Devon Energy Corporation (DVN) Shares Sold by Elm Ridge Management LLC
Elm Ridge Management LLC cut its stake in Devon Energy Corporation (NYSE:DVN) by 35.3% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 290,806 shares of the energy company’s stock after selling 158,593 shares during the period. Devon Energy makes up 4.5% of Elm Ridge Management LLC’s investment portfolio, making the stock its 6th largest position. Elm Ridge Management LLC owned about 0.06% of Devon Energy worth $10,675,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in DVN. Sun Life Financial INC raised its holdings in Devon Energy by 32,058.3% in the second quarter. Sun Life Financial INC now owns 3,859 shares of the energy company’s stock valued at $123,000 after buying an additional 3,847 shares during the period. FNY Managed Accounts LLC purchased a new position in Devon Energy in the third quarter valued at approximately $134,000. Fiduciary Trust Co. purchased a new position in Devon Energy in the second quarter valued at approximately $144,000. Global X Management Co. LLC raised its holdings in Devon Energy by 12.5% in the second quarter. Global X Management Co. LLC now owns 4,539 shares of the energy company’s stock valued at $145,000 after buying an additional 503 shares during the period. Finally, FUKOKU MUTUAL LIFE INSURANCE Co raised its holdings in Devon Energy by 67.6% in the second quarter. FUKOKU MUTUAL LIFE INSURANCE Co now owns 5,700 shares of the energy company’s stock valued at $182,000 after buying an additional 2,300 shares during the period. 77.64% of the stock is currently owned by institutional investors and hedge funds.
Several research firms recently commented on DVN. Credit Suisse Group began coverage on shares of Devon Energy in a report on Monday. They issued an “outperform” rating and a $43.00 price target on the stock. Morgan Stanley raised their price target 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. Cowen restated a “buy” rating and issued a $37.00 price target on shares of Devon Energy in a report on Tuesday, August 22nd. Jefferies Group restated a “hold” rating and issued a $31.00 price target (down previously from $35.00) on shares of Devon Energy in a report on Tuesday, August 29th. Finally, Citigroup restated a “buy” rating and issued a $44.00 price target on shares of Devon Energy in a report on Tuesday, November 28th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and fourteen have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $45.39.
Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, October 31st. The energy company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.39 by $0.07. The company had revenue of $3.16 billion for the quarter, compared to analyst estimates of $3.13 billion. Devon Energy had a net margin of 11.62% and a return on equity of 6.88%. The business’s quarterly revenue was up 9.5% on a year-over-year basis. During the same quarter last year, the firm posted $1.89 earnings per share. sell-side analysts forecast that Devon Energy Corporation will post 1.77 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 29th. Stockholders of record on Thursday, March 15th will be paid a dividend of $0.06 per share. The ex-dividend date of this dividend 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 is currently 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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