State Farm Mutual Automobile Insurance Co. maintained its position in shares of Devon Energy Corporation (NYSE:DVN) during the second quarter, according to the company in its most recent filing with the SEC. The firm owned 3,149,596 shares of the energy company’s stock at the close of the second quarter. State Farm Mutual Automobile Insurance Co. owned 0.60% of Devon Energy Corporation worth $100,692,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. State of Alaska Department of Revenue bought a new stake in Devon Energy Corporation during the first quarter worth about $116,000. Canada Pension Plan Investment Board lifted its position in shares of Devon Energy Corporation by 51.6% during the first quarter. Canada Pension Plan Investment Board now owns 140,740 shares of the energy company’s stock worth $5,872,000 after purchasing an additional 47,926 shares in the last quarter. Hussman Strategic Advisors Inc. acquired a new position in shares of Devon Energy Corporation during the first quarter worth approximately $2,086,000. State Treasurer State of Michigan lifted its position in shares of Devon Energy Corporation by 0.6% during the first quarter. State Treasurer State of Michigan now owns 172,363 shares of the energy company’s stock worth $7,191,000 after purchasing an additional 1,100 shares in the last quarter. Finally, Tyers Asset Management LLC lifted its position in shares of Devon Energy Corporation by 25.5% during the first quarter. Tyers Asset Management LLC now owns 9,536 shares of the energy company’s stock worth $398,000 after purchasing an additional 1,936 shares in the last quarter. 77.00% of the stock is currently owned by institutional investors and hedge funds.
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A number of brokerages have recently issued reports on DVN. Stifel Nicolaus reiterated a “buy” rating and set a $67.00 target price on shares of Devon Energy Corporation in a research report on Sunday, September 3rd. Jefferies Group LLC restated a “hold” rating and issued a $31.00 price objective (down from $35.00) on shares of Devon Energy Corporation in a report on Tuesday, August 29th. BMO Capital Markets set a $38.00 price objective on shares of Devon Energy Corporation and gave the company a “buy” rating in a report on Monday, August 28th. Royal Bank Of Canada set a $43.00 target price on shares of Devon Energy Corporation and gave the company a “buy” rating in a research note on Friday, August 25th. Finally, Cowen and Company reaffirmed a “buy” rating and issued a $37.00 target price on shares of Devon Energy Corporation in a research note on Tuesday, August 22nd. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. Devon Energy Corporation currently has a consensus rating of “Buy” and an average price target of $46.27.
Devon Energy Corporation (NYSE:DVN) traded down 1.74% during mid-day trading on Friday, hitting $33.31. 2,536,863 shares of the stock were exchanged. The company has a market capitalization of $17.51 billion, a PE ratio of 7.54 and a beta of 2.18. The stock’s 50-day moving average is $31.88 and its 200 day moving average is $35.61. 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 released its quarterly earnings data on Tuesday, August 1st. The energy company reported $0.34 EPS for the quarter, topping the consensus estimate of $0.33 by $0.01. Devon Energy Corporation had a return on equity of 5.36% and a net margin of 16.07%. The company had revenue of $3.27 billion during the quarter, compared to the consensus estimate of $3.24 billion. During the same period last year, the company earned $0.06 EPS. Devon Energy Corporation’s revenue for the quarter was up 31.6% on a year-over-year basis. On average, analysts anticipate that Devon Energy Corporation will post $1.74 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be issued a $0.06 dividend. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $0.24 dividend on an annualized basis and a yield of 0.71%. Devon Energy Corporation’s dividend payout ratio is presently 5.47%.
In related news, Director Robert H. Henry sold 7,045 shares of the business’s stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $33.35, for a total value of $234,950.75. Following the transaction, the director now directly owns 11,338 shares of the company’s stock, valued at approximately $378,122.30. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.98% of the stock is currently owned by 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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