Hanson & Doremus Investment Management decreased its position in shares of Devon Energy Corporation (NYSE:DVN) by 1.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 20,102 shares of the energy company’s stock after selling 270 shares during the period. Hanson & Doremus Investment Management’s holdings in Devon Energy Corporation were worth $643,000 as of its most recent filing with the SEC.
Other institutional investors have also made changes to their positions in the company. Investec Asset Management LTD raised its position in shares of Devon Energy Corporation by 6.5% in the first quarter. Investec Asset Management LTD now owns 571,980 shares of the energy company’s stock valued at $23,863,000 after buying an additional 35,008 shares in the last quarter. Shapiro Capital Management LLC raised its position in shares of Devon Energy Corporation by 2.2% in the first quarter. Shapiro Capital Management LLC now owns 1,306,283 shares of the energy company’s stock valued at $54,498,000 after buying an additional 28,695 shares in the last quarter. Teachers Advisors LLC raised its position in shares of Devon Energy Corporation by 2.3% in the first quarter. Teachers Advisors LLC now owns 939,950 shares of the energy company’s stock valued at $39,215,000 after buying an additional 20,850 shares in the last quarter. HGK Asset Management Inc. raised its position in shares of Devon Energy Corporation by 7.0% in the first quarter. HGK Asset Management Inc. now owns 319,570 shares of the energy company’s stock valued at $13,332,000 after buying an additional 20,970 shares in the last quarter. Finally, Karp Capital Management Corp acquired a new position in shares of Devon Energy Corporation during the first quarter valued at $6,649,000. Hedge funds and other institutional investors own 77.08% of the company’s stock.
Devon Energy Corporation (DVN) opened at 30.40 on Friday. Devon Energy Corporation has a 12-month low of $28.79 and a 12-month high of $50.69. The company has a 50-day moving average price of $31.77 and a 200-day moving average price of $37.29. The firm has a market capitalization of $15.98 billion, a PE ratio of 6.88 and a beta of 2.17.
Devon Energy Corporation (NYSE:DVN) last announced its earnings results on Tuesday, August 1st. The energy company reported $0.34 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.33 by $0.01. Devon Energy Corporation had a net margin of 16.07% and a return on equity of 5.36%. The firm had revenue of $3.27 billion for the quarter, compared to analyst estimates of $3.24 billion. During the same quarter last year, the business earned $0.06 earnings per share. Devon Energy Corporation’s revenue was up 31.6% compared to the same quarter last year. On average, analysts predict that Devon Energy Corporation will post $1.74 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be given a dividend of $0.06 per share. The ex-dividend date is Thursday, September 14th. This represents a $0.24 dividend on an annualized basis and a yield of 0.79%. Devon Energy Corporation’s dividend payout ratio (DPR) is currently 5.47%.
Several equities analysts recently weighed in on DVN shares. BidaskClub lowered Devon Energy Corporation from a “sell” rating to a “strong sell” rating in a research note on Saturday, June 24th. Citigroup Inc. cut their price target on Devon Energy Corporation from $52.00 to $40.00 and set a “buy” rating for the company in a research note on Friday, July 21st. BMO Capital Markets restated a “buy” rating and issued a $45.00 price target on shares of Devon Energy Corporation in a research note on Wednesday, May 3rd. Scotiabank set a $47.00 price target on Devon Energy Corporation and gave the company a “buy” rating in a research note on Friday, August 11th. Finally, Royal Bank Of Canada set a $53.00 price objective on Devon Energy Corporation and gave the stock a “buy” rating in a research note on Monday, May 29th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $47.62.
In related news, Director Robert H. Henry sold 7,045 shares of the firm’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $33.35, for a total transaction of $234,950.75. Following the sale, the director now owns 11,338 shares in the company, valued at $378,122.30. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.98% of the stock is currently owned by company insiders.
About Devon Energy Corporation
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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