Devon Energy Corporation (DVN) Stake Lowered by Meeder Asset Management Inc.
Meeder Asset Management Inc. reduced its position in shares of Devon Energy Corporation (NYSE:DVN) by 74.5% during the second quarter, Holdings Channel reports. The institutional investor owned 27,038 shares of the energy company’s stock after selling 78,830 shares during the period. Meeder Asset Management Inc.’s holdings in Devon Energy Corporation were worth $864,000 at the end of the most recent reporting period.
A number of other hedge funds also recently modified their holdings of the stock. River & Mercantile Asset Management LLP bought a new stake in shares of Devon Energy Corporation during the fourth quarter worth $6,586,000. Lincluden Management Ltd. raised its stake in shares of Devon Energy Corporation by 14.3% in the fourth quarter. Lincluden Management Ltd. now owns 248,407 shares of the energy company’s stock worth $11,345,000 after buying an additional 31,017 shares in the last quarter. Quadrature Capital Ltd raised its stake in shares of Devon Energy Corporation by 77.9% in the fourth quarter. Quadrature Capital Ltd now owns 138,130 shares of the energy company’s stock worth $6,313,000 after buying an additional 60,498 shares in the last quarter. Wealthfront Inc. raised its stake in shares of Devon Energy Corporation by 5.1% in the fourth quarter. Wealthfront Inc. now owns 11,488 shares of the energy company’s stock worth $525,000 after buying an additional 558 shares in the last quarter. Finally, RMB Capital Management LLC bought a new stake in shares of Devon Energy Corporation during the fourth quarter worth $749,000. Hedge funds and other institutional investors own 77.09% of the company’s stock.
Shares of Devon Energy Corporation (DVN) opened at 31.35 on Tuesday. Devon Energy Corporation has a 1-year low of $28.79 and a 1-year high of $50.69. The firm has a 50-day moving average of $33.89 and a 200 day moving average of $40.97. The company has a market capitalization of $16.48 billion, a P/E ratio of 53.23 and a beta of 2.16.
Devon Energy Corporation (NYSE:DVN) last issued its quarterly earnings data on Tuesday, May 2nd. The energy company reported $0.41 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.40 by $0.01. Devon Energy Corporation had a net margin of 2.34% and a return on equity of 4.25%. The business had revenue of $3.55 billion during the quarter, compared to analyst estimates of $2.98 billion. On average, equities research analysts expect that Devon Energy Corporation will post $1.75 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be issued a $0.06 dividend. The ex-dividend date is Thursday, September 14th. This represents a $0.24 annualized dividend and a yield of 0.77%. Devon Energy Corporation’s dividend payout ratio (DPR) is presently 43.64%.
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A number of analysts have weighed in on DVN shares. BMO Capital Markets restated a “buy” rating and issued a $50.00 target price on shares of Devon Energy Corporation in a research report on Wednesday, March 22nd. Scotiabank set a $54.00 price target on shares of Devon Energy Corporation and gave the stock a “buy” rating in a report on Monday, March 27th. Credit Suisse Group reiterated a “buy” rating and set a $57.00 price target on shares of Devon Energy Corporation in a report on Friday, March 31st. Stifel Nicolaus assumed coverage on shares of Devon Energy Corporation in a report on Wednesday, April 12th. They set a “buy” rating and a $73.00 price target on the stock. They noted that the move was a valuation call. Finally, Barclays PLC reiterated an “overweight” rating and set a $47.00 price target (down previously from $54.00) on shares of Devon Energy Corporation in a report on Saturday, April 22nd. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $49.05.
In other Devon Energy Corporation news, Director Robert A. Mosbacher, Jr. sold 800 shares of the company’s stock in a transaction on Friday, April 21st. The shares were sold at an average price of $39.18, for a total value of $31,344.00. Following the completion of the transaction, the director now directly owns 23,308 shares in the company, valued at approximately $913,207.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.98% of the stock is currently owned by corporate insiders.
About Devon Energy Corporation
Devon Energy Corporation is an independent energy company. The Company also controls EnLink Midstream Partners, L.P. (EnLink). The Company’s segments include U.S., Canada and EnLink. The Company is engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs).
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