CI Investments Inc. decreased its position in shares of Devon Energy Corporation (NYSE:DVN) by 0.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,492,250 shares of the energy company’s stock after selling 2,200 shares during the period. CI Investments Inc. owned about 0.28% of Devon Energy Corporation worth $47,707,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. State of Alaska Department of Revenue acquired a new stake in Devon Energy Corporation in the 1st quarter valued at about $116,000. Canada Pension Plan Investment Board raised its position in Devon Energy Corporation by 51.6% in the 1st quarter. Canada Pension Plan Investment Board now owns 140,740 shares of the energy company’s stock valued at $5,872,000 after purchasing an additional 47,926 shares in the last quarter. Hussman Strategic Advisors Inc. acquired a new stake in Devon Energy Corporation in the 1st quarter valued at about $2,086,000. State Treasurer State of Michigan raised its position in Devon Energy Corporation by 0.6% in the 1st quarter. State Treasurer State of Michigan now owns 172,363 shares of the energy company’s stock valued at $7,191,000 after purchasing an additional 1,100 shares in the last quarter. Finally, Tyers Asset Management LLC raised its position in Devon Energy Corporation by 25.5% in the 1st quarter. Tyers Asset Management LLC now owns 9,536 shares of the energy company’s stock valued at $398,000 after purchasing an additional 1,936 shares in the last quarter. 76.99% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities research analysts have issued reports on the company. Piper Jaffray Companies reduced their price target on Devon Energy Corporation from $46.00 to $36.00 and set a “neutral” rating on the stock in a research report on Monday, September 18th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $67.00 price target on shares of Devon Energy Corporation in a research report on Sunday, September 3rd. Jefferies Group LLC reissued a “hold” rating and set a $31.00 target price (down previously from $35.00) on shares of Devon Energy Corporation in a research report on Tuesday, August 29th. BMO Capital Markets set a $38.00 target price on Devon Energy Corporation and gave the stock a “buy” rating in a research report on Monday, August 28th. Finally, Royal Bank Of Canada set a $43.00 target price on Devon Energy Corporation and gave the stock a “buy” rating in a research report on Friday, August 25th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $45.61.
Shares of Devon Energy Corporation (NYSE:DVN) opened at 35.78 on Friday. Devon Energy Corporation has a 1-year low of $28.79 and a 1-year high of $50.69. The company has a 50 day moving average price of $31.92 and a 200-day moving average price of $35.28. The stock has a market capitalization of $18.81 billion, a P/E ratio of 8.10 and a beta of 2.18.
Devon Energy Corporation (NYSE:DVN) last announced its quarterly earnings results on Tuesday, August 1st. The energy company reported $0.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.01. The company had revenue of $3.27 billion during the quarter, compared to analyst estimates of $3.24 billion. Devon Energy Corporation had a net margin of 16.07% and a return on equity of 5.36%. The firm’s revenue was up 31.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.06 EPS. On average, equities research analysts forecast that Devon Energy Corporation will post $1.73 EPS for the current fiscal year.
The business 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 $0.06 dividend. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $0.24 annualized dividend and a yield of 0.67%. Devon Energy Corporation’s dividend payout ratio is currently 5.47%.
In related news, Director Robert H. Henry sold 7,045 shares of the business’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $33.35, for a total value of $234,950.75. Following the sale, 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 Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.98% of the company’s stock.
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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