State Street Corp Acquires 888,426 Shares of Devon Energy Corporation (DVN)
State Street Corp raised its stake in Devon Energy Corporation (NYSE:DVN) by 3.3% during the fourth quarter, Holdings Channel reports. The firm owned 27,743,193 shares of the energy company’s stock after buying an additional 888,426 shares during the period. State Street Corp owned approximately 0.05% of Devon Energy Corporation worth $1,267,033,000 as of its most recent filing with the SEC.
Several other hedge funds have also added to or reduced their stakes in DVN. IFP Advisors Inc increased its stake in Devon Energy Corporation by 20.8% in the second quarter. IFP Advisors Inc now owns 2,806 shares of the energy company’s stock valued at $102,000 after buying an additional 483 shares during the period. Spirit of America Management Corp NY acquired a new stake in Devon Energy Corporation during the third quarter valued at $132,000. Catalyst Capital Advisors LLC acquired a new stake in Devon Energy Corporation during the third quarter valued at $136,000. Tuttle Tactical Management LLC acquired a new stake in Devon Energy Corporation during the third quarter valued at $149,000. Finally, Hall Laurie J Trustee acquired a new stake in Devon Energy Corporation during the fourth quarter valued at $182,000. Institutional investors and hedge funds own 77.18% of the company’s stock.
Shares of Devon Energy Corporation (NYSE:DVN) opened at 44.11 on Friday. The stock’s market cap is $23.07 billion. Devon Energy Corporation has a 52 week low of $18.07 and a 52 week high of $50.69. The stock’s 50 day moving average price is $46.08 and its 200-day moving average price is $43.91.
Devon Energy Corporation (NYSE:DVN) last announced its quarterly earnings results on Tuesday, February 14th. The energy company reported $0.25 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.21 by $0.04. Devon Energy Corporation had a positive return on equity of 1.48% and a negative net margin of 69.59%. The business had revenue of $2.81 billion for the quarter, compared to analyst estimates of $2.79 billion. During the same quarter in the prior year, the company posted $0.77 EPS. The company’s quarterly revenue was down 2.7% on a year-over-year basis. Equities analysts anticipate that Devon Energy Corporation will post $1.71 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, March 31st. Investors of record on Wednesday, March 15th will be paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.54%. The ex-dividend date is Monday, March 13th. Devon Energy Corporation’s payout ratio is -1.28%.
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Several research firms have recently weighed in on DVN. Seaport Global Securities upgraded Devon Energy Corporation from a “neutral” rating to a “buy” rating in a research report on Friday, December 9th. Barclays PLC lifted their target price on Devon Energy Corporation from $48.00 to $54.00 and gave the stock an “overweight” rating in a research report on Thursday, January 26th. KLR Group lifted their target price on Devon Energy Corporation from $53.00 to $62.00 and gave the stock a “buy” rating in a research report on Wednesday. Zacks Investment Research downgraded Devon Energy Corporation from a “buy” rating to a “hold” rating in a research report on Monday, January 16th. Finally, RBC Capital Markets reiterated a “buy” rating and set a $54.00 target price on shares of Devon Energy Corporation in a research report on Tuesday, January 3rd. Thirteen investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and three have assigned a strong buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $46.13.
About Devon Energy Corporation
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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