Texas Permanent School Fund lowered its stake in Devon Energy Corporation (NYSE:DVN) by 3.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 147,706 shares of the energy company’s stock after selling 5,574 shares during the period. Texas Permanent School Fund’s holdings in Devon Energy Corporation were worth $4,722,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also bought and sold shares of DVN. Ingalls & Snyder LLC raised its position in Devon Energy Corporation by 9.6% in the second quarter. Ingalls & Snyder LLC now owns 46,846 shares of the energy company’s stock valued at $1,498,000 after buying an additional 4,110 shares during the period. Suffolk Capital Management LLC raised its stake in shares of Devon Energy Corporation by 1.2% in the second quarter. Suffolk Capital Management LLC now owns 89,155 shares of the energy company’s stock worth $2,850,000 after buying an additional 1,080 shares during the last quarter. Speece Thorson Capital Group Inc. raised its stake in shares of Devon Energy Corporation by 141.3% in the second quarter. Speece Thorson Capital Group Inc. now owns 262,757 shares of the energy company’s stock worth $8,400,000 after buying an additional 153,869 shares during the last quarter. Grandfield & Dodd LLC raised its stake in shares of Devon Energy Corporation by 12.7% in the second quarter. Grandfield & Dodd LLC now owns 73,071 shares of the energy company’s stock worth $2,336,000 after buying an additional 8,255 shares during the last quarter. Finally, CIBC Asset Management Inc raised its stake in shares of Devon Energy Corporation by 1.1% in the second quarter. CIBC Asset Management Inc now owns 139,992 shares of the energy company’s stock worth $4,476,000 after buying an additional 1,585 shares during the last quarter. 77.08% of the stock is owned by hedge funds and other institutional investors.
Shares of Devon Energy Corporation (DVN) opened at 30.40 on Friday. The firm’s 50-day moving average is $31.77 and its 200 day moving average is $37.29. The stock has a market capitalization of $15.98 billion, a price-to-earnings ratio of 6.88 and a beta of 2.17. Devon Energy Corporation has a 52-week low of $28.79 and a 52-week high of $50.69.
Devon Energy Corporation (NYSE:DVN) last posted its earnings results on Tuesday, August 1st. The energy company reported $0.34 EPS for the quarter, beating 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 company had revenue of $3.27 billion during the quarter, compared to analysts’ expectations of $3.24 billion. During the same quarter in the prior year, the company posted $0.06 earnings per share. Devon Energy Corporation’s revenue for the quarter was up 31.6% compared to the same quarter last year. Equities analysts expect that Devon Energy Corporation will post $1.74 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be paid a $0.06 dividend. The ex-dividend date is Thursday, September 14th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.79%. Devon Energy Corporation’s payout ratio is currently 5.47%.
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DVN has been the subject of a number of recent research reports. Barclays PLC restated an “overweight” rating and issued a $35.00 target price (up previously from $31.00) on shares of Devon Energy Corporation in a research note on Thursday, August 3rd. Royal Bank Of Canada set a $53.00 price objective on Devon Energy Corporation and gave the company a “buy” rating in a research note on Monday, May 29th. BidaskClub upgraded Devon Energy Corporation from a “sell” rating to a “hold” rating in a research note on Wednesday, July 19th. Bank of America Corporation restated a “buy” rating on shares of Devon Energy Corporation in a research report on Thursday, May 11th. Finally, Piper Jaffray Companies assumed coverage on Devon Energy Corporation in a research report on Monday, July 17th. They set a “neutral” rating and a $48.00 target price on the stock. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s 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 stock in a transaction 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 directly owns 11,338 shares of the company’s stock, valued at $378,122.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.98% of the stock is owned by corporate insiders.
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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