Steward Partners Investment Advisory LLC Acquires New Holdings in Devon Energy Corporation (DVN)
Steward Partners Investment Advisory LLC acquired a new position in Devon Energy Corporation (NYSE:DVN) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 5,003 shares of the energy company’s stock, valued at approximately $183,000.
Other institutional investors and hedge funds have also made changes to their positions in the company. Gabelli Funds LLC grew 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 valued at $17,749,000 after buying an additional 15,000 shares during the last quarter. Ninepoint Partners LP bought a new position in Devon Energy during the third quarter valued at approximately $6,241,000. Schwab Charles Investment Management Inc. lifted its position in 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 valued at $62,455,000 after purchasing an additional 87,912 shares during the period. Caymus Capital Partners L.P. bought a new position in Devon Energy during the second quarter valued at approximately $16,164,000. Finally, TVR Capital Management LP lifted its position in Devon Energy by 121.8% during the second quarter. TVR Capital Management LP now owns 240,000 shares of the energy company’s stock valued at $7,673,000 after purchasing an additional 131,806 shares during the period. Institutional investors and hedge funds own 77.43% of the company’s stock.
In other Devon Energy news, EVP Lyndon C. Taylor sold 12,798 shares of Devon Energy stock in a transaction on Thursday, December 14th. The shares were sold at an average price of $38.29, for a total value of $490,035.42. Following the completion of the transaction, the executive vice president now directly owns 67,900 shares of the company’s stock, valued at approximately $2,599,891. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.51% of the company’s stock.
Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, October 31st. The energy company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.07. Devon Energy had a net margin of 11.62% and a return on equity of 6.88%. The business had revenue of $3.16 billion during the quarter, compared to analysts’ expectations of $3.13 billion. During the same period last year, the company posted $1.89 EPS. The business’s revenue was up 9.5% on a year-over-year basis. equities analysts predict that Devon Energy Corporation will post 1.78 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 29th. Shareholders of record on Thursday, March 15th will be paid a $0.06 dividend. The ex-dividend date of this dividend is Wednesday, March 14th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.60%. Devon Energy’s payout ratio is currently 8.19%.
DVN has been the topic of a number of research analyst reports. Morgan Stanley increased their price objective on shares of Devon Energy from $42.00 to $48.00 and gave the company an “overweight” rating in a research report on Wednesday, October 18th. BMO Capital Markets set a $38.00 price objective on shares of Devon Energy and gave the company a “buy” rating in a research report on Monday, August 28th. Royal Bank of Canada set a $43.00 price objective on shares of Devon Energy and gave the company a “buy” rating in a research report on Friday, August 25th. Stifel Nicolaus set a $61.00 price target on shares of Devon Energy and gave the stock a “buy” rating in a research report on Friday, August 25th. Finally, Jefferies Group reiterated a “hold” rating and issued a $31.00 price target (down from $35.00) on shares of Devon Energy in a research report on Tuesday, August 29th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and fifteen have assigned a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $45.78.
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Devon Energy 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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