ProShare Advisors LLC grew its holdings in shares of Devon Energy Co. (NYSE:DVN – Free Report) by 9.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 183,900 shares of the energy company’s stock after acquiring an additional 16,361 shares during the quarter. ProShare Advisors LLC’s holdings in Devon Energy were worth $9,307,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Tyler Stone Wealth Management bought a new position in Devon Energy in the 4th quarter valued at approximately $25,000. Clearview Wealth Advisors LLC acquired a new position in shares of Devon Energy during the first quarter worth $25,000. Crewe Advisors LLC increased its holdings in shares of Devon Energy by 16,633.3% during the first quarter. Crewe Advisors LLC now owns 502 shares of the energy company’s stock worth $25,000 after buying an additional 499 shares in the last quarter. Canada Pension Plan Investment Board acquired a new position in shares of Devon Energy during the first quarter worth $26,000. Finally, KB Financial Partners LLC acquired a new position in shares of Devon Energy during the first quarter worth $26,000. Institutional investors own 68.34% of the company’s stock.
Wall Street Analyst Weigh In
Several research firms have recently issued reports on DVN. UBS Group upped their price objective on Devon Energy from $53.00 to $55.00 and gave the company a “neutral” rating in a research note on Thursday, August 17th. Morgan Stanley upped their price objective on Devon Energy from $49.00 to $50.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 18th. Evercore ISI decreased their price objective on Devon Energy from $52.00 to $50.00 in a report on Monday, July 10th. Raymond James decreased their price objective on Devon Energy from $70.00 to $62.00 and set a “strong-buy” rating for the company in a report on Monday, July 24th. Finally, Wells Fargo & Company decreased their price objective on Devon Energy from $52.00 to $51.00 and set an “equal weight” rating for the company in a report on Friday, September 1st. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $63.72.
Devon Energy Stock Performance
Shares of DVN opened at $49.68 on Friday. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.98 and a quick ratio of 0.90. The stock has a 50-day moving average of $51.05 and a 200-day moving average of $50.50. The company has a market cap of $31.83 billion, a PE ratio of 6.80, a P/E/G ratio of 0.18 and a beta of 2.34. Devon Energy Co. has a one year low of $44.03 and a one year high of $78.82.
Devon Energy (NYSE:DVN – Get Free Report) last posted its quarterly earnings results on Tuesday, August 1st. The energy company reported $1.18 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.18. Devon Energy had a net margin of 28.10% and a return on equity of 37.89%. The business had revenue of $3.45 billion during the quarter, compared to the consensus estimate of $3.26 billion. During the same quarter last year, the firm posted $2.59 EPS. Devon Energy’s revenue was down 38.6% compared to the same quarter last year. On average, equities research analysts predict that Devon Energy Co. will post 5.61 EPS for the current fiscal year.
Devon Energy Cuts Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be paid a dividend of $0.49 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $1.96 dividend on an annualized basis and a yield of 3.95%. Devon Energy’s dividend payout ratio (DPR) is currently 10.94%.
Insider Buying and Selling at Devon Energy
In other Devon Energy news, EVP Dennis C. Cameron sold 7,870 shares of Devon Energy stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $51.13, for a total transaction of $402,393.10. Following the completion of the transaction, the executive vice president now owns 210,548 shares in the company, valued at approximately $10,765,319.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.63% of the company’s stock.
Devon Energy Company Profile
Devon Energy Corporation, an independent energy company, explores for, develops, and produces oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Anadarko, Williston, Eagle Ford, and Powder River Basin. The company was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.
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