Seven Eight Capital LP raised its position in Devon Energy Corporation (NYSE:DVN) by 196.9% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 158,767 shares of the energy company’s stock after purchasing an additional 105,300 shares during the period. Devon Energy Corporation comprises about 0.7% of Seven Eight Capital LP’s investment portfolio, making the stock its 26th largest position. Seven Eight Capital LP’s holdings in Devon Energy Corporation were worth $5,076,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in DVN. BlackRock Inc. lifted its holdings in Devon Energy Corporation by 3,279.8% in the 1st quarter. BlackRock Inc. now owns 46,398,296 shares of the energy company’s stock valued at $1,935,735,000 after purchasing an additional 45,025,477 shares in the last quarter. Janus Capital Management LLC lifted its holdings in Devon Energy Corporation by 408.1% in the 1st quarter. Janus Capital Management LLC now owns 2,572,931 shares of the energy company’s stock valued at $107,342,000 after purchasing an additional 2,066,530 shares in the last quarter. Prudential Financial Inc. lifted its holdings in Devon Energy Corporation by 66.7% in the 2nd quarter. Prudential Financial Inc. now owns 4,365,017 shares of the energy company’s stock valued at $139,549,000 after purchasing an additional 1,745,977 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in Devon Energy Corporation by 36.6% in the 1st quarter. Bank of New York Mellon Corp now owns 6,311,065 shares of the energy company’s stock valued at $263,297,000 after purchasing an additional 1,690,260 shares in the last quarter. Finally, Vanguard Group Inc. lifted its holdings in Devon Energy Corporation by 3.3% in the 1st quarter. Vanguard Group Inc. now owns 43,527,746 shares of the energy company’s stock valued at $1,815,977,000 after purchasing an additional 1,385,334 shares in the last quarter. Institutional investors own 77.00% of the company’s stock.
In related news, Director Robert H. Henry sold 7,045 shares of the business’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $33.35, for a total value of $234,950.75. Following the sale, the director now owns 11,338 shares of the company’s stock, valued at approximately $378,122.30. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.98% of the stock is owned by insiders.
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Shares of Devon Energy Corporation (NYSE:DVN) traded up 1.67% during midday trading on Tuesday, reaching $32.34. The company’s stock had a trading volume of 1,038,864 shares. The stock has a 50 day moving average price of $31.83 and a 200-day moving average price of $35.74. Devon Energy Corporation has a 52-week low of $28.79 and a 52-week high of $50.69. The company has a market capitalization of $17.00 billion, a price-to-earnings ratio of 7.32 and a beta of 2.18.
Devon Energy Corporation (NYSE:DVN) last announced its quarterly earnings results on Tuesday, August 1st. The energy company reported $0.34 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.33 by $0.01. The business had revenue of $3.27 billion for the quarter, compared to analyst estimates of $3.24 billion. Devon Energy Corporation had a return on equity of 5.36% and a net margin of 16.07%. Devon Energy Corporation’s quarterly revenue was up 31.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.06 EPS. Equities research analysts expect that Devon Energy Corporation will post $1.74 EPS for the current year.
A number of research firms have recently commented on DVN. Barclays PLC reaffirmed an “overweight” rating and set a $35.00 price objective (up previously from $31.00) on shares of Devon Energy Corporation in a research note on Wednesday, August 9th. Scotiabank set a $49.00 price objective on shares of Devon Energy Corporation and gave the company a “buy” rating in a research note on Saturday, July 1st. Cowen and Company reaffirmed a “buy” rating and set a $37.00 price objective on shares of Devon Energy Corporation in a research note on Tuesday, August 22nd. BidaskClub downgraded shares of Devon Energy Corporation from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 19th. Finally, Stifel Nicolaus reissued a “buy” rating and set a $67.00 target price on shares of Devon Energy Corporation in a research report on Sunday, September 3rd. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $46.27.
Devon Energy Corporation Company 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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