Devon Energy Corp (DVN) Holdings Cut by Caisse DE Depot ET Placement DU Quebec
Caisse DE Depot ET Placement DU Quebec lessened its holdings in Devon Energy Corp (NYSE:DVN) by 69.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 155,600 shares of the energy company’s stock after selling 360,100 shares during the period. Caisse DE Depot ET Placement DU Quebec’s holdings in Devon Energy were worth $6,442,000 at the end of the most recent quarter.
Other institutional investors have also added to or reduced their stakes in the company. Taylor Hoffman Wealth Management bought a new position in Devon Energy in the fourth quarter valued at about $102,000. NuWave Investment Management LLC bought a new stake in shares of Devon Energy during the fourth quarter worth about $111,000. FNY Managed Accounts LLC bought a new stake in shares of Devon Energy during the third quarter worth about $134,000. Advisory Services Network LLC grew its holdings in shares of Devon Energy by 127.8% during the fourth quarter. Advisory Services Network LLC now owns 3,445 shares of the energy company’s stock worth $143,000 after purchasing an additional 1,933 shares during the last quarter. Finally, Icon Wealth Partners LLC bought a new stake in shares of Devon Energy during the fourth quarter worth about $144,000. Hedge funds and other institutional investors own 81.15% of the company’s stock.
In related news, EVP Lyndon C. Taylor sold 12,798 shares of the company’s stock in a transaction that occurred on Thursday, December 14th. The stock was sold at an average price of $38.29, for a total value of $490,035.42. Following the sale, the executive vice president now directly owns 67,900 shares in the company, valued at $2,599,891. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.51% of the company’s stock.
Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, February 20th. The energy company reported $0.38 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.60 by ($0.22). Devon Energy had a net margin of 10.04% and a return on equity of 6.92%. The company had revenue of $3.98 billion during the quarter, compared to the consensus estimate of $3.58 billion. During the same quarter in the previous year, the company earned $0.25 earnings per share. The business’s revenue was up 41.8% on a year-over-year basis. equities analysts predict that Devon Energy Corp will post 2.29 EPS for the current fiscal year.
Devon Energy declared that its Board of Directors has initiated a stock buyback plan on Wednesday, March 7th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the energy company to repurchase shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Friday, June 29th. Investors of record on Friday, June 15th will be issued a $0.08 dividend. The ex-dividend date of this dividend is Thursday, June 14th. This is a boost from Devon Energy’s previous quarterly dividend of $0.06. This represents a $0.32 annualized dividend and a yield of 0.98%. Devon Energy’s dividend payout ratio is presently 13.95%.
Several analysts have recently weighed in on DVN shares. Stifel Nicolaus set a $68.00 price target on Devon Energy and gave the stock a “buy” rating in a report on Tuesday, January 30th. Credit Suisse Group set a $50.00 price target on Devon Energy and gave the stock a “buy” rating in a report on Tuesday, January 23rd. They noted that the move was a valuation call. Cowen set a $51.00 price target on Devon Energy and gave the stock a “buy” rating in a report on Thursday, January 18th. Piper Jaffray Companies restated a “hold” rating and set a $42.00 price target on shares of Devon Energy in a report on Tuesday, January 9th. Finally, KLR Group upgraded Devon Energy from a “hold” rating to a “buy” rating and set a $49.00 price target on the stock in a report on Friday, February 23rd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $45.79.
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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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