Jones Financial Companies Lllp Has $736,000 Holdings in Devon Energy Corp (DVN)
Jones Financial Companies Lllp cut its stake in Devon Energy Corp (NYSE:DVN) by 7.6% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 17,773 shares of the energy company’s stock after selling 1,455 shares during the period. Jones Financial Companies Lllp’s holdings in Devon Energy were worth $736,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors also recently modified their holdings of DVN. Taylor Hoffman Wealth Management acquired a new stake in Devon Energy in the fourth quarter worth $102,000. NuWave Investment Management LLC acquired a new stake in Devon Energy in the fourth quarter worth $111,000. FNY Managed Accounts LLC acquired a new stake in Devon Energy in the third quarter worth $134,000. Advisory Services Network LLC increased its position in Devon Energy by 127.8% in the fourth quarter. Advisory Services Network LLC now owns 3,445 shares of the energy company’s stock worth $143,000 after buying an additional 1,933 shares during the period. Finally, Icon Wealth Partners LLC acquired a new stake in Devon Energy in the fourth quarter worth $144,000. 82.22% of the stock is currently owned by hedge funds and other institutional investors.
Devon Energy Corp (DVN) opened at $32.82 on Tuesday. Devon Energy Corp has a 52 week low of $28.79 and a 52 week high of $45.16. The firm has a market capitalization of $17,213.99, a PE ratio of 12.38, a P/E/G ratio of 2.10 and a beta of 2.26. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 0.73.
Devon Energy declared that its board has authorized a share buyback plan on Wednesday, March 7th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the energy company to buy shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 29th. Investors of record on Friday, June 15th will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Thursday, June 14th. This represents a $0.32 annualized dividend and a yield of 0.98%. This is a boost from Devon Energy’s previous quarterly dividend of $0.06. Devon Energy’s dividend payout ratio (DPR) is currently 9.06%.
In related news, EVP Lyndon C. Taylor sold 12,798 shares of the firm’s stock in a transaction dated Thursday, December 14th. The stock was sold at an average price of $38.29, for a total transaction of $490,035.42. Following the completion of the transaction, the executive vice president now owns 67,900 shares of the company’s stock, valued at $2,599,891. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.51% of the company’s stock.
Several equities research analysts have weighed in on the company. KLR Group lowered Devon Energy from a “buy” rating to a “hold” rating and set a $49.00 target price on the stock. in a research report on Tuesday, January 23rd. Credit Suisse Group set a $50.00 target price on Devon Energy and gave the stock a “buy” rating in a research report on Tuesday, January 23rd. They noted that the move was a valuation call. Morgan Stanley increased their target price on Devon Energy from $48.00 to $54.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 24th. Stifel Nicolaus set a $68.00 price target on Devon Energy and gave the company a “buy” rating in a report on Tuesday, January 30th. Finally, Piper Jaffray Companies reissued a “hold” rating and set a $42.00 price target on shares of Devon Energy in a report on Tuesday, January 9th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $45.79.
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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