Devon Energy Corporation (DVN) Position Increased by Chartwell Investment Partners LLC
Chartwell Investment Partners LLC raised its position in Devon Energy Corporation (NYSE:DVN) by 715.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 187,565 shares of the energy company’s stock after purchasing an additional 164,565 shares during the quarter. Chartwell Investment Partners LLC’s holdings in Devon Energy Corporation were worth $6,885,000 as of its most recent SEC filing.
A number of other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. increased its stake in shares of Devon Energy Corporation by 3.0% in the second quarter. Vanguard Group Inc. now owns 44,823,163 shares of the energy company’s stock valued at $1,432,998,000 after buying an additional 1,295,417 shares during the period. State Street Corp lifted its holdings in shares of Devon Energy Corporation by 1.0% in the second quarter. State Street Corp now owns 27,673,118 shares of the energy company’s stock valued at $884,702,000 after purchasing an additional 265,179 shares in the last quarter. Standard Life Investments LTD lifted its holdings in shares of Devon Energy Corporation by 1.3% in the second quarter. Standard Life Investments LTD now owns 6,054,868 shares of the energy company’s stock valued at $193,604,000 after purchasing an additional 75,952 shares in the last quarter. Northern Trust Corp lifted its holdings in shares of Devon Energy Corporation by 0.3% in the second quarter. Northern Trust Corp now owns 5,955,294 shares of the energy company’s stock valued at $190,390,000 after purchasing an additional 18,861 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its holdings in Devon Energy Corporation by 21.6% during the third quarter. Victory Capital Management Inc. now owns 5,570,722 shares of the energy company’s stock worth $204,501,000 after acquiring an additional 988,090 shares during the period. Hedge funds and other institutional investors own 77.13% of the company’s stock.
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Devon Energy Corporation (NYSE DVN) traded up $0.14 during trading on Wednesday, hitting $37.55. 3,585,300 shares of the stock traded hands, compared to its average volume of 4,787,886. Devon Energy Corporation has a twelve month low of $28.79 and a twelve 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 $19,640.25, a PE ratio of 25.62, a price-to-earnings-growth ratio of 1.16 and a beta of 2.22.
Devon Energy Corporation (NYSE:DVN) last posted its 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. The firm had revenue of $3.16 billion for the quarter, compared to the consensus estimate of $3.13 billion. Devon Energy Corporation had a net margin of 11.62% and a return on equity of 6.88%. The company’s revenue was up 9.5% on a year-over-year basis. During the same period last year, the firm posted $1.89 EPS. research analysts forecast that Devon Energy Corporation will post 1.76 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 15th will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.64%. The ex-dividend date is Thursday, December 14th. Devon Energy Corporation’s payout ratio is currently 8.19%.
Several brokerages have recently weighed in on DVN. Barclays PLC lifted their price target on Devon Energy Corporation from $35.00 to $38.00 and gave the company an “overweight” rating in a research report on Monday. Stephens upgraded Devon Energy Corporation from an “equal weight” rating to an “overweight” rating and set a $53.00 price target for the company in a research report on Thursday, November 2nd. Cowen and Company set a $40.00 price target on Devon Energy Corporation and gave the company a “buy” rating in a research report on Tuesday, October 31st. Morgan Stanley boosted their target price on Devon Energy Corporation from $42.00 to $48.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 18th. Finally, BMO Capital Markets set a $45.00 price target on Devon Energy Corporation and gave the stock a “buy” rating in a research note on Tuesday, October 10th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and fourteen have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $46.06.
Devon Energy Corporation 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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