Third Avenue Management LLC lessened its stake in Devon Energy Corporation (NYSE:DVN) by 0.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 618,038 shares of the energy company’s stock after selling 1,845 shares during the period. Devon Energy Corporation comprises about 1.0% of Third Avenue Management LLC’s investment portfolio, making the stock its 28th largest position. Third Avenue Management LLC owned approximately 0.12% of Devon Energy Corporation worth $22,689,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors also recently modified their holdings of DVN. OppenheimerFunds Inc. increased its stake in shares of Devon Energy Corporation by 27.4% in the first quarter. OppenheimerFunds Inc. now owns 32,239 shares of the energy company’s stock worth $1,345,000 after buying an additional 6,939 shares during the last quarter. Teachers Advisors LLC increased its stake in shares of Devon Energy Corporation by 2.3% in the first quarter. Teachers Advisors LLC now owns 939,950 shares of the energy company’s stock worth $39,215,000 after buying an additional 20,850 shares during the last quarter. River Wealth Advisors LLC increased its stake in shares of Devon Energy Corporation by 1.4% in the first quarter. River Wealth Advisors LLC now owns 45,054 shares of the energy company’s stock worth $1,880,000 after buying an additional 601 shares during the last quarter. Marathon Trading Investment Management LLC bought a new stake in Devon Energy Corporation during the first quarter valued at $209,000. Finally, BlackRock Inc. increased 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 during the last quarter. Institutional investors and hedge funds own 77.30% of the company’s stock.
Several analysts have weighed in on DVN shares. Barclays PLC reiterated an “overweight” rating and set a $35.00 target price (up previously from $31.00) on shares of Devon Energy Corporation in a research note on Thursday, August 3rd. BidaskClub upgraded shares of Devon Energy Corporation from a “sell” rating to a “hold” rating in a research note on Wednesday, July 19th. Piper Jaffray Companies lowered their target price on shares of Devon Energy Corporation from $46.00 to $36.00 and set a “neutral” rating for the company in a research note on Monday, September 18th. 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 set a $37.00 target price on shares of Devon Energy Corporation and gave the company a “buy” rating in a research note on Tuesday, July 18th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and thirteen have given a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $45.47.
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In other news, Director Robert H. Henry sold 7,045 shares of the firm’s stock in a transaction 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 completion of the sale, the director now directly owns 11,338 shares in the company, valued at $378,122.30. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.51% of the company’s stock.
Devon Energy Corporation (NYSE:DVN) traded up 0.20% during midday trading on Monday, reaching $35.95. 2,405,475 shares of the company traded hands. The company has a 50-day moving average price of $35.17 and a 200-day moving average price of $34.31. Devon Energy Corporation has a 12-month low of $28.79 and a 12-month high of $50.69. The company has a market cap of $18.90 billion, a price-to-earnings ratio of 8.13 and a beta of 2.21.
Devon Energy Corporation (NYSE:DVN) last announced its earnings results on Tuesday, August 1st. The energy company reported $0.34 earnings per share for the quarter, beating the Zacks’ 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 analyst estimates of $3.24 billion. During the same period last year, the company posted $0.06 earnings per share. The firm’s quarterly revenue was up 31.6% compared to the same quarter last year. On average, analysts predict that Devon Energy Corporation will post $1.68 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 15th will be paid a $0.06 dividend. The ex-dividend date is Thursday, December 14th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.67%. Devon Energy Corporation’s dividend payout ratio (DPR) is presently 5.47%.
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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