Matthew Goff Investment Advisor LLC Invests $4.17 Million in Devon Energy Corp (DVN)
Matthew Goff Investment Advisor LLC bought a new position in Devon Energy Corp (NYSE:DVN) during the 3rd quarter, HoldingsChannel reports. The fund bought 183,225 shares of the energy company’s stock, valued at approximately $4,168,000.
Several other hedge funds and other institutional investors have also recently modified their holdings of DVN. Diamond Hill Capital Management Inc. lifted its stake in shares of Devon Energy by 16.7% in the second quarter. Diamond Hill Capital Management Inc. now owns 9,201,696 shares of the energy company’s stock worth $404,507,000 after buying an additional 1,316,231 shares in the last quarter. Morgan Stanley lifted its stake in shares of Devon Energy by 105.9% in the third quarter. Morgan Stanley now owns 2,521,826 shares of the energy company’s stock worth $100,722,000 after buying an additional 1,296,801 shares in the last quarter. FMR LLC lifted its stake in shares of Devon Energy by 11.1% in the second quarter. FMR LLC now owns 11,782,553 shares of the energy company’s stock worth $517,962,000 after buying an additional 1,173,389 shares in the last quarter. Clearbridge Investments LLC lifted its stake in shares of Devon Energy by 57.3% in the third quarter. Clearbridge Investments LLC now owns 3,195,598 shares of the energy company’s stock worth $127,632,000 after buying an additional 1,164,365 shares in the last quarter. Finally, Ceredex Value Advisors LLC bought a new position in shares of Devon Energy in the third quarter worth approximately $40,839,000. Hedge funds and other institutional investors own 82.99% of the company’s stock.
DVN has been the topic of a number of research analyst reports. Zacks Investment Research downgraded shares of Devon Energy from a “buy” rating to a “hold” rating in a research report on Tuesday, November 13th. Morgan Stanley lowered their price objective on shares of Devon Energy from $44.00 to $39.00 and set a “hold” rating on the stock in a research report on Tuesday, November 20th. Stephens initiated coverage on shares of Devon Energy in a research report on Thursday. They set an “overweight” rating and a $50.00 price objective on the stock. Piper Jaffray Companies restated a “buy” rating on shares of Devon Energy in a research report on Monday, November 19th. Finally, Credit Suisse Group set a $45.00 price objective on shares of Devon Energy and gave the company a “buy” rating in a research report on Wednesday, November 7th. Nine equities research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $47.43.
Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, November 6th. The energy company reported $0.63 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.42 by $0.21. The firm had revenue of $2.58 billion during the quarter, compared to analysts’ expectations of $2.61 billion. Devon Energy had a net margin of 16.62% and a return on equity of 6.40%. The company’s revenue for the quarter was up 33.4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.46 earnings per share. On average, research analysts expect that Devon Energy Corp will post 1.57 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Friday, March 15th will be paid a $0.08 dividend. The ex-dividend date is Thursday, March 14th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.15%. Devon Energy’s dividend payout ratio (DPR) is presently 50.79%.
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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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