Nippon Life Global Investors Americas Inc. lowered its position in shares of Devon Energy Co. (NYSE:DVN – Get Rating) by 21.2% in the fourth quarter, HoldingsChannel.com reports. The firm owned 43,920 shares of the energy company’s stock after selling 11,840 shares during the quarter. Nippon Life Global Investors Americas Inc.’s holdings in Devon Energy were worth $1,935,000 as of its most recent SEC filing.
Several other hedge funds have also recently modified their holdings of the stock. Oppenheimer & Co. Inc. boosted its stake in Devon Energy by 58.2% in the fourth quarter. Oppenheimer & Co. Inc. now owns 74,961 shares of the energy company’s stock valued at $3,302,000 after acquiring an additional 27,575 shares in the last quarter. Cinctive Capital Management LP acquired a new position in Devon Energy in the third quarter valued at $5,359,000. Sowell Financial Services LLC acquired a new position in Devon Energy in the fourth quarter valued at $855,000. Teamwork Financial Advisors LLC boosted its stake in Devon Energy by 108.6% in the fourth quarter. Teamwork Financial Advisors LLC now owns 276,817 shares of the energy company’s stock valued at $12,194,000 after acquiring an additional 144,105 shares in the last quarter. Finally, Atria Investments LLC boosted its stake in Devon Energy by 7.8% in the fourth quarter. Atria Investments LLC now owns 45,377 shares of the energy company’s stock valued at $1,999,000 after acquiring an additional 3,285 shares in the last quarter. Hedge funds and other institutional investors own 87.01% of the company’s stock.
In related news, CFO Jeffrey L. Ritenour sold 55,000 shares of Devon Energy stock in a transaction on Friday, March 11th. The shares were sold at an average price of $58.35, for a total transaction of $3,209,250.00. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Dennis C. Cameron sold 8,626 shares of Devon Energy stock in a transaction on Tuesday, February 22nd. The stock was sold at an average price of $53.68, for a total transaction of $463,043.68. The disclosure for this sale can be found here. In the last quarter, insiders sold 192,880 shares of company stock worth $11,779,273. 0.59% of the stock is owned by company insiders.
NYSE DVN traded up $0.41 during mid-day trading on Friday, reaching $69.92. 12,971,566 shares of the stock were exchanged, compared to its average volume of 12,440,981. Devon Energy Co. has a 1-year low of $24.05 and a 1-year high of $73.18. The business’s fifty day simple moving average is $62.05 and its 200 day simple moving average is $52.95. The stock has a market capitalization of $46.15 billion, a PE ratio of 13.12 and a beta of 2.61. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.32 and a current ratio of 1.32.
Devon Energy (NYSE:DVN – Get Rating) last announced its earnings results on Monday, May 2nd. The energy company reported $1.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.74 by $0.14. Devon Energy had a net margin of 25.69% and a return on equity of 36.57%. The firm had revenue of $3.81 billion for the quarter, compared to analyst estimates of $4.02 billion. During the same quarter last year, the business earned $0.45 earnings per share. On average, analysts anticipate that Devon Energy Co. will post 8.46 EPS for the current year.
Devon Energy announced that its board has initiated a stock buyback program on Monday, May 2nd that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the energy company to buy up to 4.7% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Thursday, June 30th. Investors of record on Monday, June 13th will be given a dividend of $1.27 per share. The ex-dividend date of this dividend is Friday, June 10th. This represents a $5.08 dividend on an annualized basis and a yield of 7.27%. This is a positive change from Devon Energy’s previous quarterly dividend of $1.00. Devon Energy’s dividend payout ratio (DPR) is 75.05%.
Devon Energy Profile (Get Rating)
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. It operates approximately 5,134 gross wells. Devon Energy Corporation was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.
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