Meyer Handelman Co. lessened its stake in shares of Devon Energy Co. (NYSE:DVN – Get Rating) by 8.3% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 77,393 shares of the energy company’s stock after selling 7,000 shares during the period. Meyer Handelman Co.’s holdings in Devon Energy were worth $4,265,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in DVN. Canada Pension Plan Investment Board bought a new stake in shares of Devon Energy in the 1st quarter worth $26,000. WASHINGTON TRUST Co purchased a new position in shares of Devon Energy in the first quarter valued at about $26,000. JNBA Financial Advisors increased its holdings in shares of Devon Energy by 274.4% in the first quarter. JNBA Financial Advisors now owns 498 shares of the energy company’s stock worth $29,000 after purchasing an additional 365 shares during the last quarter. Riverview Trust Co bought a new stake in shares of Devon Energy in the first quarter worth about $30,000. Finally, American National Bank increased its stake in Devon Energy by 202.8% during the second quarter. American National Bank now owns 539 shares of the energy company’s stock worth $30,000 after acquiring an additional 361 shares during the last quarter. Institutional investors own 79.19% of the company’s stock.
Analyst Upgrades and Downgrades
Several equities research analysts have weighed in on DVN shares. Mizuho boosted their price objective on Devon Energy from $88.00 to $91.00 and gave the stock a “buy” rating in a research note on Thursday, August 18th. JPMorgan Chase & Co. lowered Devon Energy from an “overweight” rating to a “neutral” rating and set a $83.00 target price for the company. in a research report on Thursday, September 15th. They noted that the move was a valuation call. Raymond James boosted their target price on Devon Energy from $80.00 to $85.00 and gave the company a “strong-buy” rating in a research report on Wednesday, August 17th. Stifel Nicolaus boosted their target price on Devon Energy from $88.00 to $93.00 in a research report on Thursday, June 9th. Finally, Barclays set a $89.00 price target on Devon Energy in a report on Tuesday, July 19th. Eight research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $77.06.
Insider Activity at Devon Energy
Devon Energy Stock Performance
DVN traded down $5.74 during midday trading on Friday, hitting $57.38. 646,907 shares of the company were exchanged, compared to its average volume of 11,437,929. The company’s 50 day simple moving average is $64.42 and its 200 day simple moving average is $63.30. The firm has a market capitalization of $37.57 billion, a price-to-earnings ratio of 7.26, a price-to-earnings-growth ratio of 0.13 and a beta of 2.47. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.63. Devon Energy Co. has a 1-year low of $30.49 and a 1-year high of $79.40.
Devon Energy (NYSE:DVN – Get Rating) last issued its quarterly earnings results on Monday, August 1st. The energy company reported $2.59 earnings per share for the quarter, beating analysts’ consensus estimates of $2.38 by $0.21. The firm had revenue of $5.63 billion for the quarter, compared to analyst estimates of $4.77 billion. Devon Energy had a net margin of 30.65% and a return on equity of 48.58%. Devon Energy’s quarterly revenue was up 132.8% compared to the same quarter last year. During the same period last year, the company posted $0.60 EPS. As a group, sell-side analysts predict that Devon Energy Co. will post 9.24 earnings per share for the current year.
Devon Energy Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Monday, September 12th will be issued a $1.55 dividend. This represents a $6.20 annualized dividend and a yield of 10.81%. The ex-dividend date of this dividend is Friday, September 9th. This is an increase from Devon Energy’s previous quarterly dividend of $1.27. Devon Energy’s dividend payout ratio (DPR) is 9.14%.
Devon Energy Company 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. It operates approximately 5,134 gross wells. Devon Energy Corporation was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.
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