Exxonmobil Investment Management Inc. TX lessened its stake in shares of Devon Energy Corp (NYSE:DVN) by 13.0% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 83,559 shares of the energy company’s stock after selling 12,441 shares during the period. Exxonmobil Investment Management Inc. TX’s holdings in Devon Energy were worth $3,459,000 at the end of the most recent quarter.
Other institutional investors also recently bought and sold shares of the company. Gabelli Funds LLC raised its stake in Devon Energy by 3.2% in the third quarter. Gabelli Funds LLC now owns 483,500 shares of the energy company’s stock worth $17,749,000 after buying an additional 15,000 shares in the last quarter. Ninepoint Partners LP purchased a new position in Devon Energy in the third quarter worth $6,241,000. 3G Capital Partners LP purchased a new position in Devon Energy in the third quarter worth $14,684,000. TVR Capital Management LP grew its holdings in Devon Energy by 121.8% in the second quarter. TVR Capital Management LP now owns 240,000 shares of the energy company’s stock worth $7,673,000 after purchasing an additional 131,806 shares during the last quarter. Finally, BlueCrest Capital Management Ltd purchased a new position in Devon Energy in the second quarter worth $1,397,000. 77.63% of the stock is owned by hedge funds and other institutional investors.
Devon Energy Corp (NYSE:DVN) traded down $2.19 during mid-day trading on Friday, reaching $40.03. 5,810,164 shares of the company’s stock were exchanged, compared to its average volume of 4,600,000. The firm has a market cap of $21,040.00, a P/E ratio of 13.62, a price-to-earnings-growth ratio of 1.97 and a beta of 2.10. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.63 and a current ratio of 1.63. Devon Energy Corp has a 12 month low of $28.79 and a 12 month high of $47.25.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 29th. Shareholders of record on Thursday, March 15th will be issued 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 0.60%. Devon Energy’s payout ratio is 8.16%.
DVN has been the topic of several analyst reports. Cowen set a $40.00 price target on shares of Devon Energy and gave the company a “buy” rating in a report on Tuesday, October 31st. Stifel Nicolaus set a $68.00 price target on shares of Devon Energy and gave the company a “buy” rating in a report on Tuesday, January 30th. Credit Suisse Group set a $50.00 price target on shares of Devon Energy and gave the company a “buy” rating in a report on Tuesday, January 23rd. They noted that the move was a valuation call. Piper Jaffray Companies reiterated a “hold” rating and issued a $42.00 price objective on shares of Devon Energy in a research report on Tuesday, January 9th. Finally, Zacks Investment Research upgraded shares of Devon Energy from a “hold” rating to a “strong-buy” rating and set a $49.00 price objective for the company in a research report on Friday. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $47.59.
In other news, EVP Lyndon C. Taylor sold 12,798 shares of the stock in a transaction that occurred on Thursday, December 14th. The shares were sold at an average price of $38.29, for a total value of $490,035.42. Following the completion of the sale, the executive vice president now owns 67,900 shares of the company’s stock, valued at approximately $2,599,891. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.51% of the company’s stock.
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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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