Adalta Capital Management LLC bought a new stake in Devon Energy Corporation (NYSE:DVN) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 45,430 shares of the energy company’s stock, valued at approximately $1,896,000. Devon Energy Corporation accounts for approximately 1.6% of Adalta Capital Management LLC’s portfolio, making the stock its 22nd largest position.
Several other large investors also recently modified their holdings of the company. Numeric Investors LLC bought a new stake in shares of Devon Energy Corporation during the fourth quarter valued at $763,000. Elkhorn Investments LLC bought a new stake in shares of Devon Energy Corporation during the fourth quarter valued at $1,215,000. River & Mercantile Asset Management LLP bought a new stake in shares of Devon Energy Corporation during the fourth quarter valued at $6,586,000. Lincluden Management Ltd. increased its stake in shares of Devon Energy Corporation by 14.3% in the fourth quarter. Lincluden Management Ltd. now owns 248,407 shares of the energy company’s stock valued at $11,345,000 after buying an additional 31,017 shares during the last quarter. Finally, Quadrature Capital Ltd increased its stake in shares of Devon Energy Corporation by 77.9% in the fourth quarter. Quadrature Capital Ltd now owns 138,130 shares of the energy company’s stock valued at $6,313,000 after buying an additional 60,498 shares during the last quarter. 77.15% of the stock is owned by institutional investors.
Devon Energy Corporation (DVN) opened at 29.54 on Monday. The firm’s 50-day moving average price is $33.89 and its 200-day moving average price is $40.97. The company has a market capitalization of $15.53 billion, a price-to-earnings ratio of 50.15 and a beta of 2.16. Devon Energy Corporation has a 52 week low of $28.79 and a 52 week high of $50.69.
Devon Energy Corporation (NYSE:DVN) last issued its earnings results on Tuesday, May 2nd. The energy company reported $0.41 EPS for the quarter, beating the consensus estimate of $0.40 by $0.01. The company had revenue of $3.55 billion during the quarter, compared to analysts’ expectations of $2.98 billion. Devon Energy Corporation had a net margin of 2.34% and a return on equity of 4.25%. On average, equities analysts expect that Devon Energy Corporation will post $1.85 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.81%. The ex-dividend date of this dividend is Thursday, September 14th. Devon Energy Corporation’s payout ratio is 43.64%.
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Several equities research analysts have recently weighed in on DVN shares. BMO Capital Markets reaffirmed a “buy” rating and issued a $50.00 target price on shares of Devon Energy Corporation in a research report on Wednesday, March 22nd. Scotiabank set a $54.00 price target on Devon Energy Corporation and gave the company a “buy” rating in a report on Monday, March 27th. Credit Suisse Group reissued a “buy” rating and issued a $57.00 price target on shares of Devon Energy Corporation in a report on Friday, March 31st. Stifel Nicolaus began coverage on Devon Energy Corporation in a report on Wednesday, April 12th. They issued a “buy” rating and a $73.00 price target for the company. They noted that the move was a valuation call. Finally, Barclays PLC reissued an “overweight” rating and issued a $47.00 price target (down previously from $54.00) on shares of Devon Energy Corporation in a report on Saturday, April 22nd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the stock. Devon Energy Corporation presently has a consensus rating of “Buy” and an average price target of $50.05.
In other Devon Energy Corporation news, Director Robert A. Mosbacher, Jr. sold 800 shares of the company’s stock in a transaction on Friday, April 21st. The shares were sold at an average price of $39.18, for a total transaction of $31,344.00. Following the completion of the sale, the director now owns 23,308 shares in the company, valued at approximately $913,207.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.98% of the company’s stock.
Devon Energy Corporation 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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