Devon Energy Corp. (DVN) Stake Increased by Retirement Systems of Alabama
Retirement Systems of Alabama raised its stake in Devon Energy Corp. (NYSE:DVN) by 49.2% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 390,482 shares of the energy company’s stock after buying an additional 128,792 shares during the period. Retirement Systems of Alabama owned 0.07% of Devon Energy Corp. worth $14,155,000 at the end of the most recent reporting period.
A number of other large investors have also bought and sold shares of DVN. Cumberland Partners Ltd acquired a new stake in Devon Energy Corp. during the second quarter valued at about $254,000. Cullen Frost Bankers Inc. acquired a new stake in Devon Energy Corp. during the second quarter valued at about $231,000. RS Investment Management Co. LLC acquired a new stake in Devon Energy Corp. during the second quarter valued at about $144,000. Stoneridge Investment Partners LLC boosted its stake in Devon Energy Corp. by 362.0% in the second quarter. Stoneridge Investment Partners LLC now owns 56,968 shares of the energy company’s stock valued at $2,065,000 after buying an additional 44,636 shares during the period. Finally, Louisiana State Employees Retirement System boosted its stake in Devon Energy Corp. by 0.9% in the second quarter. Louisiana State Employees Retirement System now owns 34,400 shares of the energy company’s stock valued at $1,247,000 after buying an additional 300 shares during the period. 75.62% of the stock is owned by institutional investors.
Devon Energy Corp. (NYSE:DVN) traded up 2.49% during midday trading on Friday, reaching $44.11. The company had a trading volume of 5,969,774 shares. The company’s 50 day moving average is $42.78 and its 200-day moving average is $36.34. The company’s market capitalization is $23.10 billion. Devon Energy Corp. has a 52-week low of $18.07 and a 52-week high of $48.68.
Devon Energy Corp. (NYSE:DVN) last issued its earnings results on Tuesday, August 2nd. The energy company reported $0.06 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.19) by $0.25. Devon Energy Corp. had a negative net margin of 114.09% and a positive return on equity of 3.62%. The firm had revenue of $2.49 billion for the quarter, compared to analysts’ expectations of $2.29 million. During the same quarter last year, the company posted $0.78 earnings per share. Devon Energy Corp.’s revenue was down 26.7% on a year-over-year basis. Equities analysts expect that Devon Energy Corp. will post ($0.29) earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 30th. Shareholders of record on Thursday, December 15th will be paid a $0.06 dividend. The ex-dividend date is Tuesday, December 13th. This represents a $0.24 annualized dividend and a dividend yield of 0.54%. Devon Energy Corp.’s payout ratio is currently -0.82%.
Several research firms have issued reports on DVN. Vetr raised Devon Energy Corp. from a “buy” rating to a “strong-buy” rating and set a $46.16 target price for the company in a research note on Tuesday, September 20th. Zacks Investment Research cut Devon Energy Corp. from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 6th. Raymond James Financial Inc. cut Devon Energy Corp. from an “outperform” rating to a “market perform” rating and set a $45.84 price objective for the company. in a research note on Tuesday, September 6th. Citigroup Inc. cut Devon Energy Corp. from a “positive” rating to a “market perform” rating in a research note on Tuesday, September 6th. They noted that the move was a valuation call. Finally, Barclays PLC lifted their price objective on Devon Energy Corp. from $45.00 to $50.00 and gave the company an “overweight” rating in a research note on Thursday, September 1st. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty have given a buy rating and three have given a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $42.09.
About Devon Energy Corp.
Devon Energy Corporation (Devon) is an independent energy company engaged in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs). The Company’s operations are concentrated in various North American onshore areas in the United States and Canada. The Company also produces over 1.6 billion cubic feet of natural gas a day and approximately 135 thousand barrels of NGLs per day.
Receive News & Stock Ratings for Devon Energy Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Devon Energy Corp. and related stocks with our FREE daily email newsletter.