Bridgewater Associates LP Purchases 310,222 Shares of Devon Energy Corporation (DVN)
Bridgewater Associates LP grew its position in shares of Devon Energy Corporation (NYSE:DVN) by 54.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 880,996 shares of the energy company’s stock after purchasing an additional 310,222 shares during the quarter. Devon Energy Corporation makes up 0.3% of Bridgewater Associates LP’s holdings, making the stock its 24th biggest holding. Bridgewater Associates LP owned approximately 0.17% of Devon Energy Corporation worth $28,165,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. Fifth Third Bancorp boosted its stake in shares of Devon Energy Corporation by 10.4% during the first quarter. Fifth Third Bancorp now owns 2,630 shares of the energy company’s stock valued at $110,000 after purchasing an additional 248 shares in the last quarter. State of Alaska Department of Revenue acquired a new stake in shares of Devon Energy Corporation during the first quarter valued at about $116,000. Fiduciary Trust Co. acquired a new stake in shares of Devon Energy Corporation during the second quarter valued at about $144,000. Global X Management Co. LLC boosted its stake in shares of Devon Energy Corporation by 12.5% during the second quarter. Global X Management Co. LLC now owns 4,539 shares of the energy company’s stock valued at $145,000 after purchasing an additional 503 shares in the last quarter. Finally, Exane Derivatives boosted its stake in shares of Devon Energy Corporation by 36.0% during the second quarter. Exane Derivatives now owns 5,650 shares of the energy company’s stock valued at $181,000 after purchasing an additional 1,497 shares in the last quarter. 77.00% of the stock is currently owned by hedge funds and other institutional investors.
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In other news, Director Robert H. Henry sold 7,045 shares of the firm’s 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 completion of the transaction, the director now owns 11,338 shares in the company, valued at approximately $378,122.30. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.98% of the company’s stock.
Devon Energy Corporation (NYSE DVN) traded up 3.45% during midday trading on Wednesday, hitting $33.28. The stock had a trading volume of 1,827,013 shares. The firm’s 50-day moving average price is $31.83 and its 200 day moving average price is $35.71. Devon Energy Corporation has a 12 month low of $28.79 and a 12 month high of $50.69. The company has a market cap of $17.49 billion, a P/E ratio of 7.53 and a beta of 2.18.
Devon Energy Corporation (NYSE:DVN) last released its earnings results on Tuesday, August 1st. The energy company reported $0.34 EPS for the quarter, beating the Zacks’ 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 return on equity of 5.36% and a net margin of 16.07%. The firm’s revenue for the quarter was up 31.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.06 EPS. On average, analysts expect that Devon Energy Corporation will post $1.74 earnings per share for the current fiscal year.
A number of brokerages have recently commented on DVN. Jefferies Group LLC reissued a “hold” rating and set a $38.00 price target on shares of Devon Energy Corporation in a research note on Wednesday, May 17th. Scotiabank set a $57.00 price target on Devon Energy Corporation and gave the company a “buy” rating in a research note on Tuesday, May 16th. Royal Bank Of Canada set a $53.00 price target on Devon Energy Corporation and gave the company a “buy” rating in a research note on Monday, May 29th. BidaskClub raised Devon Energy Corporation from a “strong sell” rating to a “sell” rating in a research note on Wednesday, June 14th. Finally, Barclays PLC reissued an “overweight” rating and set a $35.00 price target (up from $31.00) on shares of Devon Energy Corporation in a research note on Thursday, August 3rd. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $46.27.
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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