Candriam Luxembourg S.C.A. Has $4.02 Million Position in Devon Energy Corp (DVN)
Candriam Luxembourg S.C.A. reduced its stake in shares of Devon Energy Corp (NYSE:DVN) by 65.9% in the 3rd quarter, Holdings Channel reports. The firm owned 100,620 shares of the energy company’s stock after selling 194,231 shares during the quarter. Candriam Luxembourg S.C.A.’s holdings in Devon Energy were worth $4,019,000 at the end of the most recent quarter.
A number of other institutional investors have also modified their holdings of the business. BlackRock Inc. grew its holdings in Devon Energy by 0.5% during the 2nd quarter. BlackRock Inc. now owns 48,631,367 shares of the energy company’s stock worth $2,137,835,000 after acquiring an additional 235,109 shares during the period. FMR LLC grew its holdings in Devon Energy by 11.1% during the 2nd quarter. FMR LLC now owns 11,782,553 shares of the energy company’s stock worth $517,962,000 after acquiring an additional 1,173,389 shares during the period. Diamond Hill Capital Management Inc. grew its holdings in Devon Energy by 16.7% during the 2nd quarter. Diamond Hill Capital Management Inc. now owns 9,201,696 shares of the energy company’s stock worth $404,507,000 after acquiring an additional 1,316,231 shares during the period. American Century Companies Inc. grew its holdings in Devon Energy by 2.5% during the 3rd quarter. American Century Companies Inc. now owns 5,069,461 shares of the energy company’s stock worth $202,474,000 after acquiring an additional 125,639 shares during the period. Finally, Dimensional Fund Advisors LP grew its holdings in Devon Energy by 4.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,669,095 shares of the energy company’s stock worth $161,278,000 after acquiring an additional 161,232 shares during the period. Hedge funds and other institutional investors own 86.64% of the company’s stock.
A number of analysts have weighed in on DVN shares. Jefferies Financial Group set a $52.00 price target on Devon Energy and gave the stock a “buy” rating in a report on Friday, August 10th. Royal Bank of Canada decreased their price target on Devon Energy from $58.00 to $56.00 and set a “buy” rating for the company in a report on Thursday, November 8th. Piper Jaffray Companies upgraded Devon Energy from a “neutral” rating to an “overweight” rating in a report on Thursday, September 27th. Morgan Stanley decreased their price target on Devon Energy from $45.00 to $44.00 and set a “hold” rating for the company in a report on Wednesday, September 26th. Finally, Stephens set a $52.00 price target on Devon Energy and gave the stock a “buy” rating in a report on Wednesday, July 25th. Seven research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company’s stock. Devon Energy currently has an average rating of “Buy” and an average price target of $49.65.
Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, November 6th. The energy company reported $0.63 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.42 by $0.21. The company had revenue of $2.58 billion during the quarter, compared to the consensus estimate of $2.61 billion. Devon Energy had a return on equity of 6.40% and a net margin of 16.62%. The firm’s revenue for the quarter was up 33.4% compared to the same quarter last year. During the same period last year, the business posted $0.46 EPS. On average, sell-side analysts forecast that Devon Energy Corp will post 1.55 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 28th. Shareholders of record on Friday, December 14th will be paid a dividend of $0.08 per share. The ex-dividend date is Thursday, December 13th. This represents a $0.32 dividend on an annualized basis and a yield of 1.08%. Devon Energy’s dividend payout ratio (DPR) is currently 50.79%.
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About Devon Energy
Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States and Canada. It operates approximately 14,600 gross wells. The company also offers gathering, transmission, processing, storage, fractionation, and marketing to upstream oil and natural gas producers; and owns natural gas pipelines, plants and treatment facilities.
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