Pioneer Investment Management Inc. Increases Position in Devon Energy Corporation (DVN)
Pioneer Investment Management Inc. boosted its stake in shares of Devon Energy Corporation (NYSE:DVN) by 96.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 395,314 shares of the energy company’s stock after buying an additional 194,496 shares during the period. Pioneer Investment Management Inc.’s holdings in Devon Energy Corporation were worth $12,638,000 as of its most recent filing with the SEC.
Other hedge funds have also recently modified their holdings of the company. Fifth Third Bancorp increased 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 in the last quarter. FTB Advisors Inc. increased 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 in the last quarter. State of Alaska Department of Revenue purchased a new stake in shares of Devon Energy Corporation during the first quarter valued at approximately $116,000. FUKOKU MUTUAL LIFE INSURANCE Co increased 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 in the last quarter. Finally, Financial Architects Inc increased its stake in shares of Devon Energy Corporation by 525.4% in the first quarter. Financial Architects Inc now owns 3,884 shares of the energy company’s stock valued at $162,000 after buying an additional 3,263 shares in the last quarter. Institutional investors own 77.27% of the company’s stock.
Shares of Devon Energy Corporation (NYSE:DVN) opened at 31.61 on Friday. The stock’s 50 day moving average is $31.79 and its 200-day moving average is $37.85. Devon Energy Corporation has a 12-month low of $28.79 and a 12-month high of $50.69. The company 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 earnings results on Tuesday, August 1st. The energy company reported $0.34 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.33 by $0.01. The company had revenue of $3.27 billion during the quarter, compared to analysts’ expectations of $3.24 billion. Devon Energy Corporation had a net margin of 16.07% and a return on equity of 5.36%. Devon Energy Corporation’s quarterly revenue was up 31.6% on a year-over-year basis. During the same period last year, the company posted $0.06 earnings per share. Analysts anticipate that Devon Energy Corporation will post $1.73 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be paid a dividend of $0.06 per share. The ex-dividend date is Thursday, September 14th. This represents a $0.24 annualized dividend and a yield of 0.76%. Devon Energy Corporation’s payout ratio is 5.47%.
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DVN has been the topic of several recent research reports. Barclays PLC reaffirmed an “overweight” rating and issued a $35.00 price target (up previously from $31.00) on shares of Devon Energy Corporation in a research report on Wednesday. Scotiabank set a $49.00 price target on shares of Devon Energy Corporation and gave the company a “buy” rating in a research report on Monday, July 31st. 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 target price 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 target price on the stock. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. Devon Energy Corporation currently 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 firm’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 transaction, the director now directly owns 11,338 shares of the company’s stock, valued at $378,122.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company 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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