Stoneridge Investment Partners LLC boosted its position in shares of Devon Energy Corp. (NYSE:DVN) by 362.0% during the second quarter, Holdings Channel reports. The firm owned 56,968 shares of the energy company’s stock after buying an additional 44,636 shares during the period. Stoneridge Investment Partners LLC’s holdings in Devon Energy Corp. were worth $2,065,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. State Street Corp raised its stake in shares of Devon Energy Corp. by 31.8% in the first quarter. State Street Corp now owns 25,649,107 shares of the energy company’s stock worth $703,812,000 after buying an additional 6,194,903 shares during the period. BlackRock Institutional Trust Company N.A. raised its stake in shares of Devon Energy Corp. by 9.4% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 15,091,081 shares of the energy company’s stock worth $414,099,000 after buying an additional 1,300,977 shares during the period. BlackRock Fund Advisors raised its stake in shares of Devon Energy Corp. by 22.6% in the first quarter. BlackRock Fund Advisors now owns 6,814,718 shares of the energy company’s stock worth $186,996,000 after buying an additional 1,256,387 shares during the period. BlackRock Group LTD raised its stake in shares of Devon Energy Corp. by 16.6% in the first quarter. BlackRock Group LTD now owns 5,994,498 shares of the energy company’s stock worth $164,488,000 after buying an additional 852,066 shares during the period. Finally, Franklin Resources Inc. raised its stake in shares of Devon Energy Corp. by 34.1% in the first quarter. Franklin Resources Inc. now owns 4,828,371 shares of the energy company’s stock worth $132,492,000 after buying an additional 1,227,046 shares during the period. 75.62% of the stock is owned by institutional investors and hedge funds.

Shares of Devon Energy Corp. (NYSE:DVN) traded up 3.71% on Wednesday, reaching $42.17. The company had a trading volume of 4,746,622 shares. The firm’s market capitalization is $22.08 billion. Devon Energy Corp. has a 1-year low of $18.07 and a 1-year high of $48.68. The firm has a 50-day moving average price of $42.46 and a 200 day moving average price of $35.54.

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

The company also recently announced 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. The ex-dividend date is Tuesday, December 13th. This represents a $0.24 annualized dividend and a yield of 0.57%. Devon Energy Corp.’s payout ratio is currently -0.82%.

DVN has been the topic of a number of analyst reports. Scotiabank reiterated a “focus stock” rating and issued a $61.00 price target (up from $50.00) on shares of Devon Energy Corp. in a report on Monday, July 11th. Deutsche Bank AG reiterated a “buy” rating on shares of Devon Energy Corp. in a report on Sunday, July 17th. KLR Group downgraded Devon Energy Corp. from a “buy” rating to an “accumulate” rating and lifted their price target for the company from $41.00 to $44.00 in a report on Monday, July 18th. Credit Agricole SA initiated coverage on Devon Energy Corp. in a report on Wednesday, June 22nd. They issued an “outperform” rating on the stock. Finally, JPMorgan Chase & Co. reiterated a “buy” rating on shares of Devon Energy Corp. in a report on Wednesday, August 3rd. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty have given a buy rating and three have assigned a strong buy rating to the stock. Devon Energy Corp. presently has a consensus rating of “Buy” and a consensus target price of $42.09.

Devon Energy Corp. Company Profile

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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