B.S. Pension Fund Trustee Ltd acting for the British Steel Pension Fund lowered its holdings in shares of Devon Energy Corp (NYSE:DVN) by 55.7% during the second quarter, HoldingsChannel.com reports. The firm owned 14,874 shares of the energy company’s stock after selling 18,694 shares during the quarter. B.S. Pension Fund Trustee Ltd acting for the British Steel Pension Fund’s holdings in Devon Energy were worth $654,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in DVN. Robeco Institutional Asset Management B.V. raised its position in shares of Devon Energy by 49.5% during the first quarter. Robeco Institutional Asset Management B.V. now owns 56,307 shares of the energy company’s stock worth $1,789,000 after purchasing an additional 18,651 shares during the period. Schwab Charles Investment Management Inc. raised its position in shares of Devon Energy by 1.3% during the first quarter. Schwab Charles Investment Management Inc. now owns 2,045,714 shares of the energy company’s stock worth $65,034,000 after purchasing an additional 25,509 shares during the period. American International Group Inc. raised its position in shares of Devon Energy by 9.8% during the first quarter. American International Group Inc. now owns 240,214 shares of the energy company’s stock worth $7,636,000 after purchasing an additional 21,405 shares during the period. Fiduciary Trust Co. acquired a new stake in shares of Devon Energy during the first quarter worth about $238,000. Finally, Neuberger Berman Group LLC raised its position in shares of Devon Energy by 62.3% during the first quarter. Neuberger Berman Group LLC now owns 3,940,844 shares of the energy company’s stock worth $125,280,000 after purchasing an additional 1,512,032 shares during the period. 84.01% of the stock is currently owned by institutional investors.

NYSE:DVN opened at $39.67 on Friday. The company has a quick ratio of 1.65, a current ratio of 1.65 and a debt-to-equity ratio of 0.45. The stock has a market cap of $21.34 billion, a P/E ratio of 64.90, a PEG ratio of 3.66 and a beta of 2.24. Devon Energy Corp has a 52-week low of $29.83 and a 52-week high of $46.54.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, July 31st. The energy company reported $0.34 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.37 by ($0.03). The company had revenue of $2.25 billion during the quarter, compared to the consensus estimate of $3.96 billion. Devon Energy had a negative net margin of 1.60% and a positive return on equity of 5.52%. During the same quarter in the prior year, the business earned $0.80 earnings per share. research analysts predict that Devon Energy Corp will post 1.64 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, December 28th. Shareholders of record on Friday, December 14th will be paid a $0.08 dividend. The ex-dividend date is Thursday, December 13th. This represents a $0.32 dividend on an annualized basis and a yield of 0.81%. Devon Energy’s dividend payout ratio is 50.79%.

Devon Energy declared that its board has authorized a share buyback plan on Wednesday, June 6th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the energy company to purchase up to 14.6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

A number of equities research analysts have recently commented on DVN shares. UBS Group raised Devon Energy from a “neutral” rating to a “buy” rating and set a $53.00 price target on the stock in a research report on Monday, August 6th. Johnson Rice raised Devon Energy from an “accumulate” rating to a “buy” rating in a research report on Wednesday, August 15th. Royal Bank of Canada reaffirmed a “buy” rating on shares of Devon Energy in a research report on Friday, July 13th. Morgan Stanley decreased their price objective on Devon Energy from $46.00 to $45.00 and set a “hold” rating for the company in a report on Thursday, August 16th. Finally, Zacks Investment Research downgraded Devon Energy from a “buy” rating to a “hold” rating in a report on Wednesday, July 25th. Nine analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $50.23.

In other Devon Energy news, Director Robert H. Henry sold 5,600 shares of the firm’s stock in a transaction that occurred on Tuesday, August 21st. The stock was sold at an average price of $42.14, for a total value of $235,984.00. Following the completion of the transaction, the director now directly owns 9,704 shares in the company, valued at $408,926.56. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.55% of the stock is owned by company insiders.

Devon Energy Profile

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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Institutional Ownership by Quarter for Devon Energy (NYSE:DVN)

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