DnB Asset Management AS Raises Stake in Devon Energy Corporation (DVN)
DnB Asset Management AS increased its position in Devon Energy Corporation (NYSE:DVN) by 5.5% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 57,675 shares of the energy company’s stock after purchasing an additional 3,000 shares during the quarter. DnB Asset Management AS’s holdings in Devon Energy were worth $2,388,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently modified their holdings of the company. Sterneck Capital Management LLC grew its stake in shares of Devon Energy by 4.5% in the 2nd quarter. Sterneck Capital Management LLC now owns 6,518 shares of the energy company’s stock valued at $208,000 after buying an additional 283 shares during the period. First Allied Advisory Services Inc. boosted its stake in Devon Energy by 9.4% during the 2nd quarter. First Allied Advisory Services Inc. now owns 6,572 shares of the energy company’s stock valued at $214,000 after purchasing an additional 562 shares during the last quarter. M&T Bank Corp boosted its stake in Devon Energy by 3.0% during the 2nd quarter. M&T Bank Corp now owns 40,120 shares of the energy company’s stock valued at $1,282,000 after purchasing an additional 1,170 shares during the last quarter. WESPAC Advisors SoCal LLC boosted its stake in Devon Energy by 7.7% during the 2nd quarter. WESPAC Advisors SoCal LLC now owns 16,750 shares of the energy company’s stock valued at $535,000 after purchasing an additional 1,200 shares during the last quarter. Finally, Private Advisor Group LLC boosted its stake in Devon Energy by 4.5% during the 3rd quarter. Private Advisor Group LLC now owns 29,484 shares of the energy company’s stock valued at $1,059,000 after purchasing an additional 1,273 shares during the last quarter. Institutional investors own 77.44% of the company’s stock.
In other Devon Energy 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 transaction, the executive vice president now owns 67,900 shares of the company’s stock, valued at approximately $2,599,891. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.51% of the stock is owned by company insiders.
Devon Energy Corporation (NYSE DVN) opened at $44.04 on Friday. Devon Energy Corporation has a 1 year low of $28.79 and a 1 year high of $47.82. 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 company has a market cap of $23,140.00, a P/E ratio of 14.98, a price-to-earnings-growth ratio of 2.56 and a beta of 2.21.
Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, October 31st. The energy company reported $0.46 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.39 by $0.07. Devon Energy had a net margin of 11.62% and a return on equity of 6.88%. The firm had revenue of $3.16 billion for the quarter, compared to analysts’ expectations of $3.13 billion. During the same quarter last year, the firm earned $1.89 EPS. The company’s quarterly revenue was up 9.5% compared to the same quarter last year. sell-side analysts forecast that Devon Energy Corporation will post 1.79 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, March 29th. Shareholders of record on Thursday, March 15th will be given a dividend of $0.06 per share. The ex-dividend date is Wednesday, March 14th. This represents a $0.24 annualized dividend and a dividend yield of 0.54%. Devon Energy’s dividend payout ratio is currently 8.16%.
A number of equities analysts have issued reports on DVN shares. Morgan Stanley lifted their price target on Devon Energy from $42.00 to $48.00 and gave the company an “overweight” rating in a research note on Wednesday, October 18th. Credit Suisse Group started coverage on Devon Energy in a research note on Monday, December 11th. They set an “outperform” rating and a $43.00 price target for the company. Seaport Global Securities upgraded Devon Energy from a “neutral” rating to a “buy” rating in a research note on Tuesday, December 19th. Piper Jaffray Companies cut their price target on Devon Energy from $46.00 to $36.00 and set a “neutral” rating for the company in a research note on Monday, September 18th. Finally, Scotiabank set a $50.00 price target on Devon Energy and gave the company a “buy” rating in a research note on Saturday, November 25th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and fifteen have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $45.82.
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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