Devon Energy Corporation (NYSE:DVN) Position Decreased by First Manhattan Co.
First Manhattan Co. reduced its position in shares of Devon Energy Corporation (NYSE:DVN) by 4.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 63,985 shares of the energy company’s stock after selling 3,120 shares during the period. First Manhattan Co.’s holdings in Devon Energy Corporation were worth $2,045,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Fifth Third Bancorp increased its position in Devon Energy Corporation by 10.4% in the first quarter. Fifth Third Bancorp now owns 2,630 shares of the energy company’s stock worth $110,000 after buying an additional 248 shares during the period. FTB Advisors Inc. increased its position in Devon Energy Corporation by 84.2% in the first quarter. FTB Advisors Inc. now owns 2,755 shares of the energy company’s stock worth $108,000 after buying an additional 1,259 shares during the period. State of Alaska Department of Revenue bought a new position in Devon Energy Corporation during the first quarter worth approximately $116,000. FUKOKU MUTUAL LIFE INSURANCE Co increased its position in Devon Energy Corporation by 88.9% in the first quarter. FUKOKU MUTUAL LIFE INSURANCE Co now owns 3,400 shares of the energy company’s stock worth $142,000 after buying an additional 1,600 shares during the period. Finally, Financial Architects Inc increased its position in Devon Energy Corporation by 525.4% in the first quarter. Financial Architects Inc now owns 3,884 shares of the energy company’s stock worth $162,000 after buying an additional 3,263 shares during the period. 77.22% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Devon Energy Corporation (NYSE:DVN) opened at 33.66 on Friday. Devon Energy Corporation has a 52 week low of $28.79 and a 52 week high of $50.69. The company has a 50 day moving average of $31.57 and a 200 day moving average of $38.48. The firm has a market cap of $17.71 billion, a PE ratio of 7.55 and a beta of 2.17.
Devon Energy Corporation (NYSE:DVN) last posted its quarterly earnings data on Tuesday, August 1st. The energy company reported $0.34 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.01. The business had revenue of $3.27 billion during the quarter, compared to the consensus estimate of $3.24 billion. Devon Energy Corporation had a net margin of 16.07% and a return on equity of 5.36%. The company’s quarterly revenue was up 31.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.06 earnings per share. On average, equities research analysts anticipate that Devon Energy Corporation will post $1.64 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.71%. The ex-dividend date is Thursday, September 14th. Devon Energy Corporation’s payout ratio is currently 5.47%.
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A number of research analysts recently commented on the stock. Scotiabank set a $49.00 target price on shares of Devon Energy Corporation and gave the company a “buy” rating in a research report on Monday, July 31st. Barclays PLC reissued an “overweight” rating and set a $35.00 price objective (up from $31.00) on shares of Devon Energy Corporation in a research report on Thursday. BidaskClub raised shares of Devon Energy Corporation from a “sell” rating to a “hold” rating in a research report on Wednesday, July 19th. Royal Bank Of Canada reissued a “buy” rating and set a $43.00 price objective on shares of Devon Energy Corporation in a research report on Thursday, July 20th. Finally, Piper Jaffray Companies assumed coverage on shares of Devon Energy Corporation in a research report on Monday, July 17th. They set a “neutral” rating and a $48.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $47.71.
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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