Dimensional Fund Advisors LP lowered its stake in Devon Energy Corp. (NYSE:DVN) by 23.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,577,000 shares of the energy company’s stock after selling 491,354 shares during the period. Dimensional Fund Advisors LP owned approximately 0.30% of Devon Energy Corp. worth $57,174,000 as of its most recent filing with the SEC.
A number of other large investors have also made changes to their positions in DVN. Ropes Wealth Advisors LLC increased its stake in shares of Devon Energy Corp. by 738.7% in the second quarter. Ropes Wealth Advisors LLC now owns 3,338 shares of the energy company’s stock valued at $121,000 after buying an additional 2,940 shares during the last quarter. Hall Laurie J Trustee boosted its position in Devon Energy Corp. by 13.7% in the second quarter. Hall Laurie J Trustee now owns 3,745 shares of the energy company’s stock valued at $141,000 after buying an additional 450 shares during the period. RS Investment Management Co. LLC purchased a new position in Devon Energy Corp. during the second quarter valued at approximately $144,000. Botty Investors LLC boosted its position in Devon Energy Corp. by 181.8% in the second quarter. Botty Investors LLC now owns 4,650 shares of the energy company’s stock valued at $169,000 after buying an additional 3,000 shares during the period. Finally, Hallmark Capital Management Inc. purchased a new position in Devon Energy Corp. during the second quarter valued at approximately $170,000. 75.62% of the stock is currently owned by hedge funds and other institutional investors.
Devon Energy Corp. (NYSE:DVN) traded up 2.59% on Wednesday, reaching $44.40. 2,047,191 shares of the company traded hands. The stock’s market capitalization is $23.25 billion. Devon Energy Corp. has a 52-week low of $18.07 and a 52-week high of $48.68. The firm has a 50 day moving average price of $42.89 and a 200 day moving average price of $36.73.
Devon Energy Corp. (NYSE:DVN) last issued its quarterly earnings results on Tuesday, August 2nd. The energy company reported $0.06 EPS for the quarter, topping the consensus estimate of ($0.19) by $0.25. Devon Energy Corp. had a negative net margin of 114.09% and a positive return on equity of 3.62%. The firm had revenue of $2.49 billion for the quarter, compared to analysts’ expectations of $2.29 million. During the same period in the previous year, the business earned $0.78 earnings per share. Devon Energy Corp.’s revenue for the quarter was down 26.7% compared to the same quarter last year. Equities research analysts predict that Devon Energy Corp. will post ($0.29) EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 30th. Shareholders of record on Thursday, December 15th will be given a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.55%. The ex-dividend date is Tuesday, December 13th. Devon Energy Corp.’s dividend payout ratio (DPR) is presently -0.82%.
Several research analysts have commented on the stock. Citigroup Inc. cut shares of Devon Energy Corp. from a “positive” rating to a “market perform” rating in a report on Tuesday, September 6th. They noted that the move was a valuation call. Raymond James Financial Inc. cut shares of Devon Energy Corp. from an “outperform” rating to a “market perform” rating and set a $45.84 price target for the company. in a report on Tuesday, September 6th. Zacks Investment Research cut shares of Devon Energy Corp. from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 6th. Argus boosted their price target on shares of Devon Energy Corp. from $51.00 to $61.00 and gave the stock a “buy” rating in a report on Tuesday, August 23rd. Finally, Vetr upgraded shares of Devon Energy Corp. from a “buy” rating to a “strong-buy” rating and set a $49.33 price target for the company in a report on Monday, September 12th. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty have given a buy rating and three have assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $42.09.
About Devon Energy Corp.
Devon Energy Corporation (Devon) is an independent energy company engaged in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs). The Company’s operations are concentrated in various North American onshore areas in the United States and Canada. The Company also produces over 1.6 billion cubic feet of natural gas a day and approximately 135 thousand barrels of NGLs per day.
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