Devon Energy Corp (DVN) Shares Sold by MetLife Investment Advisors LLC
MetLife Investment Advisors LLC lessened its holdings in shares of Devon Energy Corp (NYSE:DVN) by 9.5% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 133,894 shares of the energy company’s stock after selling 14,117 shares during the period. MetLife Investment Advisors LLC’s holdings in Devon Energy were worth $3,018,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Morgan Stanley increased its stake in Devon Energy by 105.9% during the third quarter. Morgan Stanley now owns 2,521,826 shares of the energy company’s stock valued at $100,722,000 after acquiring an additional 1,296,801 shares during the period. Oregon Public Employees Retirement Fund increased its stake in Devon Energy by 2,129.2% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 1,274,907 shares of the energy company’s stock valued at $57,000 after acquiring an additional 1,217,716 shares during the period. Clearbridge Investments LLC increased its stake in Devon Energy by 57.3% during the third quarter. Clearbridge Investments LLC now owns 3,195,598 shares of the energy company’s stock valued at $127,632,000 after acquiring an additional 1,164,365 shares during the period. Connor Clark & Lunn Investment Management Ltd. bought a new position in Devon Energy during the fourth quarter valued at about $22,574,000. Finally, Oslo Asset Management AS increased its stake in Devon Energy by 259.7% during the fourth quarter. Oslo Asset Management AS now owns 1,105,750 shares of the energy company’s stock valued at $24,924,000 after acquiring an additional 798,350 shares during the period. 86.96% of the stock is owned by institutional investors and hedge funds.
In other news, Director Robert H. Henry acquired 11,651 shares of Devon Energy stock in a transaction on Wednesday, February 27th. The shares were purchased at an average price of $30.01 per share, with a total value of $349,646.51. Following the acquisition, the director now owns 21,355 shares in the company, valued at $640,863.55. The transaction was disclosed in a document filed with the SEC, which is available through this link. 0.55% of the stock is currently owned by corporate insiders.
Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, February 19th. The energy company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.31 by ($0.21). Devon Energy had a return on equity of 5.73% and a net margin of 24.82%. The firm had revenue of $3.71 billion for the quarter, compared to analyst estimates of $1.97 billion. During the same period in the prior year, the company posted $0.38 EPS. On average, analysts expect that Devon Energy Corp will post 1.44 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be issued a dividend of $0.09 per share. This is an increase from Devon Energy’s previous quarterly dividend of $0.08. The ex-dividend date is Thursday, June 13th. This represents a $0.36 annualized dividend and a yield of 1.15%. Devon Energy’s dividend payout ratio is currently 24.81%.
Several equities analysts recently issued reports on the company. TheStreet upgraded Devon Energy from a “d+” rating to a “c+” rating in a research note on Tuesday, February 19th. Credit Suisse Group set a $36.00 target price on Devon Energy and gave the stock a “buy” rating in a report on Wednesday, February 20th. MKM Partners boosted their target price on Devon Energy from $33.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, February 21st. ValuEngine raised Devon Energy from a “sell” rating to a “hold” rating in a report on Friday, February 22nd. Finally, Royal Bank of Canada downgraded Devon Energy from an “outperform” rating to a “sector perform” rating and reduced their target price for the stock from $39.00 to $38.00 in a report on Friday, March 1st. Two analysts have rated the stock with a sell rating, thirteen have given a hold rating and fifteen have assigned a buy rating to the company. Devon Energy currently has a consensus rating of “Hold” and an average target price of $45.48.
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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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