Guggenheim Capital LLC lowered its stake in shares of Devon Energy Corp (NYSE:DVN) by 9.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,139,686 shares of the energy company’s stock after selling 113,401 shares during the period. Guggenheim Capital LLC owned approximately 0.22% of Devon Energy worth $47,184,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Smith Asset Management Group LP raised its holdings in shares of Devon Energy by 6.1% in the 4th quarter. Smith Asset Management Group LP now owns 269,375 shares of the energy company’s stock worth $11,208,000 after acquiring an additional 15,485 shares during the last quarter. TVR Capital Management LP raised its holdings in shares of Devon Energy by 81.1% in the 4th quarter. TVR Capital Management LP now owns 253,504 shares of the energy company’s stock worth $10,495,000 after acquiring an additional 113,504 shares during the last quarter. Synovus Financial Corp acquired a new stake in shares of Devon Energy in the 4th quarter worth about $1,911,000. Folger Hill Asset Management LP acquired a new stake in shares of Devon Energy in the 4th quarter worth about $1,656,000. Finally, Bank of Montreal Can raised its holdings in shares of Devon Energy by 301.0% in the 4th quarter. Bank of Montreal Can now owns 744,419 shares of the energy company’s stock worth $30,819,000 after acquiring an additional 558,772 shares during the last quarter. Hedge funds and other institutional investors own 82.22% of the company’s stock.
A number of equities research analysts recently weighed in on DVN shares. Barclays upped their target price on shares of Devon Energy from $35.00 to $38.00 and gave the stock an “overweight” rating in a report on Monday, November 20th. Piper Jaffray Companies restated a “hold” rating and issued a $38.00 target price on shares of Devon Energy in a report on Friday, November 24th. Scotiabank set a $50.00 target price on shares of Devon Energy and gave the stock a “buy” rating in a report on Saturday, November 25th. Citigroup restated a “buy” rating and issued a $44.00 target price on shares of Devon Energy in a report on Tuesday, November 28th. Finally, Credit Suisse Group began coverage on shares of Devon Energy in a research note on Monday, December 11th. They issued an “outperform” rating and a $43.00 price objective for the company. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $45.70.
Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, February 20th. The energy company reported $0.38 earnings per share for the quarter, missing the Zacks’ 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 company had revenue of $3.98 billion for the quarter, compared to the consensus estimate of $3.58 billion. During the same period in the prior year, the company earned $0.25 earnings per share. The firm’s revenue was up 41.8% on a year-over-year basis. sell-side analysts anticipate that Devon Energy Corp will post 1.88 earnings per share for the current fiscal year.
Devon Energy declared that its board has authorized a share buyback plan on Wednesday, March 7th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the energy company to repurchase shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Friday, June 29th. Stockholders 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 dividend on an annualized basis and a dividend yield of 1.00%. The ex-dividend date of this dividend is Thursday, June 14th. Devon Energy’s dividend payout ratio is currently 9.06%.
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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