Bridgewater Wealth & Financial Management LLC Buys 13,039 Shares of Devon Energy Corporation (DVN)
Bridgewater Wealth & Financial Management LLC increased its position in Devon Energy Corporation (NYSE:DVN) by 10.5% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 137,603 shares of the energy company’s stock after buying an additional 13,039 shares during the period. Devon Energy Corporation makes up 1.5% of Bridgewater Wealth & Financial Management LLC’s portfolio, making the stock its 26th largest position. Bridgewater Wealth & Financial Management LLC’s holdings in Devon Energy Corporation were worth $4,399,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently modified their holdings of the company. Washington Trust Bank boosted its stake in shares of Devon Energy Corporation by 48.6% in the first quarter. Washington Trust Bank now owns 4,700 shares of the energy company’s stock worth $196,000 after buying an additional 1,538 shares during the period. Reliance Trust Co. of Delaware boosted its stake in shares of Devon Energy Corporation by 96.5% in the first quarter. Reliance Trust Co. of Delaware now owns 11,313 shares of the energy company’s stock worth $472,000 after buying an additional 5,555 shares during the period. DnB Asset Management AS boosted its stake in shares of Devon Energy Corporation by 20.9% in the first quarter. DnB Asset Management AS now owns 51,575 shares of the energy company’s stock worth $2,152,000 after buying an additional 8,900 shares during the period. Nisa Investment Advisors LLC boosted its stake in shares of Devon Energy Corporation by 3.2% in the first quarter. Nisa Investment Advisors LLC now owns 101,879 shares of the energy company’s stock worth $4,250,000 after buying an additional 3,125 shares during the period. Finally, State of Alaska Department of Revenue bought a new stake in shares of Devon Energy Corporation during the first quarter worth about $116,000. 77.08% of the stock is currently owned by institutional investors and hedge funds.
Devon Energy Corporation (DVN) opened at 30.68 on Thursday. The company has a market capitalization of $16.13 billion, a price-to-earnings ratio of 6.94 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 stock’s 50 day moving average price is $31.82 and its 200 day moving average price is $37.45.
Devon Energy Corporation (NYSE:DVN) last announced its quarterly earnings data on Tuesday, August 1st. The energy company reported $0.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.01. Devon Energy Corporation had a return on equity of 5.36% and a net margin of 16.07%. The company had revenue of $3.27 billion for the quarter, compared to analysts’ expectations of $3.24 billion. During the same quarter in the prior 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. Equities research analysts anticipate that Devon Energy Corporation will post $1.75 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be paid a $0.06 dividend. The ex-dividend date is Thursday, September 14th. This represents a $0.24 annualized dividend and a yield of 0.78%. Devon Energy Corporation’s dividend payout ratio (DPR) is currently 5.47%.
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DVN has been the topic of a number of recent research reports. Barclays PLC reissued an “overweight” rating and set a $47.00 price objective (down previously from $54.00) on shares of Devon Energy Corporation in a report on Saturday, April 22nd. Royal Bank Of Canada set a $53.00 price objective on Devon Energy Corporation and gave the stock a “buy” rating in a report on Tuesday, April 25th. BMO Capital Markets reissued a “buy” rating and set a $45.00 price objective on shares of Devon Energy Corporation in a report on Wednesday, May 3rd. Credit Suisse Group increased their price objective on Devon Energy Corporation from $63.00 to $64.00 and gave the stock an “outperform” rating in a report on Thursday, May 4th. Finally, TheStreet raised Devon Energy Corporation from a “d+” rating to a “c” rating in a report on Tuesday, May 2nd. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. Devon Energy Corporation currently has an average rating of “Buy” and a consensus target price of $47.62.
In related 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 value of $234,950.75. Following the transaction, the director now owns 11,338 shares of the company’s stock, valued at $378,122.30. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.98% of the stock is owned by corporate insiders.
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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