Devon Energy Corporation (DVN) Shares Sold by State of New Jersey Common Pension Fund D
State of New Jersey Common Pension Fund D lowered its position in Devon Energy Corporation (NYSE:DVN) by 34.3% during the second quarter, Holdings Channel reports. The institutional investor owned 220,000 shares of the energy company’s stock after selling 115,000 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Devon Energy Corporation were worth $7,033,000 at the end of the most recent quarter.
A number of other large investors also recently modified their holdings of DVN. Investec Asset Management LTD raised its stake in shares of Devon Energy Corporation by 6.5% in the first quarter. Investec Asset Management LTD now owns 571,980 shares of the energy company’s stock worth $23,863,000 after buying an additional 35,008 shares in the last quarter. Shapiro Capital Management LLC raised its stake in shares of Devon Energy Corporation by 2.2% in the first quarter. Shapiro Capital Management LLC now owns 1,306,283 shares of the energy company’s stock worth $54,498,000 after buying an additional 28,695 shares in the last quarter. Teachers Advisors LLC raised its stake in shares of Devon Energy Corporation by 2.3% in the first quarter. Teachers Advisors LLC now owns 939,950 shares of the energy company’s stock worth $39,215,000 after buying an additional 20,850 shares in the last quarter. HGK Asset Management Inc. raised its stake in shares of Devon Energy Corporation by 7.0% in the first quarter. HGK Asset Management Inc. now owns 319,570 shares of the energy company’s stock worth $13,332,000 after buying an additional 20,970 shares in the last quarter. Finally, Karp Capital Management Corp bought a new stake in shares of Devon Energy Corporation during the first quarter worth approximately $6,649,000. 77.27% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Devon Energy Corporation (NYSE:DVN) opened at 31.61 on Friday. The firm’s 50-day moving average is $31.79 and its 200 day moving average is $37.85. Devon Energy Corporation has a one year low of $28.79 and a one year high of $50.69. The firm has a market capitalization of $16.61 billion, a P/E ratio of 7.15 and a beta of 2.17.
Devon Energy Corporation (NYSE:DVN) last posted its quarterly earnings results on Tuesday, August 1st. The energy company reported $0.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.01. The firm had revenue of $3.27 billion for the quarter, compared to analysts’ expectations of $3.24 billion. Devon Energy Corporation had a return on equity of 5.36% and a net margin of 16.07%. The company’s revenue for the quarter was up 31.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.06 EPS. Equities research analysts predict that Devon Energy Corporation will post $1.73 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.76%. The ex-dividend date of this dividend is Thursday, September 14th. Devon Energy Corporation’s payout ratio is 5.47%.
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DVN has been the topic of a number of research analyst reports. BidaskClub lowered shares of Devon Energy Corporation from a “sell” rating to a “strong sell” rating in a report on Saturday, June 24th. Citigroup Inc. reduced their target price on shares of Devon Energy Corporation from $52.00 to $40.00 and set a “buy” rating on the stock in a research note on Friday, July 21st. BMO Capital Markets reaffirmed a “buy” rating and issued a $45.00 target price on shares of Devon Energy Corporation in a research note on Wednesday, May 3rd. Royal Bank Of Canada set a $53.00 target price on shares of Devon Energy Corporation and gave the company a “buy” rating in a research note on Monday, May 29th. Finally, Barclays PLC reaffirmed an “overweight” rating and issued a $47.00 target price (down previously from $54.00) on shares of Devon Energy Corporation in a research note on Saturday, April 22nd. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $47.71.
In other Devon Energy Corporation news, Director Robert H. Henry sold 7,045 shares of the stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $33.35, for a total transaction of $234,950.75. Following the transaction, 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 through this link. 0.98% of the stock is currently owned by corporate insiders.
Devon Energy Corporation Company Profile
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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