Devon Energy Corp (DVN) Holdings Increased by Mackay Shields LLC
Mackay Shields LLC boosted its stake in shares of Devon Energy Corp (NYSE:DVN) by 101.6% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 406,308 shares of the energy company’s stock after purchasing an additional 204,729 shares during the quarter. Mackay Shields LLC’s holdings in Devon Energy were worth $17,862,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also modified their holdings of the company. Jackson Grant Investment Advisers Inc. acquired a new position in shares of Devon Energy in the 2nd quarter valued at about $112,000. Financial Architects Inc increased its holdings in shares of Devon Energy by 168.5% in the 2nd quarter. Financial Architects Inc now owns 2,709 shares of the energy company’s stock valued at $119,000 after purchasing an additional 1,700 shares during the period. Bristol John W & Co. Inc. NY acquired a new position in shares of Devon Energy in the 1st quarter valued at about $103,000. Penserra Capital Management LLC acquired a new position in shares of Devon Energy in the 1st quarter valued at about $125,000. Finally, Gables Capital Management Inc. acquired a new position in shares of Devon Energy in the 1st quarter valued at about $146,000. Institutional investors own 84.84% of the company’s stock.
A number of brokerages have recently weighed in on DVN. ValuEngine upgraded Devon Energy from a “hold” rating to a “buy” rating in a report on Wednesday, June 27th. BMO Capital Markets reiterated a “buy” rating and issued a $50.00 target price on shares of Devon Energy in a report on Tuesday, August 7th. Jefferies Financial Group set a $52.00 target price on Devon Energy and gave the company a “buy” rating in a report on Friday. Zacks Investment Research upgraded Devon Energy from a “hold” rating to a “strong-buy” rating and set a $48.00 target price on the stock in a report on Monday, June 18th. Finally, B. Riley upped their target price on Devon Energy from $37.00 to $47.00 and gave the company a “neutral” rating in a report on Monday, June 11th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and twenty have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $48.95.
Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, July 31st. The energy company reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.03). The firm had revenue of $2.25 billion during the quarter, compared to analyst estimates of $3.96 billion. Devon Energy had a positive return on equity of 5.52% and a negative net margin of 1.60%. During the same quarter in the prior year, the company posted $0.80 EPS. sell-side analysts anticipate that Devon Energy Corp will post 1.64 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 28th. Shareholders of record on Friday, September 14th will be given a dividend of $0.08 per share. The ex-dividend date is Thursday, September 13th. This represents a $0.32 dividend on an annualized basis and a yield of 0.75%. Devon Energy’s payout ratio is currently 50.79%.
Devon Energy announced that its Board of Directors has initiated a share repurchase program on Tuesday, May 1st that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the energy company to reacquire up to 5.3% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.
In related news, Director John E. Bethancourt bought 12,000 shares of the firm’s stock in a transaction on Thursday, June 7th. The stock was purchased at an average price of $41.90 per share, with a total value of $502,800.00. Following the completion of the transaction, the director now directly owns 56,469 shares of the company’s stock, valued at $2,366,051.10. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Lyndon C. Taylor sold 18,357 shares of the company’s stock in a transaction that occurred on Monday, June 11th. The stock was sold at an average price of $42.09, for a total value of $772,646.13. Following the sale, the executive vice president now directly owns 95,223 shares of the company’s stock, valued at approximately $4,007,936.07. The disclosure for this sale can be found here. 0.55% of the stock is owned by corporate insiders.
Devon Energy Profile
Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States and Canada. It operates approximately 14,600 gross wells. The company also offers gathering, transmission, processing, storage, fractionation, and marketing to upstream oil and natural gas producers; and owns natural gas pipelines, plants and treatment facilities.
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