Financial Counselors Inc. increased its holdings in shares of Devon Energy Corporation (NYSE:DVN) by 7.3% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 41,886 shares of the energy company’s stock after buying an additional 2,838 shares during the quarter. Financial Counselors Inc.’s holdings in Devon Energy were worth $1,538,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. Point View Wealth Management Inc. increased its holdings in Devon Energy by 1.2% in the 2nd quarter. Point View Wealth Management Inc. now owns 8,334 shares of the energy company’s stock worth $266,000 after purchasing an additional 95 shares in the last quarter. Wedbush Securities Inc. increased its holdings in Devon Energy by 1.1% in the 2nd quarter. Wedbush Securities Inc. now owns 9,286 shares of the energy company’s stock worth $297,000 after purchasing an additional 99 shares in the last quarter. Cullen Frost Bankers Inc. increased its holdings in Devon Energy by 3.5% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 6,491 shares of the energy company’s stock worth $208,000 after purchasing an additional 222 shares in the last quarter. Sterneck Capital Management LLC increased its holdings in Devon Energy by 4.5% in the 2nd quarter. Sterneck Capital Management LLC now owns 6,518 shares of the energy company’s stock worth $208,000 after purchasing an additional 283 shares in the last quarter. Finally, Nippon Life Insurance Co. increased its holdings in Devon Energy by 1.2% in the 2nd quarter. Nippon Life Insurance Co. now owns 25,656 shares of the energy company’s stock worth $820,000 after purchasing an additional 307 shares in the last quarter. Institutional investors and hedge funds own 77.64% of the company’s stock.
A number of brokerages have issued reports on DVN. Barclays reaffirmed an “overweight” rating and issued a $35.00 target price (up previously from $31.00) on shares of Devon Energy in a report on Wednesday, August 9th. Citigroup reaffirmed a “buy” rating and issued a $44.00 target price on shares of Devon Energy in a report on Tuesday, November 28th. Cowen reaffirmed a “buy” rating and issued a $40.00 target price on shares of Devon Energy in a report on Thursday, September 28th. Scotiabank set a $50.00 target price on Devon Energy and gave the stock a “buy” rating in a report on Saturday, November 25th. Finally, BMO Capital Markets set a $45.00 target price on Devon Energy and gave the stock a “buy” rating in a report on Tuesday, October 10th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and fourteen have issued a buy rating to the company. Devon Energy has an average rating of “Buy” and a consensus price target of $46.56.
Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, October 31st. The energy company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.07. The company had revenue of $3.16 billion during the quarter, compared to analysts’ expectations of $3.13 billion. Devon Energy had a return on equity of 6.88% and a net margin of 11.62%. The business’s quarterly revenue was up 9.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.89 earnings per share. sell-side analysts expect that Devon Energy Corporation will post 1.77 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, March 29th. Stockholders of record on Thursday, March 15th will be paid a $0.06 dividend. The ex-dividend date is Wednesday, March 14th. This represents a $0.24 annualized dividend and a dividend yield of 0.63%. Devon Energy’s payout ratio is 8.19%.
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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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