Exxonmobil Investment Management Inc. TX Sells 12,441 Shares of Devon Energy Corporation (DVN)
Exxonmobil Investment Management Inc. TX cut its holdings in Devon Energy Corporation (NYSE:DVN) by 13.0% during the fourth quarter, Holdings Channel reports. The fund owned 83,559 shares of the energy company’s stock after selling 12,441 shares during the period. Exxonmobil Investment Management Inc. TX’s holdings in Devon Energy were worth $3,459,000 at the end of the most recent quarter.
A number of other hedge funds have also made changes to their positions in the business. Parametric Portfolio Associates LLC boosted its stake in Devon Energy by 41.4% in the third quarter. Parametric Portfolio Associates LLC now owns 1,674,222 shares of the energy company’s stock valued at $61,461,000 after acquiring an additional 490,300 shares during the last quarter. Steward Partners Investment Advisory LLC bought a new position in Devon Energy in the third quarter valued at approximately $183,000. Belpointe Asset Management LLC bought a new position in Devon Energy in the third quarter valued at approximately $397,000. Sterling Capital Management LLC boosted its stake in Devon Energy by 9.0% in the third quarter. Sterling Capital Management LLC now owns 33,875 shares of the energy company’s stock valued at $1,243,000 after acquiring an additional 2,798 shares during the last quarter. Finally, Griffin Asset Management Inc. bought a new position in Devon Energy in the third quarter valued at approximately $1,437,000. 77.44% of the stock is currently owned by hedge funds and other institutional investors.
In related news, EVP Lyndon C. Taylor sold 12,798 shares of the firm’s stock in a transaction 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 sale, the executive vice president now directly owns 67,900 shares in the company, valued at $2,599,891. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.51% of the company’s stock.
Devon Energy Corporation (NYSE DVN) opened at $44.04 on Friday. The firm has a market cap of $22,611.75, a price-to-earnings ratio of 29.50, a PEG ratio of 2.56 and a beta of 2.21. Devon Energy Corporation has a 52-week low of $28.79 and a 52-week high of $47.82. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 0.87.
Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, October 31st. The energy company reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.39 by $0.07. The company 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 business’s quarterly revenue was up 9.5% compared to the same quarter last year. During the same period last year, the firm posted $1.89 earnings per share. research analysts anticipate that Devon Energy Corporation will post 1.79 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, March 29th. Stockholders 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 dividend on an annualized basis and a dividend yield of 0.54%. Devon Energy’s dividend payout ratio is 8.19%.
A number of brokerages have issued reports on DVN. Credit Suisse Group began coverage on shares of Devon Energy in a research note on Monday, December 11th. They issued an “outperform” rating and a $43.00 price objective on the stock. Capital One Financial cut shares of Devon Energy from an “overweight” rating to an “equal weight” rating in a research note on Wednesday. Morgan Stanley raised their price objective on shares of Devon Energy from $42.00 to $48.00 and gave the company an “overweight” rating in a research note on Wednesday, October 18th. Cowen set a $40.00 price objective on shares of Devon Energy and gave the company a “buy” rating in a research note on Tuesday, October 31st. Finally, Citigroup reaffirmed a “buy” rating and issued a $44.00 price objective on shares of Devon Energy in a research note on Tuesday, November 28th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and fifteen have issued a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $45.82.
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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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