GAM Holding AG Sells 109,011 Shares of Devon Energy Corp. (DVN)
GAM Holding AG lowered its stake in Devon Energy Corp. (NYSE:DVN) by 45.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 130,931 shares of the energy company’s stock after selling 109,011 shares during the period. GAM Holding AG’s holdings in Devon Energy Corp. were worth $5,775,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. IFP Advisors Inc increased its position in shares of Devon Energy Corp. by 20.8% in the second quarter. IFP Advisors Inc now owns 2,806 shares of the energy company’s stock valued at $102,000 after buying an additional 483 shares during the last quarter. Spirit of America Management Corp NY bought a new position in shares of Devon Energy Corp. during the third quarter valued at approximately $132,000. Ropes Wealth Advisors LLC increased its position in shares of Devon Energy Corp. by 738.7% in the second quarter. Ropes Wealth Advisors LLC now owns 3,338 shares of the energy company’s stock valued at $121,000 after buying an additional 2,940 shares during the last quarter. Hall Laurie J Trustee increased its position in shares of Devon Energy Corp. by 13.7% in the second quarter. Hall Laurie J Trustee now owns 3,745 shares of the energy company’s stock valued at $141,000 after buying an additional 450 shares during the last quarter. Finally, RS Investment Management Co. LLC bought a new position in shares of Devon Energy Corp. during the second quarter valued at approximately $144,000. 76.35% of the stock is currently owned by hedge funds and other institutional investors.
Devon Energy Corp. (NYSE:DVN) traded down 1.17% on Tuesday, reaching $42.15. The company had a trading volume of 6,407,802 shares. The stock’s market capitalization is $22.07 billion. Devon Energy Corp. has a 12-month low of $18.07 and a 12-month high of $46.52. The stock’s 50 day moving average price is $42.36 and its 200-day moving average price is $39.99.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 30th. Stockholders of record on Thursday, December 15th will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.56%. The ex-dividend date is Tuesday, December 13th. Devon Energy Corp.’s payout ratio is -1.28%.
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DVN has been the topic of a number of recent analyst reports. Morgan Stanley set a $54.00 price objective on Devon Energy Corp. and gave the company a “buy” rating in a research note on Wednesday, August 3rd. Credit Suisse Group AG reissued a “buy” rating and issued a $46.00 price objective on shares of Devon Energy Corp. in a research note on Wednesday, August 3rd. Zacks Investment Research downgraded Devon Energy Corp. from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 6th. Vetr raised Devon Energy Corp. from a “buy” rating to a “strong-buy” rating and set a $49.33 price objective on the stock in a research note on Monday, September 12th. Finally, Barclays PLC boosted their price objective on Devon Energy Corp. from $43.00 to $45.00 and gave the company an “overweight” rating in a research note on Thursday, August 4th. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty have given a buy rating and three have given a strong buy rating to the company’s stock. Devon Energy Corp. presently has an average rating of “Buy” and a consensus price target of $42.21.
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.
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