State Street Corp grew its position in Devon Energy Corporation (NYSE:DVN) by 1.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 27,673,118 shares of the energy company’s stock after purchasing an additional 265,179 shares during the quarter. State Street Corp owned approximately 5.27% of Devon Energy Corporation worth $884,702,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds have also recently bought and sold shares of DVN. BlackRock Inc. raised its stake in Devon Energy Corporation by 3,279.8% during the first quarter. BlackRock Inc. now owns 46,398,296 shares of the energy company’s stock valued at $1,935,735,000 after purchasing an additional 45,025,477 shares in the last quarter. Vanguard Group Inc. raised its stake in Devon Energy Corporation by 3.0% during the second quarter. Vanguard Group Inc. now owns 44,823,163 shares of the energy company’s stock valued at $1,432,998,000 after purchasing an additional 1,295,417 shares in the last quarter. Artisan Partners Limited Partnership raised its stake in Devon Energy Corporation by 3.3% during the first quarter. Artisan Partners Limited Partnership now owns 8,077,398 shares of the energy company’s stock valued at $336,989,000 after purchasing an additional 255,610 shares in the last quarter. Standard Life Investments LTD raised its stake in shares of Devon Energy Corporation by 1.3% in the second quarter. Standard Life Investments LTD now owns 6,054,868 shares of the energy company’s stock valued at $193,604,000 after acquiring an additional 75,952 shares during the period. Finally, Northern Trust Corp raised its stake in shares of Devon Energy Corporation by 0.3% in the second quarter. Northern Trust Corp now owns 5,955,294 shares of the energy company’s stock valued at $190,390,000 after acquiring an additional 18,861 shares during the period. Institutional investors and hedge funds own 77.00% of the company’s stock.
Several equities research analysts have recently weighed in on the stock. BMO Capital Markets increased their target price on shares of Devon Energy Corporation from $35.00 to $38.00 and gave the company an “outperform” rating in a research note on Friday, July 14th. Stifel Nicolaus restated a “buy” rating and issued a $67.00 price target on shares of Devon Energy Corporation in a report on Sunday, September 3rd. Barclays PLC reiterated an “overweight” rating and set a $35.00 target price (up from $31.00) on shares of Devon Energy Corporation in a report on Wednesday, August 9th. Seaport Global Securities cut shares of Devon Energy Corporation from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $51.00 to $28.00 in a report on Wednesday, June 21st. Finally, Sanford C. Bernstein cut shares of Devon Energy Corporation from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $54.00 to $33.00 in a report on Thursday, July 6th. Two analysts have rated the stock with a sell rating, five have given a hold rating and thirteen have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $45.47.
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Shares of Devon Energy Corporation (DVN) traded down 0.28% during midday trading on Wednesday, hitting $35.63. The company had a trading volume of 688,000 shares. Devon Energy Corporation has a one year low of $28.79 and a one year high of $50.69. The firm has a market cap of $18.73 billion, a price-to-earnings ratio of 8.06 and a beta of 2.21. The company’s 50 day moving average is $34.37 and its 200 day moving average is $34.70.
Devon Energy Corporation (NYSE:DVN) last released its quarterly earnings results on Tuesday, August 1st. The energy company reported $0.34 earnings per share (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 quarter in the prior year, the company posted $0.06 EPS. The firm’s revenue was up 31.6% on a year-over-year basis. Equities analysts forecast that Devon Energy Corporation will post $1.71 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be given a dividend of $0.06 per share. The ex-dividend date is Thursday, December 14th. This represents a $0.24 annualized dividend and a dividend yield of 0.67%. 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 dated Friday, August 4th. The stock was sold at an average price of $33.35, for a total transaction of $234,950.75. Following the completion of the transaction, the director now 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 Securities & Exchange Commission, which is available through the SEC website. 0.51% of the stock is currently owned by insiders.
Devon Energy Corporation 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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