Cornercap Investment Counsel Inc. lessened its holdings in Devon Energy Corp (NYSE:DVN) by 4.0% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 105,930 shares of the energy company’s stock after selling 4,395 shares during the period. Cornercap Investment Counsel Inc.’s holdings in Devon Energy were worth $4,386,000 at the end of the most recent reporting period.
Several other large investors have also modified their holdings of the company. Private Advisor Group LLC lifted its stake in shares of Devon Energy by 4.5% in the 3rd quarter. Private Advisor Group LLC now owns 29,484 shares of the energy company’s stock worth $1,059,000 after purchasing an additional 1,273 shares during the period. Ladenburg Thalmann Financial Services Inc. lifted its stake in shares of Devon Energy by 8.1% in the 3rd quarter. Ladenburg Thalmann Financial Services Inc. now owns 17,658 shares of the energy company’s stock worth $648,000 after purchasing an additional 1,329 shares during the period. Crossmark Global Holdings Inc. lifted its stake in shares of Devon Energy by 2.4% in the 4th quarter. Crossmark Global Holdings Inc. now owns 56,676 shares of the energy company’s stock worth $2,346,000 after purchasing an additional 1,344 shares during the period. Fernwood Investment Management LLC lifted its stake in shares of Devon Energy by 17.2% in the 3rd quarter. Fernwood Investment Management LLC now owns 9,200 shares of the energy company’s stock worth $338,000 after purchasing an additional 1,350 shares during the period. Finally, Intrust Bank NA lifted its stake in shares of Devon Energy by 15.9% in the 4th quarter. Intrust Bank NA now owns 10,573 shares of the energy company’s stock worth $438,000 after purchasing an additional 1,451 shares during the period. Hedge funds and other institutional investors own 82.22% of the company’s stock.
Shares of Devon Energy Corp (NYSE:DVN) opened at $31.96 on Friday. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 0.73. Devon Energy Corp has a fifty-two week low of $28.79 and a fifty-two week high of $45.16. The stock has a market cap of $16,814.15, a P/E ratio of 12.06, a price-to-earnings-growth ratio of 2.43 and a beta of 2.26.
Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, February 20th. The energy company reported $0.38 earnings per share for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.22). Devon Energy had a net margin of 10.04% and a return on equity of 6.92%. The business had revenue of $3.98 billion during the quarter, compared to analysts’ expectations of $3.58 billion. During the same period last year, the business posted $0.25 earnings per share. The company’s revenue for the quarter was up 41.8% compared to the same quarter last year. equities research analysts anticipate that Devon Energy Corp will post 1.88 earnings per share for the current year.
Devon Energy declared that its board has authorized a share repurchase plan on Wednesday, March 7th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the energy company to purchase shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 29th. Investors of record on Friday, June 15th will be issued a $0.08 dividend. The ex-dividend date is Thursday, June 14th. This is a positive change from Devon Energy’s previous quarterly dividend of $0.06. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.00%. Devon Energy’s dividend payout ratio (DPR) is 9.06%.
A number of equities research analysts have commented on DVN shares. Barclays restated a “buy” rating and set a $39.00 target price on shares of Devon Energy in a research note on Sunday, December 24th. Royal Bank of Canada set a $47.00 target price on shares of Devon Energy and gave the stock a “buy” rating in a research note on Wednesday, December 20th. Jefferies Group set a $46.00 target price on shares of Devon Energy and gave the stock a “buy” rating in a research note on Wednesday, December 20th. Seaport Global Securities upgraded shares of Devon Energy from a “neutral” rating to a “buy” rating in a research note on Tuesday, December 19th. Finally, Citigroup restated a “buy” rating and set a $44.00 target price on shares of Devon Energy in a research note on Tuesday, November 28th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. Devon Energy has an average rating of “Buy” and an average price target of $45.70.
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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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