Cornerstone Capital Management Holdings LLC. increased its holdings in Devon Energy Corporation (NYSE:DVN) by 2.7% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 413,687 shares of the energy company’s stock after purchasing an additional 10,697 shares during the period. Cornerstone Capital Management Holdings LLC. owned approximately 0.08% of Devon Energy worth $15,186,000 at the end of the most recent reporting period.
A number of other large investors have also modified their holdings of DVN. Sun Life Financial INC lifted its position in Devon Energy by 32,058.3% during the 2nd quarter. Sun Life Financial INC now owns 3,859 shares of the energy company’s stock worth $123,000 after acquiring an additional 3,847 shares during the last quarter. FNY Managed Accounts LLC acquired a new position in Devon Energy during the 3rd quarter worth $134,000. Fiduciary Trust Co. acquired a new position in Devon Energy during the 2nd quarter worth $144,000. Global X Management Co. LLC lifted its position in Devon Energy by 12.5% during the 2nd quarter. Global X Management Co. LLC now owns 4,539 shares of the energy company’s stock worth $145,000 after acquiring an additional 503 shares during the last quarter. Finally, FUKOKU MUTUAL LIFE INSURANCE Co lifted its position in Devon Energy by 67.6% during the 2nd quarter. FUKOKU MUTUAL LIFE INSURANCE Co now owns 5,700 shares of the energy company’s stock worth $182,000 after acquiring an additional 2,300 shares during the last quarter. Hedge funds and other institutional investors own 77.64% of the company’s stock.
Shares of Devon Energy Corporation (NYSE:DVN) opened at $38.05 on Monday. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.63 and a current ratio of 1.63. The firm has a market cap of $19,976.25, a PE ratio of 26.06, a price-to-earnings-growth ratio of 1.20 and a beta of 2.21. Devon Energy Corporation has a 52 week low of $28.79 and a 52 week high of $50.69.
Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, October 31st. The energy company reported $0.46 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.39 by $0.07. The firm had revenue of $3.16 billion for the quarter, compared to analysts’ expectations of $3.13 billion. Devon Energy had a net margin of 11.62% and a return on equity of 6.88%. The company’s quarterly revenue was up 9.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.89 earnings per share. sell-side analysts predict that Devon Energy Corporation will post 1.77 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 29th. Shareholders of record on Thursday, March 15th will be paid a dividend of $0.06 per share. The ex-dividend date of this dividend is Wednesday, March 14th. This represents a $0.24 annualized dividend and a yield of 0.63%. Devon Energy’s dividend payout ratio is 8.19%.
A number of research analysts have weighed in on the stock. Morgan Stanley boosted their target price on shares of Devon Energy from $42.00 to $48.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 18th. Cowen reissued a “buy” rating and set a $37.00 target price on shares of Devon Energy in a research report on Tuesday, August 22nd. Jefferies Group reaffirmed a “hold” rating and set a $31.00 price objective (down previously from $35.00) on shares of Devon Energy in a research report on Tuesday, August 29th. Citigroup reaffirmed a “buy” rating and set a $44.00 price objective on shares of Devon Energy in a research report on Tuesday, November 28th. Finally, Piper Jaffray Companies reaffirmed a “hold” rating and set a $38.00 price objective on shares of Devon Energy in a research report on Friday, November 24th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and fourteen have issued a buy rating to the stock. Devon Energy currently has an average rating of “Buy” and an average target price of $46.56.
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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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