BlackRock Inc. decreased its stake in Devon Energy Corp (NYSE:DVN) by 4.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 30,741,270 shares of the energy company’s stock after selling 1,331,293 shares during the period. BlackRock Inc. owned 0.08% of Devon Energy worth $876,740,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently modified their holdings of DVN. Westside Investment Management Inc. acquired a new stake in shares of Devon Energy in the second quarter valued at about $45,000. Advisory Services Network LLC grew its stake in Devon Energy by 43.1% during the second quarter. Advisory Services Network LLC now owns 1,712 shares of the energy company’s stock worth $48,000 after purchasing an additional 516 shares during the period. CSat Investment Advisory L.P. grew its stake in Devon Energy by 88.1% during the second quarter. CSat Investment Advisory L.P. now owns 1,738 shares of the energy company’s stock worth $49,000 after purchasing an additional 814 shares during the period. Resources Investment Advisors LLC. grew its stake in Devon Energy by 8,181.8% during the second quarter. Resources Investment Advisors LLC. now owns 1,822 shares of the energy company’s stock worth $52,000 after purchasing an additional 1,800 shares during the period. Finally, HM Payson & Co. acquired a new stake in Devon Energy during the second quarter worth approximately $57,000. 85.88% of the stock is owned by institutional investors.
In other Devon Energy news, CAO Jeremy D. Humphers sold 1,500 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $21.66, for a total value of $32,490.00. Following the transaction, the chief accounting officer now owns 42,475 shares in the company, valued at $920,008.50. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.63% of the stock is currently owned by corporate insiders.
Shares of NYSE:DVN opened at $22.91 on Friday. The business’s 50 day simple moving average is $22.20 and its two-hundred day simple moving average is $25.68. The firm has a market cap of $9.29 billion, a P/E ratio of 17.76, a PEG ratio of 1.50 and a beta of 2.35. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.49 and a current ratio of 1.49. Devon Energy Corp has a 52-week low of $19.72 and a 52-week high of $35.39.
Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, November 5th. The energy company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.19 by $0.10. The business had revenue of $1.85 billion for the quarter, compared to analyst estimates of $1.57 billion. Devon Energy had a return on equity of 6.08% and a net margin of 16.00%. During the same quarter in the prior year, the company earned $0.63 earnings per share. On average, equities analysts forecast that Devon Energy Corp will post 1.27 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 13th will be issued a $0.09 dividend. The ex-dividend date is Thursday, December 12th. This represents a $0.36 annualized dividend and a yield of 1.57%. Devon Energy’s payout ratio is currently 27.91%.
DVN has been the subject of several recent analyst reports. Seaport Global Securities cut Devon Energy from a “buy” rating to a “neutral” rating in a research note on Thursday, October 10th. Wells Fargo & Co raised their target price on Devon Energy from $33.00 to $34.00 and gave the stock an “outperform” rating in a research note on Friday, September 20th. SunTrust Banks initiated coverage on Devon Energy in a research note on Tuesday, July 30th. They set a “buy” rating and a $33.00 target price for the company. MKM Partners set a $32.00 target price on Devon Energy and gave the stock a “buy” rating in a research note on Monday, August 12th. Finally, Mitsubishi UFJ Financial Group raised their target price on Devon Energy to $36.00 and gave the stock a “neutral” rating in a research note on Thursday, August 8th. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eleven have given a buy rating to the stock. Devon Energy has a consensus rating of “Hold” and an average price target of $36.19.
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 12,900 gross wells. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.
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