Vident Investment Advisory LLC Invests $235,000 in Devon Energy Corporation (DVN) Stock
Vident Investment Advisory LLC acquired a new stake in Devon Energy Corporation (NYSE:DVN) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 6,421 shares of the energy company’s stock, valued at approximately $235,000.
Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in Devon Energy by 3.0% in the second quarter. Vanguard Group Inc. now owns 44,823,163 shares of the energy company’s stock worth $1,432,998,000 after purchasing an additional 1,295,417 shares during the period. State Street Corp grew its holdings in Devon Energy by 1.0% in the second quarter. State Street Corp now owns 27,673,118 shares of the energy company’s stock worth $884,702,000 after purchasing an additional 265,179 shares during the period. Standard Life Investments LTD grew its holdings in Devon Energy by 1.3% in the second quarter. Standard Life Investments LTD now owns 6,054,868 shares of the energy company’s stock worth $193,604,000 after purchasing an additional 75,952 shares during the period. Northern Trust Corp grew its holdings in Devon Energy by 0.3% in the second quarter. Northern Trust Corp now owns 5,955,294 shares of the energy company’s stock worth $190,390,000 after purchasing an additional 18,861 shares during the period. Finally, Victory Capital Management Inc. grew its holdings in 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 worth $204,501,000 after purchasing an additional 988,090 shares during the period. Hedge funds and other institutional investors own 77.43% of the company’s stock.
In other Devon Energy news, EVP Lyndon C. Taylor sold 12,798 shares of the stock in a transaction on Thursday, December 14th. The shares were sold at an average price of $38.29, for a total transaction of $490,035.42. Following the completion of the transaction, the executive vice president now owns 67,900 shares in the company, valued at $2,599,891. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.51% of the stock is owned by company insiders.
Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, October 31st. The energy company reported $0.46 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.39 by $0.07. The company had revenue of $3.16 billion during the quarter, compared to analysts’ expectations of $3.13 billion. Devon Energy had a net margin of 11.62% and a return on equity of 6.88%. Devon Energy’s quarterly revenue was up 9.5% on a year-over-year basis. During the same period last year, the company posted $1.89 earnings per share. research analysts anticipate that Devon Energy Corporation will post 1.78 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 29th. Shareholders of record on Thursday, March 15th will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Wednesday, March 14th. This represents a $0.24 annualized dividend and a yield of 0.60%. Devon Energy’s dividend payout ratio (DPR) is currently 8.19%.
Several research analysts have recently issued reports on DVN shares. Royal Bank of Canada set a $43.00 target price on shares of Devon Energy and gave the stock a “buy” rating in a research note on Friday, August 25th. Stifel Nicolaus set a $61.00 price objective on shares of Devon Energy and gave the company a “buy” rating in a research report on Friday, August 25th. BMO Capital Markets set a $38.00 price objective on shares of Devon Energy and gave the company a “buy” rating in a research report on Monday, August 28th. Jefferies Group restated a “hold” rating and set a $31.00 price objective (down previously from $35.00) on shares of Devon Energy in a research report on Tuesday, August 29th. Finally, Piper Jaffray Companies lowered their price objective on shares of Devon Energy from $46.00 to $36.00 and set a “neutral” rating on the stock in a research report on Monday, September 18th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and fifteen have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $45.78.
Devon Energy 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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