Ashburton Jersey Ltd lessened its holdings in shares of Devon Energy (NYSE:DVN) by 51.5% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 31,500 shares of the energy company’s stock after selling 33,460 shares during the period. Ashburton Jersey Ltd’s holdings in Devon Energy were worth $1,304,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Private Advisor Group LLC raised its position in shares of Devon Energy by 4.5% during the 3rd quarter. Private Advisor Group LLC now owns 29,484 shares of the energy company’s stock worth $1,059,000 after acquiring an additional 1,273 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. increased its position in Devon Energy by 8.1% during the third quarter. Ladenburg Thalmann Financial Services Inc. now owns 17,658 shares of the energy company’s stock worth $648,000 after buying an additional 1,329 shares during the period. Crossmark Global Holdings Inc. increased its position in Devon Energy by 2.4% during the fourth quarter. Crossmark Global Holdings Inc. now owns 56,676 shares of the energy company’s stock worth $2,346,000 after buying an additional 1,344 shares during the period. Fernwood Investment Management LLC increased its position in Devon Energy by 17.2% during the third quarter. Fernwood Investment Management LLC now owns 9,200 shares of the energy company’s stock worth $338,000 after buying an additional 1,350 shares during the period. Finally, Intrust Bank NA increased its position in Devon Energy by 15.9% during the fourth quarter. Intrust Bank NA now owns 10,573 shares of the energy company’s stock worth $438,000 after buying an additional 1,451 shares during the period. 82.19% of the stock is currently owned by institutional investors and hedge funds.
DVN stock opened at $31.55 on Wednesday. Devon Energy has a 12 month low of $28.79 and a 12 month high of $45.16. The firm has a market capitalization of $16,814.15, a P/E ratio of 11.91, a price-to-earnings-growth ratio of 2.43 and a beta of 2.26. The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 0.73.
Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, February 20th. The energy company reported $0.38 earnings per share for the quarter, missing the consensus estimate of $0.60 by ($0.22). Devon Energy had a net margin of 10.04% and a return on equity of 6.92%. The company had revenue of $3.98 billion during the quarter, compared to analysts’ expectations of $3.58 billion. During the same quarter last year, the business posted $0.25 earnings per share. The company’s revenue for the quarter was up 41.8% compared to the same quarter last year. equities research analysts predict that Devon Energy will post 1.88 earnings per share for the current fiscal year.
Devon Energy declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, March 7th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the energy company to purchase shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Friday, June 29th. Shareholders of record on Friday, June 15th will be paid a $0.08 dividend. This is an increase from Devon Energy’s previous quarterly dividend of $0.06. This represents a $0.32 annualized dividend and a dividend yield of 1.01%. The ex-dividend date of this dividend is Thursday, June 14th. Devon Energy’s dividend payout ratio (DPR) is 9.06%.
DVN has been the topic of several research analyst reports. Stifel Nicolaus set a $68.00 price target on Devon Energy and gave the stock a “buy” rating in a research report on Tuesday, January 30th. Credit Suisse Group set a $50.00 price target on Devon Energy and gave the stock a “buy” rating in a research report on Tuesday, January 23rd. They noted that the move was a valuation call. Cowen set a $51.00 price target on Devon Energy and gave the stock a “buy” rating in a research report on Thursday, January 18th. Piper Jaffray Companies reaffirmed a “hold” rating and set a $42.00 price target on shares of Devon Energy in a research report on Tuesday, January 9th. Finally, KLR Group raised Devon Energy from a “hold” rating to a “buy” rating and set a $49.00 price target on the stock in a research report on Friday, February 23rd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and seventeen have issued a buy rating to the company. The company has an average rating of “Buy” and an average target price of $45.60.
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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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