Devon Energy Corporation (DVN) Position Lowered by Russell Investments Group Ltd.
Russell Investments Group Ltd. decreased its stake in Devon Energy Corporation (NYSE:DVN) by 41.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 252,927 shares of the energy company’s stock after selling 176,659 shares during the period. Russell Investments Group Ltd.’s holdings in Devon Energy were worth $9,286,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in DVN. Renaissance Technologies LLC lifted its stake in shares of Devon Energy by 118.2% in the second quarter. Renaissance Technologies LLC now owns 4,376,500 shares of the energy company’s stock valued at $139,917,000 after purchasing an additional 2,370,500 shares during the period. Prudential Financial Inc. lifted its stake in shares of Devon Energy by 66.7% in the second quarter. Prudential Financial Inc. now owns 4,365,017 shares of the energy company’s stock valued at $139,549,000 after purchasing an additional 1,745,977 shares during the period. Vanguard Group Inc. lifted its stake in shares of Devon Energy by 3.0% in the second quarter. Vanguard Group Inc. now owns 44,823,163 shares of the energy company’s stock valued at $1,432,998,000 after purchasing an additional 1,295,417 shares during the period. Victory Capital Management Inc. lifted its stake in shares of Devon Energy by 21.6% in the third quarter. Victory Capital Management Inc. now owns 5,570,722 shares of the energy company’s stock valued at $204,501,000 after purchasing an additional 988,090 shares during the period. Finally, Scout Investments Inc. acquired a new stake in shares of Devon Energy in the third quarter valued at about $32,652,000. Hedge funds and other institutional investors own 77.64% of the company’s stock.
Several brokerages recently commented on DVN. Cowen reiterated a “buy” rating and issued a $37.00 price objective on shares of Devon Energy in a research note on Tuesday, August 22nd. Morgan Stanley raised their target price on shares of Devon Energy from $42.00 to $48.00 and gave the company an “overweight” rating in a report on Wednesday, October 18th. Jefferies Group restated a “hold” rating and set a $31.00 target price (down from $35.00) on shares of Devon Energy in a report on Tuesday, August 29th. Citigroup restated a “buy” rating and set a $44.00 target price on shares of Devon Energy in a report on Tuesday, November 28th. Finally, Piper Jaffray Companies restated a “hold” rating and set a $38.00 target price on shares of Devon Energy in a report on Friday, November 24th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and fourteen have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $46.56.
Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, October 31st. The energy company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.07. The business had revenue of $3.16 billion during the quarter, compared to the consensus estimate of $3.13 billion. Devon Energy had a net margin of 11.62% and a return on equity of 6.88%. The company’s quarterly revenue was up 9.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.89 earnings per share. research analysts predict that Devon Energy Corporation will post 1.77 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, March 29th. Stockholders of record on Thursday, March 15th will be issued a dividend of $0.06 per share. The ex-dividend date is Wednesday, March 14th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.63%. Devon Energy’s dividend payout ratio (DPR) is presently 8.19%.
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Devon Energy 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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