Earnest Partners LLC Reduces Holdings in Devon Energy Corporation (DVN)
Earnest Partners LLC trimmed its holdings in shares of Devon Energy Corporation (NYSE:DVN) by 11.5% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 115,732 shares of the energy company’s stock after selling 15,068 shares during the period. Earnest Partners LLC’s holdings in Devon Energy were worth $4,249,000 as of its most recent SEC filing.
Other large investors have also modified their holdings of the company. Gabelli Funds LLC raised its holdings in shares of Devon Energy by 3.2% during the third quarter. Gabelli Funds LLC now owns 483,500 shares of the energy company’s stock worth $17,749,000 after purchasing an additional 15,000 shares during the period. Schwab Charles Investment Management Inc. raised its holdings in shares of Devon Energy by 4.7% during the second quarter. Schwab Charles Investment Management Inc. now owns 1,953,530 shares of the energy company’s stock worth $62,455,000 after purchasing an additional 87,912 shares during the period. Ninepoint Partners LP acquired a new stake in shares of Devon Energy during the third quarter worth $6,241,000. Caymus Capital Partners L.P. acquired a new stake in shares of Devon Energy during the second quarter worth $16,164,000. Finally, TVR Capital Management LP raised its holdings in shares of Devon Energy by 121.8% during the second quarter. TVR Capital Management LP now owns 240,000 shares of the energy company’s stock worth $7,673,000 after purchasing an additional 131,806 shares during the period. 77.64% of the stock is currently owned by institutional investors.
DVN has been the topic of a number of research reports. BidaskClub cut shares of Devon Energy from a “sell” rating to a “strong sell” rating in a report on Saturday, August 19th. Cowen reissued a “buy” rating and set a $37.00 target price on shares of Devon Energy in a report on Tuesday, August 22nd. Royal Bank of Canada set a $43.00 target price on shares of Devon Energy and gave the stock a “buy” rating in a report on Friday, August 25th. Stifel Nicolaus set a $61.00 target price on shares of Devon Energy and gave the stock a “buy” rating in a report on Friday, August 25th. Finally, BMO Capital Markets set a $38.00 price objective on shares of Devon Energy and gave the stock a “buy” rating in a report on Monday, August 28th. Two analysts have rated the stock with a sell rating, five have given a hold rating and fourteen have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $45.39.
Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, October 31st. The energy company reported $0.46 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.39 by $0.07. The business had revenue of $3.16 billion for the quarter, compared to analysts’ expectations of $3.13 billion. Devon Energy had a net margin of 11.62% and a return on equity of 6.88%. The company’s revenue for the quarter was up 9.5% compared to the same quarter last year. During the same quarter last year, the company earned $1.89 EPS. analysts expect that Devon Energy Corporation will post 1.77 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, March 29th. Shareholders of record on Thursday, March 15th will be paid a dividend of $0.06 per share. The ex-dividend date of this dividend is Wednesday, March 14th. This represents a $0.24 annualized dividend and a yield of 0.63%. Devon Energy’s payout ratio is 8.19%.
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About Devon Energy
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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