OLD Point Trust & Financial Services N A raised its holdings in shares of Devon Energy Corp (NYSE:DVN) by 28.2% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 37,500 shares of the energy company’s stock after acquiring an additional 8,252 shares during the period. OLD Point Trust & Financial Services N A’s holdings in Devon Energy were worth $1,498,000 as of its most recent SEC filing.
Other institutional investors have also made changes to their positions in the company. Jackson Grant Investment Advisers Inc. bought a new stake in shares of Devon Energy in the 2nd quarter worth $112,000. Financial Architects Inc raised its stake in shares of Devon Energy by 168.5% in the 2nd quarter. Financial Architects Inc now owns 2,709 shares of the energy company’s stock worth $119,000 after buying an additional 1,700 shares in the last quarter. SNS Financial Group LLC bought a new stake in shares of Devon Energy in the 2nd quarter worth $201,000. Legacy Capital Partners Inc. bought a new stake in shares of Devon Energy in the 2nd quarter worth $202,000. Finally, HM Payson & Co. bought a new stake in shares of Devon Energy in the 2nd quarter worth $203,000. 83.77% of the stock is currently owned by hedge funds and other institutional investors.
In related news, Director Robert H. Henry sold 5,600 shares of Devon Energy stock in a transaction on Tuesday, August 21st. The stock was sold at an average price of $42.14, for a total value of $235,984.00. Following the transaction, the director now directly owns 9,704 shares in the company, valued at approximately $408,926.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.55% of the company’s stock.
Shares of NYSE DVN opened at $33.10 on Tuesday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.65 and a current ratio of 1.65. The firm has a market capitalization of $16.42 billion, a P/E ratio of 52.54, a P/E/G ratio of 1.40 and a beta of 2.27. Devon Energy Corp has a 52-week low of $29.83 and a 52-week high of $46.54.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 28th. Investors of record on Friday, December 14th will be issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.97%. The ex-dividend date of this dividend is Thursday, December 13th. Devon Energy’s payout ratio is 50.79%.
A number of research firms have recently commented on DVN. Stephens set a $52.00 price objective on Devon Energy and gave the stock a “buy” rating in a research note on Wednesday, July 25th. Zacks Investment Research downgraded Devon Energy from a “buy” rating to a “hold” rating in a research note on Wednesday, July 25th. Bank of America boosted their price objective on Devon Energy from $60.00 to $65.00 and gave the stock a “buy” rating in a research note on Monday, July 16th. Mizuho began coverage on Devon Energy in a research note on Monday, July 23rd. They issued a “buy” rating and a $59.00 price objective on the stock. Finally, Morgan Stanley began coverage on Devon Energy in a research note on Thursday, July 12th. They issued an “equal weight” rating and a $46.00 price objective on the stock. Six research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. Devon Energy currently has an average rating of “Buy” and a consensus price target of $49.65.
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About Devon Energy
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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