Standard Life Investments LTD Takes Position in Devon Energy Corp. (DVN)
Standard Life Investments LTD bought a new position in shares of Devon Energy Corp. (NYSE:DVN) during the second quarter, Holdings Channel reports. The institutional investor bought 1,271,568 shares of the energy company’s stock, valued at approximately $46,082,000.
A number of other hedge funds and other institutional investors have also bought and sold shares of DVN. State Street Corp increased its position in 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 in the last quarter. Renaissance Technologies LLC acquired a new position in Devon Energy Corp. during the first quarter worth about $45,597,000. American Century Companies Inc. increased its position in Devon Energy Corp. by 37.7% in the second quarter. American Century Companies Inc. now owns 5,387,071 shares of the energy company’s stock worth $195,281,000 after buying an additional 1,475,465 shares in the last quarter. BlackRock Institutional Trust Company N.A. increased its position in 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 in the last quarter. Finally, BlackRock Fund Advisors increased its position in 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 in the last quarter. Institutional investors own 75.62% of the company’s stock.
Devon Energy Corp. (NYSE:DVN) traded up 2.08% on Wednesday, hitting $44.18. 6,381,711 shares of the company were exchanged. The firm has a 50 day moving average of $42.94 and a 200-day moving average of $36.79. Devon Energy Corp. has a 52-week low of $18.07 and a 52-week high of $48.68. The stock’s market cap is $23.13 billion.
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 analysts’ consensus estimates of ($0.19) by $0.25. The firm had revenue of $2.49 billion for 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 was down 26.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.78 earnings per share. On average, equities analysts expect that Devon Energy Corp. will post ($0.29) earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 30th. Shareholders of record on Thursday, December 15th will be given a dividend of $0.06 per share. The ex-dividend date is Tuesday, December 13th. This represents a $0.24 dividend on an annualized basis and a yield of 0.54%. Devon Energy Corp.’s dividend payout ratio (DPR) is -0.82%.
A number of research analysts recently issued reports on DVN shares. Howard Weil upgraded shares of Devon Energy Corp. from a “sector outperform” rating to a “focus stock” rating and boosted their target price for the company from $50.00 to $61.00 in a research report on Monday, July 11th. Zacks Investment Research upgraded shares of Devon Energy Corp. from a “hold” rating to a “strong-buy” rating and set a $48.00 target price for the company in a research report on Tuesday, August 16th. Vetr cut 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 report on Tuesday, September 13th. Morgan Stanley reaffirmed an “overweight” rating on shares of Devon Energy Corp. in a report on Wednesday, June 29th. Finally, Deutsche Bank AG lifted their price objective on shares of Devon Energy Corp. from $41.00 to $45.00 and gave the company a “buy” rating in a report on Tuesday, July 5th. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. Devon Energy Corp. has a consensus rating of “Buy” and a consensus 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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