Renaissance Technologies LLC lowered its stake in shares of Devon Energy Corp (NYSE:DVN) by 83.0% during the third quarter, Holdings Channel reports. The institutional investor owned 160,300 shares of the energy company’s stock after selling 781,600 shares during the quarter. Renaissance Technologies LLC’s holdings in Devon Energy were worth $6,402,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Aperio Group LLC raised its position in Devon Energy by 0.7% in the third quarter. Aperio Group LLC now owns 220,582 shares of the energy company’s stock valued at $8,810,000 after purchasing an additional 1,574 shares during the period. Hartford Investment Management Co. raised its position in Devon Energy by 2.7% in the third quarter. Hartford Investment Management Co. now owns 66,688 shares of the energy company’s stock valued at $2,664,000 after purchasing an additional 1,759 shares during the period. CIBC World Markets Inc. raised its position in Devon Energy by 2.2% in the third quarter. CIBC World Markets Inc. now owns 82,714 shares of the energy company’s stock valued at $3,304,000 after purchasing an additional 1,789 shares during the period. Massmutual Trust Co. FSB ADV raised its position in Devon Energy by 4.0% in the third quarter. Massmutual Trust Co. FSB ADV now owns 48,408 shares of the energy company’s stock valued at $1,933,000 after purchasing an additional 1,882 shares during the period. Finally, Davidson Investment Advisors raised its position in Devon Energy by 1.3% in the third quarter. Davidson Investment Advisors now owns 158,974 shares of the energy company’s stock valued at $6,349,000 after purchasing an additional 1,978 shares during the period. 82.89% of the stock is currently owned by institutional investors.
Several equities research analysts recently issued reports on the company. Piper Jaffray Companies upgraded Devon Energy from a “neutral” rating to an “overweight” rating in a report on Thursday, September 27th. TheStreet downgraded Devon Energy from a “c-” rating to a “d+” rating in a report on Friday, November 2nd. Capital One Financial upgraded Devon Energy from an “equal weight” rating to an “overweight” rating in a report on Wednesday, October 24th. They noted that the move was a valuation call. Morgan Stanley cut their price objective on Devon Energy from $45.00 to $44.00 and set a “hold” rating on the stock in a report on Wednesday, September 26th. Finally, Seaport Global Securities reiterated a “buy” rating on shares of Devon Energy in a report on Wednesday, October 17th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and seventeen have issued a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $47.22.
DVN opened at $26.36 on Friday. Devon Energy Corp has a 12 month low of $20.37 and a 12 month high of $46.54. The firm has a market cap of $12.09 billion, a P/E ratio of 41.84, a P/E/G ratio of 1.14 and a beta of 2.15. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.65.
Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, November 6th. The energy company reported $0.63 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.42 by $0.21. Devon Energy had a return on equity of 6.40% and a net margin of 16.62%. The firm had revenue of $2.58 billion during the quarter, compared to analysts’ expectations of $2.61 billion. During the same period in the previous year, the firm posted $0.46 EPS. Devon Energy’s revenue for the quarter was up 33.4% on a year-over-year basis. As a group, research analysts forecast that Devon Energy Corp will post 1.57 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Friday, March 15th will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Thursday, March 14th. This represents a $0.32 annualized dividend and a yield of 1.21%. Devon Energy’s payout ratio is 50.79%.
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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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