Westchester Capital Management Inc. Boosts Position in Devon Energy Corporation (DVN)
Westchester Capital Management Inc. raised its position in shares of Devon Energy Corporation (NYSE:DVN) by 2.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 134,654 shares of the energy company’s stock after buying an additional 2,745 shares during the period. Devon Energy Corporation comprises approximately 2.0% of Westchester Capital Management Inc.’s portfolio, making the stock its 27th largest position. Westchester Capital Management Inc.’s holdings in Devon Energy Corporation were worth $4,305,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also bought and sold shares of DVN. 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 in the last quarter. 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 in the last quarter. State of Alaska Department of Revenue acquired a new position in Devon Energy Corporation during the first quarter worth about $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 in the last quarter. Finally, Global X Management Co. LLC increased its position in 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 worth $145,000 after buying an additional 503 shares in the last quarter. Institutional investors own 77.27% of the company’s stock.
Devon Energy Corporation (NYSE DVN) opened at 31.61 on Friday. Devon Energy Corporation has a 12-month low of $28.79 and a 12-month high of $50.69. The firm has a market capitalization of $16.61 billion, a price-to-earnings ratio of 7.15 and a beta of 2.17. 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 released its earnings results on Tuesday, August 1st. The energy company reported $0.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.01. Devon Energy Corporation had a net margin of 16.07% and a return on equity of 5.36%. The firm had revenue of $3.27 billion during the quarter, compared to the consensus estimate of $3.24 billion. During the same period in the previous year, the firm earned $0.06 earnings per share. Devon Energy Corporation’s revenue was up 31.6% compared to the same quarter last year. On average, equities analysts predict that Devon Energy Corporation will post $1.73 EPS 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 issued a $0.06 dividend. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $0.24 dividend on an annualized basis and a yield of 0.76%. Devon Energy Corporation’s payout ratio is 5.47%.
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A number of research analysts recently issued reports on the stock. BMO Capital Markets boosted their target price on shares of Devon Energy Corporation from $35.00 to $38.00 and gave the company an “outperform” rating in a research report on Friday, July 14th. Barclays PLC restated an “overweight” rating and set a $47.00 target price (down from $54.00) on shares of Devon Energy Corporation in a research report on Saturday, April 22nd. Seaport Global Securities downgraded shares of Devon Energy Corporation from a “buy” rating to a “neutral” rating and decreased their target price for the company from $51.00 to $28.00 in a research report on Wednesday, June 21st. Credit Suisse Group boosted their target price on shares of Devon Energy Corporation from $63.00 to $64.00 and gave the company an “outperform” rating in a research report on Thursday, May 4th. Finally, Scotiabank set a $57.00 target price on shares of Devon Energy Corporation and gave the company a “buy” rating in a research report on Tuesday, May 16th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $47.71.
In related news, Director Robert H. Henry sold 7,045 shares of the business’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $33.35, for a total value of $234,950.75. Following the completion of the sale, the director now directly owns 11,338 shares in the company, valued at $378,122.30. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.98% of the stock is currently owned by 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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