Cushing Asset Management LP reduced its position in Devon Energy (NYSE:DVN) by 8.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 93,120 shares of the energy company’s stock after selling 8,879 shares during the quarter. Cushing Asset Management LP’s holdings in Devon Energy were worth $3,855,000 at the end of the most recent reporting period.
Several other hedge funds have also recently bought and sold shares of the company. Nationwide Fund Advisors raised its position in Devon Energy by 3.2% in the third quarter. Nationwide Fund Advisors now owns 324,989 shares of the energy company’s stock worth $11,930,000 after acquiring an additional 9,993 shares in the last quarter. Raymond James Financial Services Advisors Inc. raised its position in Devon Energy by 17.0% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 67,106 shares of the energy company’s stock worth $2,464,000 after acquiring an additional 9,738 shares in the last quarter. Principal Financial Group Inc. raised its position in Devon Energy by 5.3% in the third quarter. Principal Financial Group Inc. now owns 1,135,391 shares of the energy company’s stock worth $41,680,000 after acquiring an additional 57,043 shares in the last quarter. Jennison Associates LLC raised its position in Devon Energy by 1.4% in the third quarter. Jennison Associates LLC now owns 893,093 shares of the energy company’s stock worth $32,785,000 after acquiring an additional 12,517 shares in the last quarter. Finally, Alps Advisors Inc. purchased a new position in Devon Energy in the third quarter worth $537,000. 82.20% of the stock is owned by institutional investors and hedge funds.
Shares of DVN stock opened at $31.45 on Friday. The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 0.73. Devon Energy has a 1 year low of $28.79 and a 1 year high of $45.16. The firm has a market cap of $16,477.45, a price-to-earnings ratio of 49.92, a price-to-earnings-growth ratio of 2.94 and a beta of 2.18.
Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, February 20th. The energy company reported $0.38 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.60 by ($0.22). The business had revenue of $3.98 billion for the quarter, compared to analyst estimates of $3.58 billion. Devon Energy had a return on equity of 6.92% and a net margin of 10.04%. The company’s revenue was up 41.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.25 EPS. equities analysts expect that Devon Energy will post 1.52 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 29th. Stockholders of record on Friday, June 15th will be issued a $0.08 dividend. This is a positive change from Devon Energy’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend is Thursday, June 14th. This represents a $0.32 annualized dividend and a dividend yield of 1.02%. Devon Energy’s dividend payout ratio is 38.10%.
Devon Energy announced that its Board of Directors has authorized a stock buyback plan on Wednesday, March 7th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the energy company to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.
A number of research analysts have recently weighed in on DVN shares. Royal Bank of Canada set a $43.00 price target on Devon Energy and gave the company a “buy” rating in a research report on Friday, February 23rd. Jefferies Group restated a “buy” rating and issued a $41.00 price target on shares of Devon Energy in a research report on Monday, March 19th. KLR Group cut Devon Energy from a “buy” rating to a “hold” rating and set a $49.00 price target for the company. in a research report on Tuesday, January 23rd. Wolfe Research upgraded Devon Energy from a “market perform” rating to an “outperform” rating in a research report on Tuesday, January 30th. Finally, BMO Capital Markets reiterated a “buy” rating and set a $50.00 price objective on shares of Devon Energy in a research report on Tuesday, February 27th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and seventeen have issued a buy rating to the stock. Devon Energy has an average rating of “Buy” and a consensus target price of $45.60.
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About Devon Energy
Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States and Canada. It operates approximately 14,600 gross wells. The company also offers gathering, transmission, processing, storage, fractionation, and marketing to upstream oil and natural gas producers; and owns natural gas pipelines, plants and treatment facilities.
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