TVR Capital Management LP Increases Position in Devon Energy Corporation (DVN)
TVR Capital Management LP increased its holdings in Devon Energy Corporation (NYSE:DVN) by 121.8% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 240,000 shares of the energy company’s stock after purchasing an additional 131,806 shares during the period. Devon Energy Corporation makes up about 2.1% of TVR Capital Management LP’s investment portfolio, making the stock its 13th largest position. TVR Capital Management LP’s holdings in Devon Energy Corporation were worth $7,673,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also made changes to their positions in the company. Fifth Third Bancorp increased its position in Devon Energy Corporation by 10.4% in the first quarter. Fifth Third Bancorp now owns 2,630 shares of the energy company’s stock worth $110,000 after purchasing an additional 248 shares during the last quarter. Sun Life Financial INC increased its position in Devon Energy Corporation by 32,058.3% in the second quarter. Sun Life Financial INC now owns 3,859 shares of the energy company’s stock worth $123,000 after purchasing an additional 3,847 shares during the last quarter. Fiduciary Trust Co. bought a new stake in Devon Energy Corporation in the second quarter worth $144,000. Global X Management Co. LLC increased its position in Devon Energy Corporation by 12.5% in the second quarter. Global X Management Co. LLC now owns 4,539 shares of the energy company’s stock worth $145,000 after purchasing an additional 503 shares during the last quarter. Finally, Exane Derivatives increased its position in Devon Energy Corporation by 36.0% in the second quarter. Exane Derivatives now owns 5,650 shares of the energy company’s stock worth $181,000 after purchasing an additional 1,497 shares during the last quarter. Institutional investors own 77.00% of the company’s stock.
Several equities research analysts recently weighed in on the stock. BMO Capital Markets boosted their price target on shares of Devon Energy Corporation from $35.00 to $38.00 and gave the stock an “outperform” rating in a research report on Friday, July 14th. Stifel Nicolaus restated a “buy” rating and issued a $67.00 price target on shares of Devon Energy Corporation in a research report on Sunday, September 3rd. Barclays PLC restated an “overweight” rating and issued a $35.00 price target (up previously from $31.00) on shares of Devon Energy Corporation in a research report on Wednesday, August 9th. Seaport Global Securities cut shares of Devon Energy Corporation from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $51.00 to $28.00 in a research report on Wednesday, June 21st. Finally, Sanford C. Bernstein cut shares of Devon Energy Corporation from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $54.00 to $33.00 in a research report on Thursday, July 6th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and eleven have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $45.29.
In other news, Director Robert H. Henry sold 7,045 shares of the stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $33.35, for a total transaction of $234,950.75. Following the sale, the director now owns 11,338 shares of the company’s stock, valued at $378,122.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.51% of the stock is currently owned by corporate insiders.
Devon Energy Corporation (DVN) traded down 1.57% on Friday, hitting $35.78. 3,174,065 shares of the stock were exchanged. The firm has a market cap of $18.81 billion, a PE ratio of 8.10 and a beta of 2.21. The stock’s 50 day moving average price is $33.53 and its 200 day moving average price is $34.90. 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 announced its earnings results on Tuesday, August 1st. The energy company reported $0.34 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.33 by $0.01. The company had revenue of $3.27 billion during the quarter, compared to analyst estimates of $3.24 billion. Devon Energy Corporation had a net margin of 16.07% and a return on equity of 5.36%. Devon Energy Corporation’s revenue was up 31.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.06 earnings per share. Equities research analysts forecast that Devon Energy Corporation will post $1.73 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 15th will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $0.24 annualized dividend and a dividend yield of 0.67%. Devon Energy Corporation’s dividend payout ratio is presently 5.47%.
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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