Orca Investment Management LLC reduced its position in shares of Devon Energy Corp. (NYSE:DVN) by 1.6% during the second quarter, Holdings Channel reports. The firm owned 78,227 shares of the energy company’s stock after selling 1,288 shares during the period. Devon Energy Corp. accounts for approximately 2.8% of Orca Investment Management LLC’s holdings, making the stock its 10th largest position. Orca Investment Management LLC’s holdings in Devon Energy Corp. were worth $2,836,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of DVN. Geode Capital Management LLC increased its stake in shares of Devon Energy Corp. by 29.0% in the first quarter. Geode Capital Management LLC now owns 4,016,066 shares of the energy company’s stock worth $109,975,000 after buying an additional 902,528 shares in the last quarter. Guinness Asset Management Ltd increased its stake in shares of Devon Energy Corp. by 0.7% in the second quarter. Guinness Asset Management Ltd now owns 307,076 shares of the energy company’s stock worth $11,132,000 after buying an additional 2,000 shares in the last quarter. Wellington Management Group LLP increased its stake in shares of Devon Energy Corp. by 53.3% in the first quarter. Wellington Management Group LLP now owns 1,770,278 shares of the energy company’s stock worth $48,576,000 after buying an additional 615,396 shares in the last quarter. Springbok Capital Management LLC increased its stake in shares of Devon Energy Corp. by 3,416.2% in the first quarter. Springbok Capital Management LLC now owns 13,713 shares of the energy company’s stock worth $376,000 after buying an additional 13,323 shares in the last quarter. Finally, Renaissance Technologies LLC acquired a new stake in shares of Devon Energy Corp. during the first quarter worth $45,597,000. Institutional investors and hedge funds own 75.66% of the company’s stock.

Devon Energy Corp. (NYSE:DVN) traded down 0.47% on Tuesday, reaching $40.66. 3,887,544 shares of the company were exchanged. The firm’s market capitalization is $21.29 billion. Devon Energy Corp. has a 12-month low of $18.07 and a 12-month high of $48.68. The stock has a 50 day moving average of $42.29 and a 200 day moving average of $35.49.

Devon Energy Corp. (NYSE:DVN) last announced its quarterly earnings results on Tuesday, August 2nd. The energy company reported $0.06 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.19) by $0.25. Devon Energy Corp. had a negative net margin of 114.09% and a positive return on equity of 3.62%. The firm had revenue of $2.49 billion for the quarter, compared to analyst estimates of $2.29 million. During the same quarter in the previous year, the firm posted $0.78 earnings per share. The business’s revenue was down 26.7% on a year-over-year basis. Equities analysts anticipate that Devon Energy Corp. will post ($0.28) EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, December 30th. Shareholders of record on Thursday, December 15th will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.59%. The ex-dividend date is Tuesday, December 13th. Devon Energy Corp.’s payout ratio is currently -0.82%.

DVN has been the subject of a number of recent research reports. Howard Weil raised shares of Devon Energy Corp. from a “sector outperform” rating to a “focus stock” rating and boosted their price objective for the company from $50.00 to $61.00 in a research report on Monday, July 11th. Zacks Investment Research raised shares of Devon Energy Corp. from a “hold” rating to a “strong-buy” rating and set a $48.00 price objective for the company in a research report on Tuesday, August 16th. Vetr downgraded shares of Devon Energy Corp. from a “strong-buy” rating to a “buy” rating and set a $45.44 price objective for the company. in a research report on Tuesday, September 13th. Morgan Stanley reaffirmed an “overweight” rating on shares of Devon Energy Corp. in a research report on Wednesday, June 29th. Finally, Bank of America Corp. reaffirmed a “buy” rating and set a $60.00 price objective (up previously from $56.00) on shares of Devon Energy Corp. in a research report on Tuesday, August 16th. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty have issued a buy rating and three have issued a strong buy rating to the stock. Devon Energy Corp. has an average rating of “Buy” and an average price target of $42.09.

About Devon Energy Corp.

Devon Energy Corporation (Devon) is an independent energy company engaged in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs). The Company’s operations are concentrated in various North American onshore areas in the United States and Canada. The Company also produces over 1.6 billion cubic feet of natural gas a day and approximately 135 thousand barrels of NGLs per day.

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