Commonwealth Bank of Australia boosted its holdings in Devon Energy Corp (NYSE:DVN) by 18.1% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 68,467 shares of the energy company’s stock after purchasing an additional 10,500 shares during the quarter. Commonwealth Bank of Australia’s holdings in Devon Energy were worth $2,728,000 at the end of the most recent reporting period.
A number of other institutional investors have also modified their holdings of DVN. Xact Kapitalforvaltning AB grew its stake in Devon Energy by 10.7% during the 2nd quarter. Xact Kapitalforvaltning AB now owns 58,934 shares of the energy company’s stock worth $2,591,000 after purchasing an additional 5,713 shares in the last quarter. Cornerstone Wealth Management LLC acquired a new position in Devon Energy during the 2nd quarter worth $1,288,000. Creative Planning grew its stake in Devon Energy by 21.8% during the 2nd quarter. Creative Planning now owns 25,601 shares of the energy company’s stock worth $1,125,000 after purchasing an additional 4,589 shares in the last quarter. Private Asset Management Inc. grew its stake in Devon Energy by 4.4% during the 2nd quarter. Private Asset Management Inc. now owns 49,460 shares of the energy company’s stock worth $2,174,000 after purchasing an additional 2,075 shares in the last quarter. Finally, Perella Weinberg Partners Capital Management LP grew its stake in Devon Energy by 2,029.9% during the 2nd quarter. Perella Weinberg Partners Capital Management LP now owns 1,405,269 shares of the energy company’s stock worth $61,776,000 after purchasing an additional 1,339,291 shares in the last quarter. Institutional investors and hedge funds own 86.64% of the company’s stock.
Devon Energy stock opened at $29.62 on Tuesday. Devon Energy Corp has a fifty-two week low of $28.94 and a fifty-two week high of $46.54. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.65. The stock has a market capitalization of $13.84 billion, a PE ratio of 47.02, a PEG ratio of 1.52 and a beta of 2.27.
Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, November 6th. The energy company reported $0.63 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.42 by $0.21. Devon Energy had a return on equity of 6.40% and a net margin of 16.62%. The business had revenue of $2.58 billion during the quarter, compared to the consensus estimate of $2.61 billion. During the same period in the previous year, the business earned $0.46 EPS. The business’s quarterly revenue was up 33.4% on a year-over-year basis. On average, equities research analysts expect that Devon Energy Corp will post 1.55 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 28th. Stockholders of record on Friday, December 14th will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 1.08%. The ex-dividend date is Thursday, December 13th. Devon Energy’s payout ratio is currently 50.79%.
A number of analysts have issued reports on the company. BMO Capital Markets reaffirmed a “buy” rating and set a $50.00 price target on shares of Devon Energy in a report on Tuesday, August 7th. Zacks Investment Research raised Devon Energy from a “hold” rating to a “buy” rating and set a $41.00 price target for the company in a report on Tuesday, October 16th. Barclays decreased their price target on Devon Energy from $43.00 to $42.00 and set a “buy” rating for the company in a report on Thursday, November 15th. Stephens set a $52.00 price target on Devon Energy and gave the stock a “buy” rating in a report on Wednesday, July 25th. Finally, Piper Jaffray Companies reaffirmed a “hold” rating and set a $52.00 price target on shares of Devon Energy in a report on Thursday, August 16th. Seven analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $49.65.
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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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