Texas Permanent School Fund cut its stake in Devon Energy Corp (NYSE:DVN) by 6.0% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 75,292 shares of the energy company’s stock after selling 4,779 shares during the quarter. Texas Permanent School Fund’s holdings in Devon Energy were worth $1,812,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently modified their holdings of the company. River & Mercantile Asset Management LLP raised its holdings in Devon Energy by 26.1% in the 2nd quarter. River & Mercantile Asset Management LLP now owns 309,006 shares of the energy company’s stock worth $8,811,000 after purchasing an additional 63,989 shares in the last quarter. Pratt Collard Advisory Partners LLC raised its holdings in Devon Energy by 5.6% in the 2nd quarter. Pratt Collard Advisory Partners LLC now owns 28,542 shares of the energy company’s stock worth $814,000 after purchasing an additional 1,515 shares in the last quarter. TD Asset Management Inc. raised its holdings in Devon Energy by 74.6% in the 2nd quarter. TD Asset Management Inc. now owns 232,174 shares of the energy company’s stock worth $6,622,000 after purchasing an additional 99,237 shares in the last quarter. LPL Financial LLC raised its holdings in Devon Energy by 12.8% in the 2nd quarter. LPL Financial LLC now owns 85,184 shares of the energy company’s stock worth $2,429,000 after purchasing an additional 9,651 shares in the last quarter. Finally, Advisory Services Network LLC raised its holdings in Devon Energy by 43.1% in the 2nd 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 in the last quarter. Institutional investors and hedge funds own 85.88% of the company’s stock.
In related news, CAO Jeremy D. Humphers sold 1,500 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were 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 of the company’s stock, valued at approximately $920,008.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.63% of the company’s stock.
Several brokerages have commented on DVN. Citigroup decreased their price objective on shares of Devon Energy from $36.00 to $31.00 and set a “buy” rating for the company in a report on Monday, September 23rd. Morgan Stanley decreased their price objective on shares of Devon Energy from $30.00 to $27.00 and set an “equal weight” rating for the company in a report on Friday, October 4th. Guggenheim set a $35.00 price objective on shares of Devon Energy and gave the stock a “buy” rating in a report on Wednesday, August 21st. Goldman Sachs Group restated a “sell” rating and issued a $25.50 price objective on shares of Devon Energy in a report on Tuesday, July 23rd. Finally, Mitsubishi UFJ Financial Group upped their price objective on shares of Devon Energy to $36.00 and gave the stock a “neutral” rating in a report on Thursday, August 8th. Two 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’s stock. Devon Energy currently has an average rating of “Hold” and an average target price of $36.19.
Shares of Devon Energy stock opened at $22.91 on Friday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.49 and a quick ratio of 1.49. The company has a 50-day moving average of $22.20 and a 200 day moving average of $25.68. The firm 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. Devon Energy Corp has a 1 year low of $19.72 and a 1 year high of $35.39.
Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, November 5th. The energy company reported $0.29 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.19 by $0.10. The company had revenue of $1.85 billion during the quarter, compared to analyst estimates of $1.57 billion. Devon Energy had a net margin of 16.00% and a return on equity of 6.08%. During the same period last year, the business earned $0.63 EPS. On average, equities analysts anticipate that Devon Energy Corp will post 1.27 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 13th will be given a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a yield of 1.57%. The ex-dividend date is Thursday, December 12th. Devon Energy’s dividend payout ratio (DPR) is 27.91%.
About Devon Energy
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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