Devon Energy Corporation (DVN) Holdings Cut by Adalta Capital Management LLC
Adalta Capital Management LLC lowered its holdings in shares of Devon Energy Corporation (NYSE:DVN) by 18.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 36,930 shares of the energy company’s stock after selling 8,500 shares during the quarter. Adalta Capital Management LLC’s holdings in Devon Energy Corporation were worth $1,181,000 at the end of the most recent reporting period.
Other hedge funds have also modified their holdings of the company. Investec Asset Management LTD boosted its position in Devon Energy Corporation by 6.5% during the first quarter. Investec Asset Management LTD now owns 571,980 shares of the energy company’s stock worth $23,863,000 after purchasing an additional 35,008 shares in the last quarter. Shapiro Capital Management LLC boosted its position in Devon Energy Corporation by 2.2% during the first quarter. Shapiro Capital Management LLC now owns 1,306,283 shares of the energy company’s stock worth $54,498,000 after purchasing an additional 28,695 shares in the last quarter. Teachers Advisors LLC boosted its position in Devon Energy Corporation by 2.3% during the first quarter. Teachers Advisors LLC now owns 939,950 shares of the energy company’s stock worth $39,215,000 after purchasing an additional 20,850 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its position in Devon Energy Corporation by 4.7% during the second quarter. Schwab Charles Investment Management Inc. now owns 1,953,530 shares of the energy company’s stock worth $62,455,000 after purchasing an additional 87,912 shares in the last quarter. Finally, Janus Capital Management LLC boosted its position in Devon Energy Corporation by 408.1% during the first quarter. Janus Capital Management LLC now owns 2,572,931 shares of the energy company’s stock worth $107,342,000 after purchasing an additional 2,066,530 shares in the last quarter. Institutional investors own 77.04% of the company’s stock.
In related news, Director Robert H. Henry sold 7,045 shares of the stock in a transaction on Friday, August 4th. The stock was sold at an average price of $33.35, for a total value of $234,950.75. Following the completion of the sale, the director now directly owns 11,338 shares in the company, valued at approximately $378,122.30. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.51% of the stock is currently owned by corporate insiders.
Devon Energy Corporation (DVN) traded up 0.73% on Friday, reaching $35.87. The company had a trading volume of 2,461,688 shares. The firm has a market capitalization of $18.85 billion, a price-to-earnings ratio of 8.12 and a beta of 2.21. The stock’s 50-day moving average price is $34.28 and its 200 day moving average price is $34.79. 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 quarterly earnings results on Tuesday, August 1st. The energy company reported $0.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.01. Devon Energy Corporation had a return on equity of 5.36% and a net margin of 16.07%. The firm had revenue of $3.27 billion during the quarter, compared to the consensus estimate of $3.24 billion. During the same period in the prior year, the firm earned $0.06 EPS. The firm’s quarterly revenue was up 31.6% compared to the same quarter last year. On average, equities analysts anticipate that Devon Energy Corporation will post $1.72 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be issued a $0.06 dividend. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $0.24 annualized dividend and a yield of 0.67%. Devon Energy Corporation’s dividend payout ratio is currently 5.47%.
A number of equities analysts have issued reports on DVN shares. Barclays PLC reiterated an “overweight” rating and set a $35.00 price target (up previously from $31.00) on shares of Devon Energy Corporation in a research report on Thursday, August 3rd. BidaskClub upgraded Devon Energy Corporation from a “sell” rating to a “hold” rating in a research report on Wednesday, July 19th. Piper Jaffray Companies decreased their target price on Devon Energy Corporation from $46.00 to $36.00 and set a “neutral” rating on the stock in a research report on Monday, September 18th. Royal Bank Of Canada set a $43.00 target price on Devon Energy Corporation and gave the company a “buy” rating in a research report on Friday, August 25th. Finally, Cowen and Company set a $37.00 target price on Devon Energy Corporation and gave the company a “buy” rating in a research report on Tuesday, July 18th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and twelve have assigned a buy rating to the stock. Devon Energy Corporation currently has an average rating of “Buy” and an average price target of $45.31.
Devon Energy Corporation 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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