Jupiter Asset Management Ltd. lifted its holdings in shares of Devon Energy Co. (NYSE:DVN) by 315.2% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 98,557 shares of the energy company’s stock after buying an additional 74,817 shares during the period. Jupiter Asset Management Ltd.’s holdings in Devon Energy were worth $3,497,000 at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in the company. Sentry Investment Management LLC grew its holdings in shares of Devon Energy by 4.3% during the 3rd quarter. Sentry Investment Management LLC now owns 5,911 shares of the energy company’s stock worth $210,000 after purchasing an additional 244 shares during the period. We Are One Seven LLC raised its position in shares of Devon Energy by 3.1% during the 3rd quarter. We Are One Seven LLC now owns 8,336 shares of the energy company’s stock worth $334,000 after acquiring an additional 252 shares in the last quarter. Atlas Capital Advisors LLC raised its position in shares of Devon Energy by 51.6% during the 3rd quarter. Atlas Capital Advisors LLC now owns 758 shares of the energy company’s stock worth $27,000 after acquiring an additional 258 shares in the last quarter. Cullen Frost Bankers Inc. grew its stake in Devon Energy by 4.4% during the 3rd quarter. Cullen Frost Bankers Inc. now owns 7,190 shares of the energy company’s stock worth $255,000 after buying an additional 301 shares during the last quarter. Finally, Greenleaf Trust grew its stake in Devon Energy by 1.7% during the 2nd quarter. Greenleaf Trust now owns 22,406 shares of the energy company’s stock worth $654,000 after buying an additional 366 shares during the last quarter. 88.54% of the stock is owned by institutional investors and hedge funds.
NYSE DVN opened at $50.39 on Friday. Devon Energy Co. has a fifty-two week low of $16.10 and a fifty-two week high of $51.45. The stock has a market cap of $34.11 billion, a price-to-earnings ratio of 30.17, a price-to-earnings-growth ratio of 0.22 and a beta of 3.05. The business has a fifty day moving average of $43.75 and a 200-day moving average of $35.87. The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 0.72.
Devon Energy declared that its board has approved a stock buyback program on Tuesday, November 2nd that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the energy company to reacquire up to 3.5% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
The company also recently declared a quarterly dividend, which was paid on Thursday, December 30th. Shareholders of record on Friday, December 10th were given a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a yield of 6.67%. Devon Energy’s dividend payout ratio (DPR) is presently 26.35%.
In other news, CAO Jeremy D. Humphers sold 2,000 shares of the company’s stock in a transaction dated Tuesday, December 14th. The stock was sold at an average price of $40.64, for a total value of $81,280.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Tana K. Cashion sold 41,883 shares of the company’s stock in a transaction dated Tuesday, December 14th. The stock was sold at an average price of $40.13, for a total value of $1,680,764.79. The disclosure for this sale can be found here. In the last three months, insiders have sold 105,865 shares of company stock valued at $4,504,982. 0.59% of the stock is owned by company insiders.
A number of research analysts recently issued reports on the company. Benchmark upgraded Devon Energy from a “hold” rating to a “buy” rating and set a $48.00 price target on the stock in a research note on Wednesday, November 3rd. Morgan Stanley raised their price target on Devon Energy from $34.00 to $37.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 6th. Wells Fargo & Company raised their price target on Devon Energy from $39.00 to $42.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 6th. TheStreet upgraded Devon Energy from a “c+” rating to a “b” rating in a research note on Tuesday, November 2nd. Finally, Credit Suisse Group lifted their target price on Devon Energy from $43.00 to $50.00 and gave the company an “outperform” rating in a research note on Wednesday, November 3rd. Four investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $45.03.
Devon Energy Profile
Devon Energy Corp. engages in the exploration, development, and production of oil and natural gas properties. It develops and operates Delaware Basin, Eagle Ford, Heavy Oil, Baarnett Shale, STACK, and Rockies Oil. The company was founded by J. Larry Nichols and John W. Nichols in 1971 and is headquartered in Oklahoma City, OK.
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