Swiss National Bank Trims Holdings in Devon Energy Corp (DVN)
Swiss National Bank decreased its position in shares of Devon Energy Corp (NYSE:DVN) by 3.9% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 1,670,926 shares of the energy company’s stock after selling 67,500 shares during the quarter. Swiss National Bank’s holdings in Devon Energy were worth $66,737,000 at the end of the most recent quarter.
Other large investors have also recently bought and sold shares of the company. Jackson Grant Investment Advisers Inc. acquired a new position in shares of Devon Energy in the 2nd quarter valued at $112,000. Financial Architects Inc lifted its stake in shares of Devon Energy by 168.5% in the 2nd quarter. Financial Architects Inc now owns 2,709 shares of the energy company’s stock valued at $119,000 after purchasing an additional 1,700 shares during the period. SNS Financial Group LLC acquired a new position in shares of Devon Energy in the 2nd quarter valued at $201,000. Legacy Capital Partners Inc. acquired a new position in shares of Devon Energy in the 2nd quarter valued at $202,000. Finally, HM Payson & Co. acquired a new position in shares of Devon Energy in the 2nd quarter valued at $203,000. 86.64% of the stock is currently owned by hedge funds and other institutional investors.
A number of research analysts have recently weighed in on the company. Morgan Stanley cut their price target on Devon Energy from $44.00 to $39.00 and set a “hold” rating on the stock in a research note on Tuesday. Piper Jaffray Companies reissued a “buy” rating on shares of Devon Energy in a research note on Monday. Barclays cut their price target on Devon Energy from $43.00 to $42.00 and set a “buy” rating on the stock in a research note on Thursday, November 15th. Zacks Investment Research downgraded Devon Energy from a “buy” rating to a “hold” rating in a research note on Tuesday, November 13th. Finally, Royal Bank of Canada cut their price target on Devon Energy from $58.00 to $56.00 and set a “buy” rating on the stock in a research note on Thursday, November 8th. Seven research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $49.43.
Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, November 6th. The energy company reported $0.63 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.42 by $0.21. The firm had revenue of $2.58 billion during the quarter, compared to analysts’ expectations of $2.61 billion. Devon Energy had a return on equity of 6.40% and a net margin of 16.62%. The company’s revenue was up 33.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.46 EPS. As a group, sell-side analysts forecast that Devon Energy Corp will post 1.55 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 28th. Shareholders of record on Friday, December 14th will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 1.17%. The ex-dividend date is Thursday, December 13th. Devon Energy’s dividend payout ratio (DPR) is presently 50.79%.
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Devon Energy Company Profile
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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