DNB Asset Management AS increased its holdings in shares of Devon Energy Corp (NYSE:DVN) by 2.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 104,058 shares of the energy company’s stock after acquiring an additional 1,999 shares during the quarter. DNB Asset Management AS’s holdings in Devon Energy were worth $2,504,000 as of its most recent SEC filing.
Other institutional investors have also modified their holdings of the company. Westside Investment Management Inc. bought a new stake in Devon Energy during the second quarter worth $45,000. Advisory Services Network LLC raised its stake in shares of Devon Energy by 43.1% in the second quarter. Advisory Services Network LLC now owns 1,712 shares of the energy company’s stock valued at $48,000 after buying an additional 516 shares during the period. CSat Investment Advisory L.P. raised its stake in shares of Devon Energy by 88.1% in the second quarter. CSat Investment Advisory L.P. now owns 1,738 shares of the energy company’s stock valued at $49,000 after buying an additional 814 shares during the period. North Star Investment Management Corp. bought a new stake in shares of Devon Energy in the third quarter valued at $43,000. Finally, Resources Investment Advisors LLC. raised its stake in shares of Devon Energy by 8,181.8% in the second quarter. Resources Investment Advisors LLC. now owns 1,822 shares of the energy company’s stock valued at $52,000 after buying an additional 1,800 shares during the period. Institutional investors and hedge funds own 85.87% of the company’s stock.
In related news, CAO Jeremy D. Humphers sold 1,500 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $21.66, for a total transaction of $32,490.00. Following the sale, the chief accounting officer now directly owns 42,475 shares in the company, valued at approximately $920,008.50. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.63% of the company’s stock.
Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, August 6th. The energy company reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.07. Devon Energy had a return on equity of 8.42% and a net margin of 39.80%. The company had revenue of $1.92 billion for the quarter, compared to analyst estimates of $2.09 billion. During the same period in the previous year, the company posted $0.34 EPS. The firm’s revenue for the quarter was down .1% compared to the same quarter last year. Equities analysts predict that Devon Energy Corp will post 1.39 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 13th will be paid a dividend of $0.09 per share. The ex-dividend date of this dividend is Thursday, December 12th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.82%. Devon Energy’s payout ratio is 27.91%.
Several brokerages have issued reports on DVN. Citigroup lowered their target price on Devon Energy from $36.00 to $31.00 and set a “buy” rating on the stock in a research note on Monday, September 23rd. Morgan Stanley lowered their target price on Devon Energy from $30.00 to $27.00 and set an “equal weight” rating on the stock in a research note on Friday, October 4th. Wells Fargo & Co boosted their target price on Devon Energy from $33.00 to $34.00 and gave the company an “outperform” rating in a research note on Friday, September 20th. Seaport Global Securities lowered Devon Energy from a “buy” rating to a “neutral” rating in a research note on Thursday, October 10th. Finally, MKM Partners set a $32.00 target price on Devon Energy and gave the company a “buy” rating in a research note on Monday, August 12th. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and eleven have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $36.19.
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 12,900 gross wells. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.
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