Davidson Investment Advisors Lowers Position in Devon Energy Corporation (DVN)
Davidson Investment Advisors decreased its position in Devon Energy Corporation (NYSE:DVN) by 31.3% in the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 161,675 shares of the energy company’s stock after selling 73,548 shares during the period. Davidson Investment Advisors’ holdings in Devon Energy Corporation were worth $5,935,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently made changes to their positions in DVN. Sun Life Financial INC lifted its holdings in Devon Energy Corporation by 32,058.3% during the second quarter. Sun Life Financial INC now owns 3,859 shares of the energy company’s stock worth $123,000 after buying an additional 3,847 shares during the period. Fiduciary Trust Co. purchased a new stake in Devon Energy Corporation during the second quarter worth $144,000. Global X Management Co. LLC lifted its holdings in Devon Energy Corporation by 12.5% during the second quarter. Global X Management Co. LLC now owns 4,539 shares of the energy company’s stock worth $145,000 after buying an additional 503 shares during the period. FUKOKU MUTUAL LIFE INSURANCE Co lifted its holdings in Devon Energy Corporation by 67.6% during the second quarter. FUKOKU MUTUAL LIFE INSURANCE Co now owns 5,700 shares of the energy company’s stock worth $182,000 after buying an additional 2,300 shares during the period. Finally, Dupont Capital Management Corp purchased a new stake in Devon Energy Corporation during the second quarter worth $184,000. Hedge funds and other institutional investors own 77.13% of the company’s stock.
Shares of Devon Energy Corporation (NYSE DVN) traded up $0.44 on Thursday, hitting $37.99. The stock had a trading volume of 2,542,994 shares, compared to its average volume of 4,778,040. Devon Energy Corporation has a 12-month low of $28.79 and a 12-month high of $50.69. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.63 and a current ratio of 1.63. The stock has a market cap of $19,713.75, a price-to-earnings ratio of 25.72, a PEG ratio of 1.17 and a beta of 2.22.
Devon Energy Corporation (NYSE:DVN) last issued its quarterly earnings data on Tuesday, October 31st. The energy company reported $0.46 EPS for the quarter, beating the 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 during the quarter, compared to analyst estimates of $3.13 billion. During the same quarter in the prior year, the business posted $1.89 EPS. The business’s revenue for the quarter was up 9.5% compared to the same quarter last year. research analysts forecast that Devon Energy Corporation will post 1.76 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 15th will be issued a dividend of $0.06 per share. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $0.24 annualized dividend and a dividend yield of 0.63%. Devon Energy Corporation’s dividend payout ratio is presently 8.19%.
A number of analysts have weighed in on the company. Barclays PLC restated an “overweight” rating and set a $35.00 target price (up previously from $31.00) on shares of Devon Energy Corporation in a report on Wednesday, August 9th. Scotiabank set a $49.00 target price on Devon Energy Corporation and gave the stock a “buy” rating in a report on Monday, July 31st. Cowen and Company restated a “buy” rating and set a $40.00 target price on shares of Devon Energy Corporation in a report on Thursday, September 28th. BMO Capital Markets set a $45.00 target price on Devon Energy Corporation and gave the stock a “buy” rating in a report on Tuesday, October 10th. Finally, BidaskClub lowered Devon Energy Corporation from a “sell” rating to a “strong sell” rating in a report on Saturday, August 19th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and fourteen have given a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $46.06.
Devon Energy Corporation Profile
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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