State of Tennessee Treasury Department reduced its position in Devon Energy Corp (NYSE:DVN) by 35.8% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 100,313 shares of the energy company’s stock after selling 55,982 shares during the period. State of Tennessee Treasury Department’s holdings in Devon Energy were worth $2,414,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Zions Bancorporation N.A. grew its stake in shares of Devon Energy by 6.4% during the second quarter. Zions Bancorporation N.A. now owns 7,342 shares of the energy company’s stock worth $209,000 after purchasing an additional 440 shares during the period. Advisory Services Network LLC grew its stake in shares of Devon Energy by 43.1% during the second quarter. Advisory Services Network LLC now owns 1,712 shares of the energy company’s stock worth $48,000 after purchasing an additional 516 shares during the period. Doliver Advisors LP grew its stake in shares of Devon Energy by 7.8% during the second quarter. Doliver Advisors LP now owns 9,422 shares of the energy company’s stock worth $269,000 after purchasing an additional 684 shares during the period. Cetera Advisor Networks LLC grew its stake in shares of Devon Energy by 9.4% during the second quarter. Cetera Advisor Networks LLC now owns 8,388 shares of the energy company’s stock worth $239,000 after purchasing an additional 720 shares during the period. Finally, Boston Private Wealth LLC grew its stake in shares of Devon Energy by 6.3% during the second quarter. Boston Private Wealth LLC now owns 13,012 shares of the energy company’s stock worth $371,000 after purchasing an additional 772 shares during the period. 85.88% of the stock is owned by institutional investors.
A number of brokerages recently commented on DVN. Mitsubishi UFJ Financial Group lifted their price objective on Devon Energy to $36.00 and gave the stock a “neutral” rating in a research note on Thursday, August 8th. Seaport Global Securities cut Devon Energy from a “buy” rating to a “neutral” rating in a research note on Thursday, October 10th. 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. Morgan Stanley decreased their target price on Devon Energy from $30.00 to $27.00 and set an “equal weight” rating for the company in a research note on Friday, October 4th. Finally, SunTrust Banks initiated coverage on Devon Energy in a research note on Tuesday, July 30th. They issued a “buy” rating and a $33.00 target price for the company. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eleven have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $36.19.
NYSE:DVN opened at $22.91 on Friday. Devon Energy Corp has a 1 year low of $19.72 and a 1 year high of $35.39. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.61. The stock has a market cap of $9.29 billion, a price-to-earnings ratio of 17.76, a PEG ratio of 1.50 and a beta of 2.35. The stock has a 50-day moving average price of $22.20 and a two-hundred day moving average price of $25.68.
Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, November 5th. The energy company reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.19 by $0.10. The firm had revenue of $1.85 billion during the quarter, compared to analysts’ expectations of $1.57 billion. Devon Energy had a return on equity of 6.08% and a net margin of 16.00%. During the same period in the previous year, the firm earned $0.63 earnings per share. Sell-side analysts forecast that Devon Energy Corp will post 1.27 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 13th will be issued a $0.09 dividend. The ex-dividend date is Thursday, December 12th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.57%. Devon Energy’s dividend payout ratio (DPR) is 27.91%.
Devon Energy 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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