Lord Abbett & CO. LLC trimmed its holdings in shares of Devon Energy Corp (NYSE:DVN) by 13.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,503,672 shares of the energy company’s stock after selling 233,076 shares during the period. Lord Abbett & CO. LLC’s holdings in Devon Energy were worth $47,802,000 at the end of the most recent reporting period.
A number of other hedge funds have also made changes to their positions in DVN. Taylor Hoffman Wealth Management acquired a new position in shares of Devon Energy during the fourth quarter worth $102,000. Bristol John W & Co. Inc. NY acquired a new position in shares of Devon Energy during the first quarter worth $103,000. NuWave Investment Management LLC acquired a new position in shares of Devon Energy during the fourth quarter worth $111,000. Penserra Capital Management LLC acquired a new position in shares of Devon Energy during the first quarter worth $125,000. Finally, Advisory Services Network LLC lifted its position in shares of Devon Energy by 127.8% during the fourth quarter. Advisory Services Network LLC now owns 3,445 shares of the energy company’s stock worth $143,000 after purchasing an additional 1,933 shares in the last quarter. 83.13% of the stock is currently owned by hedge funds and other institutional investors.
A number of research firms have recently commented on DVN. JPMorgan Chase & Co. reduced their target price on shares of Devon Energy from $47.00 to $42.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 14th. Sanford C. Bernstein restated a “hold” rating and issued a $35.00 price target (down previously from $47.00) on shares of Devon Energy in a research note on Thursday, February 22nd. M Partners lifted their price target on shares of Devon Energy to $44.00 and gave the stock a “neutral” rating in a research note on Friday, June 8th. Howard Weil lowered shares of Devon Energy from a “focus stock” rating to a “sector outperform” rating in a research note on Thursday, April 12th. Finally, Stifel Nicolaus set a $68.00 price target on shares of Devon Energy and gave the stock a “buy” rating in a research note on Tuesday, April 24th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eighteen have given a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $45.76.
Devon Energy stock opened at $42.59 on Thursday. The stock has a market cap of $22.12 billion, a PE ratio of 67.60, a PEG ratio of 4.26 and a beta of 2.19. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.04 and a quick ratio of 1.04. Devon Energy Corp has a one year low of $28.79 and a one year high of $45.16.
Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, May 1st. The energy company reported $0.20 EPS for the quarter, hitting the consensus estimate of $0.20. The business had revenue of $3.81 billion during the quarter, compared to analyst estimates of $3.85 billion. Devon Energy had a net margin of 4.49% and a return on equity of 5.68%. The company’s quarterly revenue was up 7.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.07 earnings per share. equities research analysts predict that Devon Energy Corp will post 1.42 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 28th. Stockholders of record on Friday, September 14th will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Thursday, September 13th. This represents a $0.32 annualized dividend and a dividend yield of 0.75%. Devon Energy’s dividend payout ratio is currently 38.10%.
Devon Energy announced that its board has authorized a stock repurchase program on Wednesday, March 7th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the energy company to reacquire shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.
About Devon Energy
Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States and Canada. It operates approximately 14,600 gross wells. The company also offers gathering, transmission, processing, storage, fractionation, and marketing to upstream oil and natural gas producers; and owns natural gas pipelines, plants and treatment facilities.
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