BlackRock Inc. Sells 1,880,819 Shares of Devon Energy Corp (DVN)

BlackRock Inc. cut its stake in shares of Devon Energy Corp (NYSE:DVN) by 3.9% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 46,750,548 shares of the energy company’s stock after selling 1,880,819 shares during the period. BlackRock Inc. owned approximately 0.09% of Devon Energy worth $1,867,216,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in DVN. Diamond Hill Capital Management Inc. lifted its position in Devon Energy by 16.7% during the 2nd quarter. Diamond Hill Capital Management Inc. now owns 9,201,696 shares of the energy company’s stock worth $404,507,000 after acquiring an additional 1,316,231 shares in the last quarter. FMR LLC lifted its position in Devon Energy by 11.1% during the 2nd quarter. FMR LLC now owns 11,782,553 shares of the energy company’s stock worth $517,962,000 after acquiring an additional 1,173,389 shares in the last quarter. Ceredex Value Advisors LLC acquired a new position in Devon Energy during the 3rd quarter worth approximately $40,839,000. BlueMountain Capital Management LLC lifted its position in Devon Energy by 15,497.1% during the 2nd quarter. BlueMountain Capital Management LLC now owns 998,529 shares of the energy company’s stock worth $43,895,000 after acquiring an additional 992,127 shares in the last quarter. Finally, Soros Fund Management LLC acquired a new position in Devon Energy during the 2nd quarter worth approximately $30,772,000. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NYSE DVN opened at $26.91 on Monday. Devon Energy Corp has a twelve month low of $26.80 and a twelve month high of $46.54. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.65. The company has a market capitalization of $12.60 billion, a PE ratio of 17.36, a PEG ratio of 1.35 and a beta of 2.27.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, November 6th. The energy company reported $0.63 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.42 by $0.21. Devon Energy had a return on equity of 6.40% and a net margin of 16.62%. The business had revenue of $2.58 billion during the quarter, compared to the consensus estimate of $2.61 billion. During the same period in the previous year, the business earned $0.46 EPS. The business’s quarterly revenue was up 33.4% on a year-over-year basis. On average, equities analysts forecast that Devon Energy Corp will post 1.6 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, December 28th. Stockholders of record on Friday, December 14th will be issued a $0.08 dividend. The ex-dividend date is Thursday, December 13th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.19%. Devon Energy’s dividend payout ratio (DPR) is 50.79%.

Several equities analysts recently commented on DVN shares. Zacks Investment Research lowered Devon Energy from a “buy” rating to a “hold” rating in a research report on Tuesday, November 13th. Morgan Stanley cut their target price on Devon Energy from $44.00 to $39.00 and set a “hold” rating on the stock in a research report on Tuesday, November 20th. Piper Jaffray Companies reaffirmed a “buy” rating on shares of Devon Energy in a research report on Monday, November 19th. BMO Capital Markets reaffirmed a “buy” rating and issued a $50.00 target price on shares of Devon Energy in a research report on Tuesday, August 7th. Finally, Credit Suisse Group set a $45.00 target price on Devon Energy and gave the company a “buy” rating in a research report on Wednesday, November 7th. Seven analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company’s stock. Devon Energy presently has a consensus rating of “Buy” and a consensus price target of $49.43.

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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.

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Institutional Ownership by Quarter for Devon Energy (NYSE:DVN)

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