Marshall Wace LLP Buys Shares of 28,069 Devon Energy Corp (DVN)
Marshall Wace LLP bought a new position in Devon Energy Corp (NYSE:DVN) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 28,069 shares of the energy company’s stock, valued at approximately $1,234,000.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Verition Fund Management LLC boosted its holdings in shares of Devon Energy by 24.7% in the first quarter. Verition Fund Management LLC now owns 6,300 shares of the energy company’s stock valued at $200,000 after acquiring an additional 1,249 shares in the last quarter. Blair William & Co. IL boosted its holdings in shares of Devon Energy by 5.5% in the first quarter. Blair William & Co. IL now owns 24,811 shares of the energy company’s stock valued at $789,000 after acquiring an additional 1,283 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Devon Energy by 18.9% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 8,696 shares of the energy company’s stock valued at $382,000 after acquiring an additional 1,382 shares in the last quarter. Nomura Asset Management Co. Ltd. boosted its holdings in shares of Devon Energy by 2.3% in the first quarter. Nomura Asset Management Co. Ltd. now owns 72,194 shares of the energy company’s stock valued at $2,295,000 after acquiring an additional 1,620 shares in the last quarter. Finally, Private Asset Management Inc. boosted its holdings in shares of Devon Energy by 3.4% in the second quarter. Private Asset Management Inc. now owns 49,015 shares of the energy company’s stock valued at $1,558,000 after acquiring an additional 1,630 shares in the last quarter. Hedge funds and other institutional investors own 83.99% of the company’s stock.
Shares of NYSE:DVN opened at $40.11 on Friday. The company has a quick ratio of 1.65, a current ratio of 1.65 and a debt-to-equity ratio of 0.45. The company has a market cap of $20.29 billion, a P/E ratio of 28.89, a price-to-earnings-growth ratio of 3.48 and a beta of 2.24. Devon Energy Corp has a 1-year low of $29.83 and a 1-year high of $46.54.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 28th. Investors of record on Friday, December 14th will be given a $0.08 dividend. The ex-dividend date is Thursday, December 13th. This represents a $0.32 annualized dividend and a dividend yield of 0.80%. Devon Energy’s dividend payout ratio (DPR) is presently 50.79%.
Devon Energy announced that its Board of Directors has approved a stock buyback plan on Wednesday, June 6th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the energy company to reacquire up to 14.6% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its shares are undervalued.
Several research analysts have recently issued reports on the stock. Susquehanna Bancshares decreased their price objective on shares of Devon Energy from $54.00 to $53.00 and set a “positive” rating for the company in a report on Wednesday, August 1st. Barclays assumed coverage on shares of Devon Energy in a report on Wednesday, August 29th. They issued an “overweight” rating and a $49.00 price objective for the company. Zacks Investment Research cut shares of Devon Energy from a “buy” rating to a “hold” rating in a report on Wednesday, July 25th. M Partners increased their price objective on shares of Devon Energy to $44.00 and gave the company a “neutral” rating in a report on Friday, June 8th. Finally, Jefferies Financial Group set a $53.00 target price on shares of Devon Energy and gave the stock a “buy” rating in a report on Wednesday, July 18th. Nine investment analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. Devon Energy presently has a consensus rating of “Buy” and an average target price of $50.23.
In related news, Director Robert H. Henry sold 5,600 shares of the company’s stock in a transaction that occurred on Tuesday, August 21st. The shares were sold at an average price of $42.14, for a total value of $235,984.00. Following the completion of the sale, the director now owns 9,704 shares in the company, valued at approximately $408,926.56. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.55% of the stock is currently owned by corporate insiders.
Devon Energy Company Profile
Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States and Canada. It operates approximately 14,600 gross wells. The company also offers gathering, transmission, processing, storage, fractionation, and marketing to upstream oil and natural gas producers; and owns natural gas pipelines, plants and treatment facilities.
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