Deane Retirement Strategies Inc. Cuts Stake in Devon Energy Corporation (DVN)
Deane Retirement Strategies Inc. lessened its stake in shares of Devon Energy Corporation (NYSE:DVN) by 3.7% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 45,391 shares of the energy company’s stock after selling 1,766 shares during the quarter. Devon Energy comprises about 1.7% of Deane Retirement Strategies Inc.’s portfolio, making the stock its 16th largest holding. Deane Retirement Strategies Inc.’s holdings in Devon Energy were worth $1,879,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Gabelli Funds LLC raised its stake in Devon Energy by 3.2% in the 3rd quarter. Gabelli Funds LLC now owns 483,500 shares of the energy company’s stock worth $17,749,000 after purchasing an additional 15,000 shares in the last quarter. Ninepoint Partners LP acquired a new stake in Devon Energy in the 3rd quarter worth about $6,241,000. 3G Capital Partners LP acquired a new stake in Devon Energy in the 3rd quarter worth about $14,684,000. TVR Capital Management LP raised its stake in Devon Energy by 121.8% in the 2nd quarter. TVR Capital Management LP now owns 240,000 shares of the energy company’s stock worth $7,673,000 after purchasing an additional 131,806 shares in the last quarter. Finally, Bridgewater Associates LP raised its stake in Devon Energy by 54.4% in the 2nd quarter. Bridgewater Associates LP now owns 880,996 shares of the energy company’s stock worth $28,165,000 after purchasing an additional 310,222 shares in the last quarter. Institutional investors own 77.44% of the company’s stock.
Several brokerages have weighed in on DVN. Jefferies Group set a $46.00 price objective on shares of Devon Energy and gave the stock a “buy” rating in a research note on Wednesday, December 20th. Capital One Financial cut shares of Devon Energy from an “overweight” rating to an “equal weight” rating in a research note on Wednesday. Citigroup reiterated a “buy” rating and issued a $44.00 price objective on shares of Devon Energy in a research note on Tuesday, November 28th. BMO Capital Markets set a $45.00 target price on shares of Devon Energy and gave the company a “buy” rating in a report on Tuesday, October 10th. Finally, Seaport Global Securities raised shares of Devon Energy from a “neutral” rating to a “buy” rating in a report on Tuesday, December 19th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and fifteen have issued a buy rating to the stock. Devon Energy currently has a consensus rating of “Buy” and an average target price of $46.06.
Devon Energy Corporation (DVN) opened at $42.54 on Wednesday. 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 has a 1-year low of $28.79 and a 1-year high of $47.82. The company has a market cap of $22,360.00, a PE ratio of 14.47, a price-to-earnings-growth ratio of 2.56 and a beta of 2.21.
Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, October 31st. The energy company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.39 by $0.07. The firm had revenue of $3.16 billion for the quarter, compared to analyst estimates of $3.13 billion. Devon Energy had a net margin of 11.62% and a return on equity of 6.88%. The business’s quarterly revenue was up 9.5% compared to the same quarter last year. During the same period last year, the firm earned $1.89 EPS. equities research analysts predict that Devon Energy Corporation will post 1.79 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, March 29th. Investors of record on Thursday, March 15th will be issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.56%. The ex-dividend date is Wednesday, March 14th. Devon Energy’s dividend payout ratio (DPR) is presently 8.16%.
In related news, EVP Lyndon C. Taylor sold 12,798 shares of Devon Energy stock in a transaction that occurred on Thursday, December 14th. The shares were sold at an average price of $38.29, for a total transaction of $490,035.42. Following the sale, the executive vice president now directly owns 67,900 shares of the company’s stock, valued at approximately $2,599,891. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.51% of the company’s stock.
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Devon Energy Company 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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