Franklin Resources Inc. lessened its position in shares of Devon Energy Corp (NYSE:DVN) by 3.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,973,957 shares of the energy company’s stock after selling 94,069 shares during the period. Franklin Resources Inc.’s holdings in Devon Energy were worth $123,149,000 at the end of the most recent quarter.
Other large investors have also recently modified their holdings of the company. Taylor Hoffman Wealth Management bought a new stake in shares of Devon Energy in the fourth quarter valued at approximately $102,000. NuWave Investment Management LLC bought a new stake in shares of Devon Energy in the fourth quarter valued at approximately $111,000. FNY Managed Accounts LLC bought a new stake in shares of Devon Energy in the third quarter valued at approximately $134,000. Advisory Services Network LLC boosted its stake in shares of Devon Energy by 127.8% in the fourth quarter. Advisory Services Network LLC now owns 3,445 shares of the energy company’s stock valued at $143,000 after buying an additional 1,933 shares during the period. Finally, Icon Wealth Partners LLC bought a new stake in shares of Devon Energy in the fourth quarter valued at approximately $144,000. Institutional investors own 82.22% of the company’s stock.
Several brokerages recently issued reports on DVN. B. Riley set a $37.00 price target on Devon Energy and gave the company a “hold” rating in a research note on Friday, March 9th. UBS Group began coverage on Devon Energy in a research note on Wednesday, March 7th. They issued a “neutral” rating and a $35.00 price target for the company. Jefferies Group set a $43.00 price target on Devon Energy and gave the company a “buy” rating in a research note on Thursday, March 1st. BMO Capital Markets reiterated a “buy” rating and issued a $50.00 price target on shares of Devon Energy in a research note on Tuesday, February 27th. Finally, Royal Bank of Canada set a $43.00 price target on Devon Energy and gave the company a “buy” rating in a research note on Friday, February 23rd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $45.79.
Devon Energy Corp (NYSE DVN) opened at $32.79 on Wednesday. Devon Energy Corp has a 1 year low of $28.79 and a 1 year high of $45.16. The company has a market cap of $17,266.60, a P/E ratio of 20.64, a price-to-earnings-growth ratio of 2.10 and a beta of 2.26. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.45 and a current ratio of 1.45.
Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, February 20th. The energy company reported $0.38 EPS for the quarter, missing the consensus estimate of $0.60 by ($0.22). Devon Energy had a net margin of 10.04% and a return on equity of 6.92%. The firm had revenue of $3.98 billion for the quarter, compared to analyst estimates of $3.58 billion. During the same quarter in the prior year, the firm earned $0.25 earnings per share. The firm’s revenue for the quarter was up 41.8% on a year-over-year basis. equities research analysts anticipate that Devon Energy Corp will post 2.23 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 29th. Shareholders of record on Friday, June 15th will be given a dividend of $0.08 per share. This is an increase from Devon Energy’s previous quarterly dividend of $0.06. This represents a $0.32 annualized dividend and a yield of 0.98%. The ex-dividend date of this dividend is Thursday, June 14th. Devon Energy’s payout ratio is currently 9.06%.
Devon Energy declared that its Board of Directors has initiated a stock repurchase program on Wednesday, March 7th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the energy company to purchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.
In other Devon Energy news, EVP Lyndon C. Taylor sold 12,798 shares of the business’s stock in a transaction that occurred on Thursday, December 14th. The shares were sold at an average price of $38.29, for a total transaction of $490,035.42. Following the completion of the transaction, the executive vice president now directly owns 67,900 shares in the company, valued at $2,599,891. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.51% of the stock is owned by insiders.
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Devon Energy Company 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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