Bourgeon Capital Management LLC Has $677,000 Stake in Devon Energy Corporation (NYSE:DVN)
Bourgeon Capital Management LLC raised its stake in Devon Energy Corporation (NYSE:DVN) by 23.5% during the second quarter, Holdings Channel reports. The firm owned 21,175 shares of the energy company’s stock after buying an additional 4,025 shares during the period. Bourgeon Capital Management LLC’s holdings in Devon Energy Corporation were worth $677,000 as of its most recent SEC filing.
A number of other large investors have also modified their holdings of the company. FTB Advisors Inc. boosted its stake in shares of Devon Energy Corporation by 84.2% in the first quarter. FTB Advisors Inc. now owns 2,755 shares of the energy company’s stock valued at $108,000 after buying an additional 1,259 shares during the period. Fifth Third Bancorp boosted its stake in shares of Devon Energy Corporation by 10.4% in the first quarter. Fifth Third Bancorp now owns 2,630 shares of the energy company’s stock valued at $110,000 after buying an additional 248 shares during the period. State of Alaska Department of Revenue acquired a new stake in shares of Devon Energy Corporation during the first quarter valued at approximately $116,000. FUKOKU MUTUAL LIFE INSURANCE Co boosted its stake in shares of 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 valued at $142,000 after buying an additional 1,600 shares during the period. Finally, Global X Management Co. LLC boosted its stake in shares of Devon Energy Corporation by 12.5% in the second quarter. Global X Management Co. LLC now owns 4,539 shares of the energy company’s stock valued at $145,000 after buying an additional 503 shares during the period. 77.27% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Devon Energy Corporation (DVN) opened at 31.61 on Friday. The company has a market cap of $16.61 billion, a P/E ratio of 7.15 and a beta of 2.17. Devon Energy Corporation has a 12-month low of $28.79 and a 12-month high of $50.69. The firm has a 50-day moving average of $31.79 and a 200-day moving average of $37.85.
Devon Energy Corporation (NYSE:DVN) last announced its quarterly earnings data on Tuesday, August 1st. The energy company reported $0.34 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.33 by $0.01. The firm had revenue of $3.27 billion during the quarter, compared to analyst estimates of $3.24 billion. Devon Energy Corporation had a net margin of 16.07% and a return on equity of 5.36%. The business’s quarterly revenue was up 31.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.06 EPS. Analysts predict that Devon Energy Corporation will post $1.73 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be issued a dividend of $0.06 per share. The ex-dividend date is Thursday, September 14th. This represents a $0.24 dividend on an annualized basis and a yield of 0.76%. Devon Energy Corporation’s dividend payout ratio is currently 5.47%.
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Several equities research analysts have commented on the stock. BMO Capital Markets boosted their price target on shares of Devon Energy Corporation from $35.00 to $38.00 and gave the stock an “outperform” rating in a research report on Friday, July 14th. Barclays PLC reissued an “overweight” rating and set a $47.00 price target (down from $54.00) on shares of Devon Energy Corporation in a research report on Saturday, April 22nd. Seaport Global Securities cut shares of Devon Energy Corporation from a “buy” rating to a “neutral” rating and cut their price target for the stock from $51.00 to $28.00 in a research report on Wednesday, June 21st. Credit Suisse Group boosted their price target on shares of Devon Energy Corporation from $63.00 to $64.00 and gave the stock an “outperform” rating in a research report on Thursday, May 4th. Finally, Scotiabank set a $57.00 price target on shares of Devon Energy Corporation and gave the stock a “buy” rating in a research report on Tuesday, May 16th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. Devon Energy Corporation has an average rating of “Buy” and a consensus target price of $47.71.
In related news, Director Robert H. Henry sold 7,045 shares of the company’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $33.35, for a total transaction of $234,950.75. Following the completion of the sale, the director now directly owns 11,338 shares in the company, valued at approximately $378,122.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.98% of the company’s stock.
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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