Yousif Capital Management LLC increased its stake in Devon Energy Co. (NYSE:DVN – Get Rating) by 2.3% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 130,936 shares of the energy company’s stock after purchasing an additional 2,979 shares during the quarter. Yousif Capital Management LLC’s holdings in Devon Energy were worth $7,873,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in DVN. Canada Pension Plan Investment Board purchased a new stake in Devon Energy in the first quarter worth approximately $26,000. SJS Investment Consulting Inc. purchased a new stake in Devon Energy in the third quarter worth approximately $29,000. Financial Enhancement Group LLC purchased a new stake in Devon Energy in the third quarter worth approximately $29,000. Charter Oak Capital Management LLC purchased a new stake in Devon Energy in the second quarter worth approximately $30,000. Finally, Optimum Investment Advisors purchased a new stake in Devon Energy in the third quarter worth approximately $30,000. Hedge funds and other institutional investors own 78.08% of the company’s stock.
Analyst Ratings Changes
DVN has been the topic of several analyst reports. Wells Fargo & Company initiated coverage on shares of Devon Energy in a research note on Tuesday. They set an “equal weight” rating and a $70.00 price target on the stock. Piper Sandler dropped their price target on shares of Devon Energy from $98.00 to $96.00 and set an “overweight” rating on the stock in a research note on Friday, January 13th. StockNews.com cut shares of Devon Energy from a “hold” rating to a “sell” rating in a research note on Friday, November 4th. Raymond James lifted their price target on shares of Devon Energy from $83.00 to $87.00 and gave the stock a “strong-buy” rating in a research note on Monday, November 14th. Finally, Mizuho reiterated a “buy” rating and set a $82.00 price target (down previously from $86.00) on shares of Devon Energy in a research note on Tuesday, January 10th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $80.06.
Devon Energy Stock Performance
Devon Energy (NYSE:DVN – Get Rating) last announced its quarterly earnings results on Tuesday, November 1st. The energy company reported $2.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.13 by $0.05. The company had revenue of $5.43 billion for the quarter, compared to the consensus estimate of $4.91 billion. Devon Energy had a net margin of 33.01% and a return on equity of 53.17%. As a group, analysts anticipate that Devon Energy Co. will post 8.49 EPS for the current fiscal year.
Devon Energy Cuts Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, December 30th. Stockholders of record on Monday, December 12th were issued a $1.35 dividend. The ex-dividend date of this dividend was Friday, December 9th. This represents a $5.40 dividend on an annualized basis and a dividend yield of 8.44%. Devon Energy’s dividend payout ratio (DPR) is presently 7.56%.
Insider Transactions at Devon Energy
In related news, EVP Dennis C. Cameron sold 5,557 shares of Devon Energy stock in a transaction dated Wednesday, November 9th. The shares were sold at an average price of $70.48, for a total transaction of $391,657.36. Following the completion of the transaction, the executive vice president now directly owns 258,981 shares of the company’s stock, valued at approximately $18,252,980.88. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.80% of the company’s stock.
About Devon Energy
Devon Energy Corp. engages in the exploration, development, and production of oil and natural gas properties. It develops and operates Delaware Basin, Eagle Ford, Heavy Oil, Barnett Shale, STACK, and Rockies Oil. The company was founded by J. Larry Nichols and John W. Nichols in 1971 and is headquartered in Oklahoma City, OK.
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