New York Mellon Corp owned approximately 0.82% of Devon Energy worth $182,987,000 as of its most recent SEC filing.
A number of other large investors have also recently added to or reduced their stakes in DVN. BlackRock Inc. increased its position in shares of Devon Energy by 13.9% during the first quarter. BlackRock Inc. now owns 48,396,258 shares of the energy company’s stock worth $1,538,516,000 after acquiring an additional 5,917,573 shares during the period. Diamond Hill Capital Management Inc. increased its position in shares of Devon Energy by 121.2% during the first quarter. Diamond Hill Capital Management Inc. now owns 7,885,465 shares of the energy company’s stock worth $250,679,000 after acquiring an additional 4,320,329 shares during the period. Victory Capital Management Inc. increased its position in shares of Devon Energy by 18.4% during the first quarter. Victory Capital Management Inc. now owns 7,388,286 shares of the energy company’s stock worth $234,874,000 after acquiring an additional 1,150,082 shares during the period. American Century Companies Inc. increased its position in shares of Devon Energy by 46.8% during the first quarter. American Century Companies Inc. now owns 6,509,525 shares of the energy company’s stock worth $206,938,000 after acquiring an additional 2,076,096 shares during the period. Finally, Barrow Hanley Mewhinney & Strauss LLC increased its position in shares of Devon Energy by 4.7% during the first quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,496,237 shares of the energy company’s stock worth $206,515,000 after acquiring an additional 293,877 shares during the period. Institutional investors own 84.84% of the company’s stock.
In other Devon Energy news, EVP Lyndon C. Taylor sold 18,357 shares of the stock in a transaction dated Monday, June 11th. The shares were sold at an average price of $42.09, for a total value of $772,646.13. Following the completion of the transaction, the executive vice president now directly owns 95,223 shares of the company’s stock, valued at $4,007,936.07. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director John E. Bethancourt bought 12,000 shares of the company’s stock in a transaction on Thursday, June 7th. The stock was bought at an average cost of $41.90 per share, with a total value of $502,800.00. Following the completion of the acquisition, the director now owns 56,469 shares of the company’s stock, valued at approximately $2,366,051.10. The disclosure for this purchase can be found here. 0.55% of the stock is owned by company insiders.
Shares of NYSE:DVN opened at $40.60 on Friday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.65 and a quick ratio of 1.65. The stock has a market capitalization of $21.80 billion, a P/E ratio of 64.44, a PEG ratio of 3.73 and a beta of 2.18. Devon Energy Corp has a 52 week low of $29.78 and a 52 week high of $46.54.
Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, July 31st. The energy company reported $0.34 EPS for the quarter, missing the Zacks’ consensus estimate of $0.37 by ($0.03). The firm had revenue of $2.25 billion during the quarter, compared to analyst estimates of $3.96 billion. Devon Energy had a negative net margin of 1.60% and a positive return on equity of 5.52%. During the same quarter in the previous year, the business earned $0.80 EPS. sell-side analysts anticipate that Devon Energy Corp will post 1.64 earnings per share for the current fiscal year.
Devon Energy declared that its Board of Directors has initiated a share buyback plan on Tuesday, May 1st that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the energy company to repurchase up to 5.3% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 28th. Investors of record on Friday, September 14th will be given a $0.08 dividend. The ex-dividend date of this dividend is Thursday, September 13th. This represents a $0.32 dividend on an annualized basis and a yield of 0.79%. Devon Energy’s payout ratio is currently 50.79%.
Several equities analysts recently commented on DVN shares. Stephens set a $47.00 target price on Devon Energy and gave the company a “buy” rating in a report on Tuesday, April 24th. Royal Bank of Canada restated a “buy” rating on shares of Devon Energy in a research note on Friday, July 13th. Stifel Nicolaus set a $68.00 price objective on shares of Devon Energy and gave the company a “buy” rating in a research note on Tuesday, April 24th. Zacks Investment Research downgraded shares of Devon Energy from a “buy” rating to a “hold” rating in a research note on Wednesday, July 25th. Finally, UBS Group upgraded shares of Devon Energy from a “neutral” rating to a “buy” rating and set a $53.00 price objective for the company in a research note on Monday, August 6th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and twenty-one have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $49.27.
Devon Energy Profile
Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States and Canada. It operates approximately 14,600 gross wells. The company also offers gathering, transmission, processing, storage, fractionation, and marketing to upstream oil and natural gas producers; and owns natural gas pipelines, plants and treatment facilities.
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