Devon Energy Corporation (DVN) Position Reduced by First Republic Investment Management Inc.
First Republic Investment Management Inc. cut its stake in Devon Energy Corporation (NYSE:DVN) by 12.3% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 538,035 shares of the energy company’s stock after selling 75,722 shares during the period. First Republic Investment Management Inc. owned 0.10% of Devon Energy worth $19,752,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in Devon Energy by 3.0% during the 2nd quarter. Vanguard Group Inc. now owns 44,823,163 shares of the energy company’s stock worth $1,432,998,000 after buying an additional 1,295,417 shares during the last quarter. State Street Corp increased its holdings in shares of Devon Energy by 1.0% during the 2nd quarter. State Street Corp now owns 27,673,118 shares of the energy company’s stock valued at $884,702,000 after purchasing an additional 265,179 shares in the last quarter. Standard Life Investments LTD increased its holdings in shares of Devon Energy by 1.3% during the 2nd quarter. Standard Life Investments LTD now owns 6,054,868 shares of the energy company’s stock valued at $193,604,000 after purchasing an additional 75,952 shares in the last quarter. Northern Trust Corp increased its holdings in shares of Devon Energy by 0.3% during the 2nd quarter. Northern Trust Corp now owns 5,955,294 shares of the energy company’s stock valued at $190,390,000 after purchasing an additional 18,861 shares in the last quarter. Finally, Victory Capital Management Inc. increased its holdings in shares of Devon Energy by 21.6% during the 3rd quarter. Victory Capital Management Inc. now owns 5,570,722 shares of the energy company’s stock valued at $204,501,000 after purchasing an additional 988,090 shares in the last quarter. Institutional investors own 77.64% of the company’s stock.
Several equities analysts have recently weighed in on the stock. Stifel Nicolaus reaffirmed a “buy” rating and set a $67.00 target price on shares of Devon Energy in a report on Sunday, September 3rd. Citigroup reaffirmed a “buy” rating and set a $44.00 target price on shares of Devon Energy in a report on Tuesday, November 28th. BMO Capital Markets set a $45.00 target price on shares of Devon Energy and gave the company a “buy” rating in a report on Tuesday, October 10th. BidaskClub lowered shares of Devon Energy from a “sell” rating to a “strong sell” rating in a report on Saturday, August 19th. Finally, Cowen reaffirmed a “buy” rating and set a $40.00 target price on shares of Devon Energy in a report on Thursday, September 28th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and fourteen have given a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $46.56.
Shares of Devon Energy Corporation (NYSE:DVN) opened at $37.15 on Friday. The company has a market cap of $19,362.00, a price-to-earnings ratio of 25.26, a P/E/G ratio of 1.16 and a beta of 2.21. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 0.87. Devon Energy Corporation has a 1-year low of $28.79 and a 1-year high of $50.69.
Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, October 31st. The energy company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.39 by $0.07. The company had revenue of $3.16 billion during the quarter, compared to analyst estimates of $3.13 billion. Devon Energy had a net margin of 11.62% and a return on equity of 6.88%. The firm’s revenue was up 9.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.89 EPS. analysts expect that Devon Energy Corporation will post 1.77 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, March 29th. Investors of record on Thursday, March 15th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.65%. The ex-dividend date of this dividend is Wednesday, March 14th. Devon Energy’s payout ratio is presently 8.19%.
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About Devon Energy
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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