Zacks Investment Management purchased a new stake in Devon Energy Corp (NYSE:DVN) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 32,084 shares of the energy company’s stock, valued at approximately $1,410,000.
Several other institutional investors and hedge funds have also bought and sold shares of the company. Verition Fund Management LLC increased its stake in Devon Energy by 24.7% in the 1st quarter. Verition Fund Management LLC now owns 6,300 shares of the energy company’s stock valued at $200,000 after purchasing an additional 1,249 shares in the last quarter. Blair William & Co. IL increased its stake in Devon Energy by 5.5% in the 1st quarter. Blair William & Co. IL now owns 24,811 shares of the energy company’s stock valued at $789,000 after purchasing an additional 1,283 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its stake in Devon Energy by 18.9% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 8,696 shares of the energy company’s stock valued at $382,000 after purchasing an additional 1,382 shares in the last quarter. Nomura Asset Management Co. Ltd. increased its stake in Devon Energy by 2.3% in the 1st quarter. Nomura Asset Management Co. Ltd. now owns 72,194 shares of the energy company’s stock valued at $2,295,000 after purchasing an additional 1,620 shares in the last quarter. Finally, Private Asset Management Inc. increased its stake in Devon Energy by 3.4% in the 2nd quarter. Private Asset Management Inc. now owns 49,015 shares of the energy company’s stock valued at $1,558,000 after purchasing an additional 1,630 shares in the last quarter. 84.01% of the stock is owned by institutional investors and hedge funds.
In other news, Director Robert H. Henry sold 5,600 shares of the firm’s stock in a transaction on Tuesday, August 21st. The stock was sold at an average price of $42.14, for a total transaction of $235,984.00. Following the sale, the director now owns 9,704 shares in the company, valued at $408,926.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.55% of the stock is owned by company insiders.
Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, July 31st. The energy company reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.03). The company had revenue of $2.25 billion for the quarter, compared to analysts’ expectations of $3.96 billion. Devon Energy had a positive return on equity of 5.52% and a negative net margin of 1.60%. During the same period in the previous year, the business posted $0.80 EPS. research analysts anticipate that Devon Energy Corp will post 1.64 EPS for the current year.
Devon Energy announced that its board has initiated a stock repurchase program on Wednesday, June 6th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the energy company to buy up to 14.6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 28th. Stockholders of record on Friday, December 14th will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.81%. The ex-dividend date of this dividend is Thursday, December 13th. Devon Energy’s dividend payout ratio (DPR) is 50.79%.
Several equities analysts recently weighed in on the company. Stephens set a $52.00 price objective on Devon Energy and gave the company a “buy” rating in a research note on Wednesday, July 25th. Zacks Investment Research downgraded Devon Energy from a “buy” rating to a “hold” rating in a research note on Wednesday, July 25th. Bank of America raised their price objective on Devon Energy from $60.00 to $65.00 and gave the company a “buy” rating in a research note on Monday, July 16th. Mizuho assumed coverage on Devon Energy in a research note on Monday, July 23rd. They issued a “buy” rating and a $59.00 price objective for the company. Finally, Morgan Stanley assumed coverage on Devon Energy in a research note on Thursday, July 12th. They issued an “equal weight” rating and a $46.00 price objective for the company. Nine analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the stock. Devon Energy currently has an average rating of “Buy” and a consensus price target of $50.23.
Devon Energy Company Profile
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.
Further Reading: Google Finance
Want to see what other hedge funds are holding DVN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Devon Energy Corp (NYSE:DVN).
Receive News & Ratings for Devon Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Devon Energy and related companies with MarketBeat.com's FREE daily email newsletter.