Kanawha Capital Management LLC Boosts Position in Devon Energy Corp. (DVN)
Kanawha Capital Management LLC raised its stake in Devon Energy Corp. (NYSE:DVN) by 1.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 43,369 shares of the energy company’s stock after buying an additional 420 shares during the period. Kanawha Capital Management LLC’s holdings in Devon Energy Corp. were worth $1,572,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also bought and sold shares of DVN. Kornitzer Capital Management Inc. KS acquired a new position in Devon Energy Corp. during the second quarter valued at $610,000. Sumitomo Mitsui Trust Holdings Inc. boosted its position in Devon Energy Corp. by 6.1% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,484,748 shares of the energy company’s stock valued at $53,822,000 after buying an additional 85,052 shares in the last quarter. Ashburton Jersey Ltd boosted its position in Devon Energy Corp. by 74.6% in the second quarter. Ashburton Jersey Ltd now owns 55,450 shares of the energy company’s stock valued at $2,010,000 after buying an additional 23,700 shares in the last quarter. BP PLC acquired a new position in Devon Energy Corp. during the second quarter valued at $2,282,000. Finally, Sumitomo Mitsui Asset Management Company LTD boosted its position in Devon Energy Corp. by 2.0% in the second quarter. Sumitomo Mitsui Asset Management Company LTD now owns 35,520 shares of the energy company’s stock valued at $1,287,000 after buying an additional 703 shares in the last quarter. Hedge funds and other institutional investors own 75.61% of the company’s stock.
Shares of Devon Energy Corp. (NYSE:DVN) traded down 0.012% during trading on Tuesday, reaching $41.765. The company had a trading volume of 3,352,625 shares. Devon Energy Corp. has a 1-year low of $18.07 and a 1-year high of $48.68. The firm’s market capitalization is $21.87 billion. The firm has a 50-day moving average of $42.74 and a 200 day moving average of $37.75.
Devon Energy Corp. (NYSE:DVN) last posted its quarterly 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 business earned $2.49 billion during the quarter, compared to the consensus estimate of $2.29 million. Devon Energy Corp. had a negative net margin of 114.09% and a positive return on equity of 3.62%. The company’s quarterly revenue was down 26.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.78 earnings per share. Analysts expect that Devon Energy Corp. will post ($0.29) earnings per share for the current 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 paid a $0.06 dividend. The ex-dividend date of this dividend is Tuesday, December 13th. This represents a $0.24 annualized dividend and a dividend yield of 0.57%. Devon Energy Corp.’s dividend payout ratio (DPR) is -0.82%.
Several research analysts have recently weighed in on the company. Bank of America Corp. set a $64.00 price target on Devon Energy Corp. and gave the stock a “buy” rating in a research note on Monday, October 10th. Vetr raised Devon Energy Corp. from a “buy” rating to a “strong-buy” rating and set a $46.16 price objective for the company in a report on Tuesday, September 20th. Zacks Investment Research lowered Devon Energy Corp. from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 6th. Raymond James Financial Inc. lowered Devon Energy Corp. from an “outperform” rating to a “market perform” rating and set a $45.84 price objective for the company. in a report on Tuesday, September 6th. Finally, Citigroup Inc. lowered Devon Energy Corp. from a “positive” rating to a “market perform” rating in a report on Tuesday, September 6th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty have given a buy rating and three have issued a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $42.21.
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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