Devon Energy Corp (DVN) Shares Sold by Gamco Investors INC. ET AL
Gamco Investors INC. ET AL reduced its stake in shares of Devon Energy Corp (NYSE:DVN) by 3.4% during the 4th quarter, HoldingsChannel reports. The fund owned 139,200 shares of the energy company’s stock after selling 4,900 shares during the quarter. Gamco Investors INC. ET AL’s holdings in Devon Energy were worth $5,763,000 as of its most recent SEC filing.
A number of other large investors also recently made changes to their positions in the stock. Gabelli Funds LLC increased its stake in Devon Energy by 3.2% in the third quarter. Gabelli Funds LLC now owns 483,500 shares of the energy company’s stock valued at $17,749,000 after purchasing an additional 15,000 shares during the period. Ninepoint Partners LP acquired a new position in Devon Energy in the third quarter valued at $6,241,000. 3G Capital Partners LP acquired a new position in Devon Energy in the third quarter valued at $14,684,000. Halbert Hargrove Russell LLC acquired a new position in Devon Energy in the fourth quarter valued at $336,000. Finally, Bank of Montreal Can increased its stake in Devon Energy by 301.0% in the fourth quarter. Bank of Montreal Can now owns 744,419 shares of the energy company’s stock valued at $30,819,000 after purchasing an additional 558,772 shares during the period. Hedge funds and other institutional investors own 77.75% of the company’s stock.
In other news, EVP Lyndon C. Taylor sold 12,798 shares of the business’s stock in a transaction dated Thursday, December 14th. The shares were sold at an average price of $38.29, for a total transaction of $490,035.42. Following the transaction, the executive vice president now directly owns 67,900 shares in the company, valued at $2,599,891. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.51% of the company’s stock.
The company also recently declared a quarterly dividend, which will be paid on Thursday, March 29th. Stockholders of record on Thursday, March 15th will be paid a dividend of $0.06 per share. The ex-dividend date is Wednesday, March 14th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.69%. Devon Energy’s dividend payout ratio (DPR) is 8.16%.
A number of research firms have commented on DVN. KLR Group lowered shares of Devon Energy from a “buy” rating to a “hold” rating and set a $49.00 price objective on the stock. in a research note on Tuesday, January 23rd. Credit Suisse Group set a $50.00 price objective on shares of Devon Energy and gave the company a “buy” rating in a research note on Tuesday, January 23rd. They noted that the move was a valuation call. Morgan Stanley lifted their price objective on shares of Devon Energy from $48.00 to $54.00 and gave the company an “overweight” rating in a research note on Wednesday, January 24th. Stifel Nicolaus set a $68.00 price objective on shares of Devon Energy and gave the company a “buy” rating in a research note on Tuesday, January 30th. Finally, Piper Jaffray Companies restated a “hold” rating and issued a $42.00 price objective on shares of Devon Energy in a research note on Tuesday, January 9th. One analyst has rated the stock with a sell rating, five have issued a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the stock. Devon Energy presently has a consensus rating of “Buy” and a consensus price target of $47.72.
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Devon Energy 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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