Schwab Charles Investment Management Inc. raised its position in Devon Energy Corporation (NYSE:DVN) by 0.1% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,956,247 shares of the energy company’s stock after acquiring an additional 2,717 shares during the quarter. Schwab Charles Investment Management Inc. owned approximately 0.37% of Devon Energy worth $71,814,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. Sun Life Financial INC raised its stake in shares of Devon Energy by 32,058.3% in the second quarter. Sun Life Financial INC now owns 3,859 shares of the energy company’s stock worth $123,000 after buying an additional 3,847 shares during the period. FNY Managed Accounts LLC bought a new position in shares of Devon Energy in the third quarter worth about $134,000. Fiduciary Trust Co. bought a new position in shares of Devon Energy in the second quarter worth about $144,000. Global X Management Co. LLC raised its stake in shares of Devon Energy by 12.5% in the second quarter. Global X Management Co. LLC now owns 4,539 shares of the energy company’s stock worth $145,000 after buying an additional 503 shares during the period. Finally, FUKOKU MUTUAL LIFE INSURANCE Co raised its stake in shares of Devon Energy by 67.6% in the second quarter. FUKOKU MUTUAL LIFE INSURANCE Co now owns 5,700 shares of the energy company’s stock worth $182,000 after buying an additional 2,300 shares during the period. 77.64% of the stock is currently owned by institutional investors.
Several research analysts have recently commented on DVN shares. Stifel Nicolaus set a $66.00 price objective on Devon Energy and gave the stock a “buy” rating in a research note on Thursday, October 5th. Stephens raised Devon Energy from an “equal weight” rating to an “overweight” rating and set a $53.00 price objective on the stock in a research note on Thursday, November 2nd. Scotiabank set a $47.00 price objective on Devon Energy and gave the stock a “buy” rating in a research note on Friday, August 11th. BMO Capital Markets set a $38.00 target price on Devon Energy and gave the stock a “buy” rating in a research report on Monday, August 28th. Finally, Barclays increased their target price on Devon Energy from $35.00 to $38.00 and gave the stock an “overweight” rating in a research report on Monday, November 20th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and fourteen have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $46.56.
Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, October 31st. The energy company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.07. The firm had revenue of $3.16 billion during the quarter, compared to analysts’ expectations of $3.13 billion. Devon Energy had a return on equity of 6.88% and a net margin of 11.62%. The firm’s revenue was up 9.5% on a year-over-year basis. During the same quarter last year, the business posted $1.89 earnings per share. analysts forecast that Devon Energy Corporation will post 1.77 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, March 29th. Shareholders of record on Thursday, March 15th will be issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.62%. The ex-dividend date is Wednesday, March 14th. Devon Energy’s dividend payout ratio is presently 8.16%.
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Devon Energy 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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