Standard Life Aberdeen plc lessened its stake in Devon Energy Corp (NYSE:DVN) by 4.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,006,261 shares of the energy company’s stock after selling 242,494 shares during the period. Standard Life Aberdeen plc owned 0.95% of Devon Energy worth $207,285,000 as of its most recent SEC filing.
A number of other hedge funds also recently bought and sold shares of DVN. AHL Partners LLP bought a new position in Devon Energy in the 2nd quarter worth approximately $210,000. Macquarie Group Ltd. raised its position in shares of Devon Energy by 408.4% during the 2nd quarter. Macquarie Group Ltd. now owns 46,260 shares of the energy company’s stock valued at $1,480,000 after acquiring an additional 37,160 shares during the last quarter. Dynamic Technology Lab Private Ltd raised its position in shares of Devon Energy by 34.3% during the 2nd quarter. Dynamic Technology Lab Private Ltd now owns 7,735 shares of the energy company’s stock valued at $247,000 after acquiring an additional 1,977 shares during the last quarter. Achmea Investment Management B.V. raised its position in shares of Devon Energy by 22.4% during the 2nd quarter. Achmea Investment Management B.V. now owns 50,424 shares of the energy company’s stock valued at $1,611,000 after acquiring an additional 9,221 shares during the last quarter. Finally, Assenagon Asset Management S.A. bought a new stake in shares of Devon Energy during the 3rd quarter valued at $8,093,000. Hedge funds and other institutional investors own 76.94% of the company’s stock.
In other news, EVP Lyndon C. Taylor sold 12,798 shares of the stock in a transaction dated Thursday, December 14th. The shares were sold at an average price of $38.29, for a total transaction of $490,035.42. Following the completion of the transaction, the executive vice president now directly owns 67,900 shares in the company, valued at approximately $2,599,891. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.51% of the stock is currently owned by corporate insiders.
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 Zacks’ consensus estimate of $0.60 by ($0.22). The company had revenue of $3.98 billion during the quarter, compared to analyst estimates of $3.58 billion. Devon Energy had a return on equity of 6.88% and a net margin of 11.62%. Devon Energy’s revenue for the quarter was up 41.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.25 earnings per share. analysts expect that Devon Energy Corp will post 1.79 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, March 29th. Investors of record on Thursday, March 15th will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.77%. The ex-dividend date of this dividend is Wednesday, March 14th. Devon Energy’s payout ratio is presently 8.19%.
Several brokerages have commented on DVN. Capital One Financial cut shares of Devon Energy from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, January 10th. Credit Suisse Group began coverage on shares of Devon Energy in a research report on Monday, December 11th. They set an “outperform” rating and a $43.00 target price for the company. Susquehanna Bancshares dropped their target price on shares of Devon Energy from $53.00 to $50.00 and set a “positive” rating for the company in a research report on Wednesday. Cowen set a $40.00 target price on shares of Devon Energy and gave the company a “buy” rating in a research report on Tuesday, October 31st. Finally, Citigroup reiterated a “buy” rating and set a $44.00 target price on shares of Devon Energy in a research report on Tuesday, November 28th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $47.44.
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About Devon Energy
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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