170,000 Shares in Devon Energy Corporation (DVN) Purchased by Ninepoint Partners LP
Ninepoint Partners LP purchased a new stake in Devon Energy Corporation (NYSE:DVN) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 170,000 shares of the energy company’s stock, valued at approximately $6,241,000.
A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Commonwealth Equity Services Inc raised its stake in Devon Energy Corporation by 36.5% in the 3rd quarter. Commonwealth Equity Services Inc now owns 49,593 shares of the energy company’s stock valued at $1,820,000 after acquiring an additional 13,270 shares during the period. Commerce Bank raised its stake in Devon Energy Corporation by 19.8% in the 3rd quarter. Commerce Bank now owns 9,536 shares of the energy company’s stock valued at $350,000 after acquiring an additional 1,574 shares during the period. Kiwi Wealth Investments Limited Partnership bought a new stake in Devon Energy Corporation in the 3rd quarter valued at $2,413,000. Stuyvesant Capital Management raised its stake in Devon Energy Corporation by 6.1% in the 3rd quarter. Stuyvesant Capital Management now owns 65,680 shares of the energy company’s stock valued at $2,411,000 after acquiring an additional 3,750 shares during the period. Finally, Deprince Race & Zollo Inc. raised its stake in Devon Energy Corporation by 75.0% in the 3rd quarter. Deprince Race & Zollo Inc. now owns 14,000 shares of the energy company’s stock valued at $514,000 after acquiring an additional 6,000 shares during the period. Institutional investors and hedge funds own 77.27% of the company’s stock.
Shares of Devon Energy Corporation (NYSE:DVN) traded down $0.32 during mid-day trading on Thursday, hitting $37.91. The stock had a trading volume of 4,694,500 shares, compared to its average volume of 4,799,298. Devon Energy Corporation has a 12-month low of $28.79 and a 12-month high of $50.69. The firm has a market capitalization of $20,070.75, a price-to-earnings ratio of 26.18, a price-to-earnings-growth ratio of 1.20 and a beta of 2.22. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 0.87.
Devon Energy Corporation (NYSE:DVN) last announced its quarterly earnings results on Tuesday, October 31st. The energy company reported $0.46 EPS for the quarter, beating the Zacks’ consensus estimate of $0.39 by $0.07. Devon Energy Corporation had a return on equity of 6.88% and a net margin of 11.62%. The firm had revenue of $3.16 billion for the quarter, compared to analyst estimates of $3.13 billion. During the same period last year, the firm posted $1.89 earnings per share. The business’s revenue for the quarter was up 9.5% on a year-over-year basis. analysts forecast that Devon Energy Corporation will post 1.75 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 15th will be paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.63%. The ex-dividend date of this dividend is Thursday, December 14th. Devon Energy Corporation’s payout ratio is 8.19%.
Several research analysts have weighed in on DVN shares. Barclays PLC reiterated an “overweight” rating and set a $35.00 price objective (up previously from $31.00) on shares of Devon Energy Corporation in a research report on Wednesday, August 9th. Scotiabank set a $49.00 price objective on Devon Energy Corporation and gave the stock a “buy” rating in a research report on Monday, July 31st. Cowen and Company reiterated a “buy” rating and set a $40.00 price objective on shares of Devon Energy Corporation in a research report on Thursday, September 28th. BMO Capital Markets set a $45.00 price objective on Devon Energy Corporation and gave the stock a “buy” rating in a research report on Tuesday, October 10th. Finally, Stephens upgraded Devon Energy Corporation from an “equal weight” rating to an “overweight” rating and set a $53.00 price objective on the stock in a research report on Thursday, November 2nd. Two analysts have rated the stock with a sell rating, five have given a hold rating and fourteen have issued a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $45.89.
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About Devon Energy Corporation
Devon Energy Corporation is an independent energy company. The Company also controls EnLink Midstream Partners, L.P. (EnLink). The Company’s segments include U.S., Canada and EnLink. The Company is engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs).
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