Peapack Gladstone Financial Corp grew its position in shares of Devon Energy (NYSE:DVN) by 17.4% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 49,824 shares of the energy company’s stock after purchasing an additional 7,398 shares during the period. Peapack Gladstone Financial Corp’s holdings in Devon Energy were worth $1,584,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Taylor Hoffman Wealth Management purchased a new stake in shares of Devon Energy during the fourth quarter valued at approximately $102,000. NuWave Investment Management LLC purchased a new stake in shares of Devon Energy during the fourth quarter valued at approximately $111,000. Penserra Capital Management LLC purchased a new stake in shares of Devon Energy during the first quarter valued at approximately $125,000. Advisory Services Network LLC raised its stake in shares of Devon Energy by 127.8% during the fourth quarter. Advisory Services Network LLC now owns 3,445 shares of the energy company’s stock valued at $143,000 after purchasing an additional 1,933 shares during the period. Finally, Icon Wealth Partners LLC purchased a new stake in shares of Devon Energy during the fourth quarter valued at approximately $144,000. Institutional investors own 83.23% of the company’s stock.
A number of research firms have recently issued reports on DVN. Sanford C. Bernstein reiterated a “hold” rating and set a $35.00 price objective (down previously from $47.00) on shares of Devon Energy in a research note on Thursday, February 22nd. JPMorgan Chase & Co. dropped their price objective on shares of Devon Energy from $47.00 to $42.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 14th. Howard Weil lowered shares of Devon Energy from a “focus stock” rating to a “sector outperform” rating in a research note on Thursday, April 12th. Stifel Nicolaus set a $68.00 price objective on shares of Devon Energy and gave the company a “buy” rating in a research note on Tuesday, April 24th. Finally, Susquehanna Bancshares reiterated a “positive” rating and set a $50.00 price objective (down previously from $53.00) on shares of Devon Energy in a research note on Wednesday, February 21st. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and eighteen have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $45.35.
Devon Energy stock opened at $41.69 on Friday. The firm has a market capitalization of $22.08 billion, a price-to-earnings ratio of 66.17, a price-to-earnings-growth ratio of 4.55 and a beta of 2.16. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.04 and a quick ratio of 1.04. Devon Energy has a 12 month low of $28.79 and a 12 month high of $45.16.
Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, May 1st. The energy company reported $0.20 EPS for the quarter, hitting analysts’ consensus estimates of $0.20. The firm had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $3.85 billion. Devon Energy had a net margin of 4.49% and a return on equity of 5.68%. The firm’s revenue was up 7.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.07 earnings per share. analysts anticipate that Devon Energy will post 1.33 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 29th. Shareholders of record on Friday, June 15th will be issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.77%. The ex-dividend date is Thursday, June 14th. This is an increase from Devon Energy’s previous quarterly dividend of $0.06. Devon Energy’s payout ratio is currently 38.10%.
Devon Energy declared that its board has approved a share repurchase program on Wednesday, March 7th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the energy company to reacquire shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its stock is undervalued.
Devon Energy Profile
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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