Rowland & Co. Investment Counsel ADV cut its stake in Devon Energy Corp (NYSE:DVN) by 6.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 52,543 shares of the energy company’s stock after selling 3,679 shares during the period. Rowland & Co. Investment Counsel ADV’s holdings in Devon Energy were worth $2,182,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently modified their holdings of the company. Sun Life Financial INC lifted its holdings in Devon Energy by 32,058.3% in the second quarter. Sun Life Financial INC now owns 3,859 shares of the energy company’s stock worth $123,000 after buying an additional 3,847 shares during the period. FNY Managed Accounts LLC purchased a new position in shares of Devon Energy during the third quarter valued at approximately $134,000. Fiduciary Trust Co. purchased a new position in shares of Devon Energy during the second quarter valued at approximately $144,000. Sawyer & Company Inc purchased a new position in shares of Devon Energy during the fourth quarter valued at approximately $151,000. Finally, FUKOKU MUTUAL LIFE INSURANCE Co lifted its holdings in shares of Devon Energy by 67.6% during the second quarter. FUKOKU MUTUAL LIFE INSURANCE Co now owns 5,700 shares of the energy company’s stock valued at $182,000 after purchasing an additional 2,300 shares during the last quarter. Institutional investors and hedge funds own 77.49% of the company’s stock.
Several equities analysts have recently issued reports on the stock. Credit Suisse Group assumed coverage on shares of Devon Energy in a report on Monday, December 11th. They set an “outperform” rating and a $43.00 target price for the company. Capital One Financial lowered shares of Devon Energy from an “overweight” rating to an “equal weight” rating in a report on Wednesday, January 10th. Morgan Stanley lifted their target price on shares of Devon Energy from $42.00 to $48.00 and gave the company an “overweight” rating in a report on Wednesday, October 18th. Citigroup reiterated a “buy” rating and set a $44.00 target price on shares of Devon Energy in a report on Tuesday, November 28th. Finally, Cowen set a $40.00 price objective on shares of Devon Energy and gave the stock a “buy” rating in a report on Tuesday, October 31st. Two research 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. Devon Energy has an average rating of “Buy” and a consensus target price of $45.82.
Shares of Devon Energy Corp (NYSE DVN) traded down $0.24 during mid-day trading on Thursday, hitting $43.20. 2,714,666 shares of the stock were exchanged, compared to its average volume of 4,570,000. Devon Energy Corp has a 12-month low of $28.79 and a 12-month high of $47.82. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.63 and a current ratio of 1.63. The company has a market cap of $22,700.00, a P/E ratio of 14.69, a price-to-earnings-growth ratio of 2.57 and a beta of 2.21.
Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, October 31st. The energy company reported $0.46 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $3.16 billion during the quarter, compared to the consensus estimate of $3.13 billion. During the same quarter in the previous year, the firm posted $1.89 EPS. The company’s revenue for the quarter was up 9.5% compared to the same quarter last year. sell-side analysts expect that Devon Energy Corp will post 1.79 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, March 29th. Investors of record on Thursday, March 15th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.56%. The ex-dividend date is Wednesday, March 14th. Devon Energy’s dividend payout ratio is currently 8.16%.
In related news, EVP Lyndon C. Taylor sold 12,798 shares of the company’s 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 owns 67,900 shares of the company’s stock, valued at approximately $2,599,891. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.51% of the company’s stock.
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About Devon Energy
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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