Systematic Financial Management LP Sells 160,379 Shares of Devon Energy Corp (DVN)
Systematic Financial Management LP decreased its stake in Devon Energy Corp (NYSE:DVN) by 38.1% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 260,706 shares of the energy company’s stock after selling 160,379 shares during the quarter. Systematic Financial Management LP owned approximately 0.05% of Devon Energy worth $11,461,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently modified their holdings of the company. Jackson Grant Investment Advisers Inc. purchased a new stake in shares of Devon Energy in the second quarter worth about $112,000. Financial Architects Inc boosted its stake in shares of Devon Energy by 168.5% in the second quarter. Financial Architects Inc now owns 2,709 shares of the energy company’s stock worth $119,000 after buying an additional 1,700 shares during the last quarter. Bristol John W & Co. Inc. NY purchased a new stake in shares of Devon Energy in the first quarter worth about $103,000. Penserra Capital Management LLC acquired a new position in Devon Energy in the 1st quarter worth about $125,000. Finally, Gables Capital Management Inc. acquired a new position in Devon Energy in the 1st quarter worth about $146,000. Hedge funds and other institutional investors own 84.84% of the company’s stock.
In related news, EVP Lyndon C. Taylor sold 18,357 shares of the stock in a transaction that occurred on Monday, June 11th. The stock was sold at an average price of $42.09, for a total value of $772,646.13. Following the completion of the sale, the executive vice president now owns 95,223 shares of the company’s stock, valued at $4,007,936.07. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director John E. Bethancourt purchased 12,000 shares of the business’s stock in a transaction that occurred on Thursday, June 7th. The stock was bought at an average cost of $41.90 per share, with a total value of $502,800.00. Following the acquisition, the director now owns 56,469 shares of the company’s stock, valued at approximately $2,366,051.10. The disclosure for this purchase can be found here. 0.55% of the stock is owned by corporate insiders.
Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, July 31st. The energy company reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.03). Devon Energy had a negative net margin of 1.60% and a positive return on equity of 5.52%. The firm had revenue of $2.25 billion for the quarter, compared to analyst estimates of $3.96 billion. During the same period in the previous year, the company earned $0.80 EPS. equities research analysts anticipate that Devon Energy Corp will post 1.64 EPS for the current fiscal year.
Devon Energy announced that its board has approved a stock repurchase plan on Tuesday, May 1st that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the energy company to reacquire up to 5.3% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 28th. Shareholders of record on Friday, September 14th will be issued a dividend of $0.08 per share. The ex-dividend date is Thursday, September 13th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.79%. Devon Energy’s payout ratio is currently 50.79%.
DVN has been the subject of a number of analyst reports. Stephens set a $47.00 price target on Devon Energy and gave the stock a “buy” rating in a report on Tuesday, April 24th. Royal Bank of Canada reaffirmed a “buy” rating on shares of Devon Energy in a report on Friday, July 13th. Zacks Investment Research cut Devon Energy from a “buy” rating to a “hold” rating in a report on Wednesday, July 25th. Stifel Nicolaus set a $68.00 price target on Devon Energy and gave the stock a “buy” rating in a report on Tuesday, April 24th. Finally, UBS Group raised Devon Energy from a “neutral” rating to a “buy” rating and set a $53.00 price target for the company in a report on Monday, August 6th. Nine analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $49.27.
About Devon Energy
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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