Westbourne Investment Advisors Inc. increased its position in shares of Devon Energy Corporation (NYSE:DVN) by 4.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,525 shares of the energy company’s stock after buying an additional 525 shares during the period. Westbourne Investment Advisors Inc.’s holdings in Devon Energy Corporation were worth $368,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Gulf International Bank UK Ltd increased its stake in Devon Energy Corporation by 1.4% in the first quarter. Gulf International Bank UK Ltd now owns 145,818 shares of the energy company’s stock worth $6,083,000 after buying an additional 2,000 shares during the period. New England Research & Management Inc. bought a new position in Devon Energy Corporation during the first quarter worth $561,000. Chevy Chase Trust Holdings Inc. boosted its position in Devon Energy Corporation by 2.1% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 629,647 shares of the energy company’s stock worth $26,269,000 after buying an additional 13,072 shares in the last quarter. Triangle Securities Wealth Management boosted its position in Devon Energy Corporation by 4.4% in the first quarter. Triangle Securities Wealth Management now owns 10,109 shares of the energy company’s stock worth $422,000 after buying an additional 430 shares in the last quarter. Finally, Private Asset Management Inc. boosted its position in Devon Energy Corporation by 3.5% in the first quarter. Private Asset Management Inc. now owns 23,211 shares of the energy company’s stock worth $968,000 after buying an additional 786 shares in the last quarter. 77.27% of the stock is owned by institutional investors.
Shares of Devon Energy Corporation (NYSE:DVN) traded down 0.47% on Friday, hitting $31.61. The company had a trading volume of 3,588,192 shares. The firm has a market capitalization of $16.61 billion, a P/E ratio of 7.15 and a beta of 2.17. Devon Energy Corporation has a 12-month low of $28.79 and a 12-month high of $50.69. The firm has a 50 day moving average of $31.79 and a 200-day moving average of $37.85.
Devon Energy Corporation (NYSE:DVN) last issued its quarterly earnings results on Tuesday, August 1st. The energy company reported $0.34 EPS for the quarter, beating 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 firm had revenue of $3.27 billion during the quarter, compared to analysts’ expectations of $3.24 billion. During the same period in the prior year, the firm posted $0.06 earnings per share. The business’s quarterly revenue was up 31.6% compared to the same quarter last year. On average, equities analysts predict that Devon Energy Corporation will post $1.73 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $0.24 annualized dividend and a yield of 0.76%. Devon Energy Corporation’s dividend payout ratio (DPR) is presently 5.47%.
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A number of equities analysts have weighed in on DVN shares. TheStreet upgraded Devon Energy Corporation from a “d+” rating to a “c” rating in a report on Tuesday, May 2nd. Credit Suisse Group increased their target price on Devon Energy Corporation from $63.00 to $64.00 and gave the company an “outperform” rating in a research note on Thursday, May 4th. Royal Bank Of Canada set a $53.00 target price on Devon Energy Corporation and gave the company a “buy” rating in a research note on Monday, May 29th. Bank of America Corporation restated a “buy” rating on shares of Devon Energy Corporation in a research note on Thursday, May 11th. Finally, Scotiabank set a $57.00 price objective on Devon Energy Corporation and gave the stock a “buy” rating in a research note on Tuesday, May 16th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $47.71.
In related news, Director Robert H. Henry sold 7,045 shares of the stock in a transaction that occurred on 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 directly owns 11,338 shares of the company’s stock, valued at $378,122.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.98% of the company’s stock.
Devon Energy Corporation Company 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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