Devon Energy Corporation (DVN) Stake Boosted by Murphy Pohlad Asset Management LLC
Murphy Pohlad Asset Management LLC raised its position in Devon Energy Corporation (NYSE:DVN) by 14.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,550 shares of the energy company’s stock after buying an additional 1,200 shares during the period. Murphy Pohlad Asset Management LLC’s holdings in Devon Energy Corporation were worth $305,000 at the end of the most recent quarter.
Other hedge funds have also made changes to their positions in the company. First Manhattan Co. increased its stake in shares of Devon Energy Corporation by 98.7% in the first quarter. First Manhattan Co. now owns 184,420 shares of the energy company’s stock worth $8,134,000 after buying an additional 91,615 shares during the period. Speece Thorson Capital Group Inc. increased its stake in Devon Energy Corporation by 3.0% in the first quarter. Speece Thorson Capital Group Inc. now owns 108,888 shares of the energy company’s stock valued at $4,543,000 after buying an additional 3,139 shares during the last quarter. Guinness Asset Management Ltd increased its stake in Devon Energy Corporation by 21.7% in the first quarter. Guinness Asset Management Ltd now owns 289,776 shares of the energy company’s stock valued at $12,089,000 after buying an additional 51,700 shares during the last quarter. Mn Services Vermogensbeheer B.V. increased its stake in Devon Energy Corporation by 4.0% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 12,568 shares of the energy company’s stock valued at $490,000 after buying an additional 488 shares during the last quarter. Finally, Candriam Luxembourg S.C.A. increased its stake in Devon Energy Corporation by 22.4% in the first quarter. Candriam Luxembourg S.C.A. now owns 111,050 shares of the energy company’s stock valued at $4,633,000 after buying an additional 20,354 shares during the last quarter. 77.08% of the stock is owned by institutional investors.
Devon Energy Corporation (NYSE DVN) opened at 30.92 on Wednesday. Devon Energy Corporation has a 52-week low of $28.79 and a 52-week high of $50.69. The firm’s 50-day moving average price is $31.81 and its 200 day moving average price is $37.50. The firm has a market cap of $16.25 billion, a PE ratio of 7.00 and a beta of 2.17.
Devon Energy Corporation (NYSE:DVN) last announced its quarterly earnings results on Tuesday, August 1st. The energy company reported $0.34 EPS for the quarter, beating the consensus estimate of $0.33 by $0.01. Devon Energy Corporation had a net margin of 16.07% and a return on equity of 5.36%. The company had revenue of $3.27 billion for the quarter, compared to analyst estimates of $3.24 billion. During the same quarter last year, the business earned $0.06 earnings per share. Devon Energy Corporation’s revenue was up 31.6% compared to the same quarter last year. On average, equities analysts anticipate that Devon Energy Corporation will post $1.74 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be paid a $0.06 dividend. The ex-dividend date is Thursday, September 14th. This represents a $0.24 annualized dividend and a dividend yield of 0.78%. Devon Energy Corporation’s payout ratio is currently 5.47%.
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Several research firms have recently weighed in on DVN. BMO Capital Markets boosted their target price on Devon Energy Corporation from $35.00 to $38.00 and gave the company an “outperform” rating in a report on Friday, July 14th. Barclays PLC reissued an “overweight” rating and issued a $47.00 target price (down from $54.00) on shares of Devon Energy Corporation in a report on Saturday, April 22nd. Seaport Global Securities downgraded Devon Energy Corporation from a “buy” rating to a “neutral” rating and reduced their target price for the company from $51.00 to $28.00 in a report on Wednesday, June 21st. Credit Suisse Group boosted their target price on Devon Energy Corporation from $63.00 to $64.00 and gave the company an “outperform” rating in a report on Thursday, May 4th. Finally, Scotiabank set a $57.00 target price on Devon Energy Corporation and gave the company a “buy” rating in a report on Tuesday, May 16th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. Devon Energy Corporation presently has an average rating of “Buy” and an average price target of $47.62.
In other Devon Energy Corporation news, Director Robert H. Henry sold 7,045 shares of the firm’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $33.35, for a total value of $234,950.75. Following the sale, the director now owns 11,338 shares in the company, valued at $378,122.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.98% of the stock is currently owned by company insiders.
About Devon Energy Corporation
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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