Jupiter Asset Management Ltd. increased its position in shares of Devon Energy Co. (NYSE:DVN) by 315.2% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 98,557 shares of the energy company’s stock after buying an additional 74,817 shares during the quarter. Jupiter Asset Management Ltd.’s holdings in Devon Energy were worth $3,497,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. Castleark Management LLC lifted its stake in Devon Energy by 44.4% during the second quarter. Castleark Management LLC now owns 106,800 shares of the energy company’s stock worth $3,117,000 after purchasing an additional 32,850 shares during the period. Ellis Investment Partners LLC lifted its stake in Devon Energy by 15,871.2% during the third quarter. Ellis Investment Partners LLC now owns 49,351 shares of the energy company’s stock worth $1,752,000 after purchasing an additional 49,042 shares during the period. Boston Partners bought a new position in Devon Energy during the second quarter worth about $57,929,000. Geneva Partners LLC lifted its stake in Devon Energy by 49.0% during the third quarter. Geneva Partners LLC now owns 91,250 shares of the energy company’s stock worth $3,240,000 after purchasing an additional 30,020 shares during the period. Finally, Clear Street Markets LLC raised its stake in shares of Devon Energy by 59.2% in the third quarter. Clear Street Markets LLC now owns 75,793 shares of the energy company’s stock valued at $2,691,000 after acquiring an additional 28,172 shares during the last quarter. 88.54% of the stock is currently owned by institutional investors and hedge funds.
In other Devon Energy news, COO Clay M. Gaspar sold 61,053 shares of the stock in a transaction that occurred on Monday, November 8th. The shares were sold at an average price of $44.28, for a total transaction of $2,703,426.84. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Tana K. Cashion sold 41,883 shares of the stock in a transaction that occurred on Tuesday, December 14th. The stock was sold at an average price of $40.13, for a total transaction of $1,680,764.79. The disclosure for this sale can be found here. Insiders have sold a total of 105,865 shares of company stock worth $4,504,982 over the last three months. Insiders own 0.59% of the company’s stock.
Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, November 2nd. The energy company reported $1.08 EPS for the quarter, beating the consensus estimate of $0.93 by $0.15. The business had revenue of $3.47 billion for the quarter, compared to analysts’ expectations of $3.19 billion. Devon Energy had a net margin of 13.50% and a return on equity of 19.77%. During the same period in the previous year, the firm posted ($0.04) EPS. Research analysts expect that Devon Energy Co. will post 3.39 earnings per share for the current year.
Devon Energy announced that its board has authorized a stock buyback program on Tuesday, November 2nd that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the energy company to repurchase up to 3.5% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which was paid on Thursday, December 30th. Shareholders of record on Friday, December 10th were given a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a yield of 6.67%. Devon Energy’s dividend payout ratio (DPR) is presently 26.35%.
A number of research analysts have recently issued reports on the stock. Raymond James lifted their target price on shares of Devon Energy from $54.00 to $65.00 and gave the company a “strong-buy” rating in a research note on Monday, November 15th. Mizuho lifted their target price on shares of Devon Energy from $59.00 to $61.00 and gave the company a “buy” rating in a research note on Tuesday, November 30th. Bank of America cut shares of Devon Energy from a “buy” rating to a “neutral” rating and lifted their target price for the company from $50.00 to $57.00 in a research note on Monday, January 10th. Argus raised their price target on shares of Devon Energy from $32.00 to $53.00 and gave the company a “buy” rating in a report on Tuesday, November 9th. Finally, Truist Securities raised their price target on shares of Devon Energy from $60.00 to $65.00 and gave the company a “buy” rating in a report on Friday. Four research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $45.03.
Devon Energy Profile
Devon Energy Corp. engages in the exploration, development, and production of oil and natural gas properties. It develops and operates Delaware Basin, Eagle Ford, Heavy Oil, Baarnett Shale, STACK, and Rockies Oil. The company was founded by J. Larry Nichols and John W. Nichols in 1971 and is headquartered in Oklahoma City, OK.
Featured Story: What is a Backdoor Roth IRA?
Receive News & Ratings for Devon Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Devon Energy and related companies with MarketBeat.com's FREE daily email newsletter.