Alps Advisors Inc. bought a new stake in shares of Devon Energy Corp (NYSE:DVN) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 14,625 shares of the energy company’s stock, valued at approximately $605,000.
Other institutional investors have also recently made changes to their positions in the company. Bristol John W & Co. Inc. NY purchased a new position in Devon Energy during the 1st quarter valued at about $103,000. Jackson Grant Investment Advisers Inc. purchased a new position in Devon Energy during the 2nd quarter valued at about $112,000. Penserra Capital Management LLC purchased a new position in Devon Energy during the 1st quarter valued at about $125,000. Gables Capital Management Inc. purchased a new position in Devon Energy during the 1st quarter valued at about $146,000. Finally, Dupont Capital Management Corp boosted its holdings in Devon Energy by 48.5% during the 1st quarter. Dupont Capital Management Corp now owns 4,660 shares of the energy company’s stock valued at $148,000 after acquiring an additional 1,523 shares during the period. Institutional investors own 84.00% of the company’s stock.
Shares of NYSE DVN opened at $40.63 on Friday. The company has a current ratio of 1.65, a quick ratio of 1.65 and a debt-to-equity ratio of 0.45. Devon Energy Corp has a fifty-two week low of $29.83 and a fifty-two week high of $46.54. The stock has a market cap of $21.84 billion, a PE ratio of 64.49, a price-to-earnings-growth ratio of 3.91 and a beta of 2.24.
Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, July 31st. The energy company reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.03). Devon Energy had a positive return on equity of 5.52% and a negative net margin of 1.60%. The business had revenue of $2.25 billion for the quarter, compared to analyst estimates of $3.96 billion. During the same period last year, the business posted $0.80 EPS. equities analysts forecast that Devon Energy Corp will post 1.57 EPS for the current year.
Devon Energy announced that its Board of Directors has authorized a stock repurchase program on Wednesday, June 6th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the energy company to reacquire up to 14.6% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its shares are undervalued.
In other news, Director Robert H. Henry sold 5,600 shares of the firm’s stock in a transaction dated Tuesday, August 21st. The stock was sold at an average price of $42.14, for a total transaction of $235,984.00. Following the sale, the director now owns 9,704 shares of the company’s stock, valued at approximately $408,926.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Lyndon C. Taylor sold 18,357 shares of the firm’s stock in a transaction dated Monday, June 11th. The stock was sold at an average price of $42.09, for a total value of $772,646.13. Following the sale, the executive vice president now directly owns 95,223 shares in the company, valued at approximately $4,007,936.07. The disclosure for this sale can be found here. 0.55% of the stock is currently owned by company insiders.
A number of research firms have issued reports on DVN. M Partners increased their price target on Devon Energy to $44.00 and gave the company a “neutral” rating in a research report on Friday, June 8th. B. Riley increased their price target on Devon Energy from $37.00 to $47.00 and gave the company a “neutral” rating in a research report on Monday, June 11th. Zacks Investment Research raised Devon Energy from a “hold” rating to a “strong-buy” rating and set a $48.00 price target on the stock in a research report on Monday, June 18th. ValuEngine raised Devon Energy from a “hold” rating to a “buy” rating in a research report on Wednesday, June 27th. Finally, Morgan Stanley began coverage on Devon Energy in a research report on Thursday, July 12th. They issued an “equal weight” rating and a $46.00 price target on the stock. Nine equities research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the stock. Devon Energy currently has an average rating of “Buy” and a consensus target price of $50.23.
Devon Energy Company 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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