Chevy Chase Trust Holdings Inc. increased its position in Devon Energy Corporation (NYSE:DVN) by 1.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 673,218 shares of the energy company’s stock after buying an additional 8,992 shares during the quarter. Chevy Chase Trust Holdings Inc. owned about 0.13% of Devon Energy worth $24,714,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Sun Life Financial INC raised its position in shares of Devon Energy by 32,058.3% in the 2nd 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 Devon Energy in the third quarter valued at about $134,000. Fiduciary Trust Co. purchased a new position in Devon Energy in the second quarter valued at about $144,000. Global X Management Co. LLC raised its position in Devon Energy by 12.5% in the second quarter. Global X Management Co. LLC now owns 4,539 shares of the energy company’s stock valued at $145,000 after purchasing an additional 503 shares during the period. Finally, FUKOKU MUTUAL LIFE INSURANCE Co raised its position in Devon Energy by 67.6% in 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 period. 77.64% of the stock is currently owned by institutional investors and hedge funds.
Several research analysts have commented on the company. Morgan Stanley raised their price objective on Devon Energy from $42.00 to $48.00 and gave the company an “overweight” rating in a research report on Wednesday, October 18th. Cowen reissued a “buy” rating and issued a $37.00 price objective on shares of Devon Energy in a research report on Tuesday, August 22nd. Jefferies Group reissued a “hold” rating and issued a $31.00 price objective (down from $35.00) on shares of Devon Energy in a research report on Tuesday, August 29th. Citigroup reissued a “buy” rating and issued a $44.00 price objective on shares of Devon Energy in a research report on Tuesday, November 28th. Finally, Piper Jaffray Companies reissued a “hold” rating and issued a $38.00 price objective on shares of Devon Energy in a research report on Friday, November 24th. Two analysts have rated the stock with a sell rating, five have given a hold rating and fourteen have given a buy rating to the company’s stock. Devon Energy presently has an average rating of “Buy” and a consensus price target of $46.56.
Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, October 31st. The energy company reported $0.46 EPS for the quarter, topping the Zacks’ consensus estimate of $0.39 by $0.07. The business had revenue of $3.16 billion during the quarter, compared to the consensus estimate of $3.13 billion. Devon Energy had a return on equity of 6.88% and a net margin of 11.62%. The company’s revenue for the quarter was up 9.5% compared to the same quarter last year. During the same period last year, the firm earned $1.89 earnings per share. analysts anticipate that Devon Energy Corporation will post 1.77 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, March 29th. Investors of record on Thursday, March 15th will be paid a $0.06 dividend. The ex-dividend date of this dividend is Wednesday, March 14th. This represents a $0.24 dividend on an annualized basis and a yield of 0.63%. Devon Energy’s dividend payout ratio (DPR) is 8.19%.
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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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