AGF Management Ltd. Sells 103,485 Shares of Devon Energy Corporation $DVN

AGF Management Ltd. decreased its position in shares of Devon Energy Corporation (NYSE:DVN) by 51.6% during the second quarter, according to its most recent filing with the SEC. The firm owned 96,874 shares of the energy company’s stock after selling 103,485 shares during the period. AGF Management Ltd.’s holdings in Devon Energy were worth $3,082,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in DVN. Ameriprise Financial Inc. boosted its holdings in shares of Devon Energy by 81.1% during the 1st quarter. Ameriprise Financial Inc. now owns 5,029,987 shares of the energy company’s stock valued at $188,131,000 after buying an additional 2,252,918 shares in the last quarter. Vanguard Group Inc. lifted its position in Devon Energy by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 82,780,738 shares of the energy company’s stock valued at $3,096,000,000 after acquiring an additional 2,098,568 shares during the period. Nuveen LLC purchased a new stake in Devon Energy in the first quarter worth about $69,975,000. AQR Capital Management LLC grew its holdings in Devon Energy by 100.0% in the first quarter. AQR Capital Management LLC now owns 3,558,362 shares of the energy company’s stock worth $132,051,000 after purchasing an additional 1,779,382 shares during the period. Finally, Encompass Capital Advisors LLC bought a new position in shares of Devon Energy during the first quarter valued at approximately $63,561,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Up 0.7%

Devon Energy stock opened at $33.94 on Tuesday. Devon Energy Corporation has a one year low of $25.89 and a one year high of $39.74. The stock has a fifty day moving average of $33.93 and a 200 day moving average of $33.29. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.13 and a current ratio of 1.22. The stock has a market cap of $21.55 billion, a PE ratio of 7.61, a price-to-earnings-growth ratio of 2.49 and a beta of 1.01.

Devon Energy (NYSE:DVN) last announced its earnings results on Wednesday, November 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.11. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.The business had revenue of $0.00 million for the quarter, compared to analysts’ expectations of $4.10 billion. During the same period last year, the firm posted $1.10 earnings per share. As a group, sell-side analysts predict that Devon Energy Corporation will post 4.85 EPS for the current year.

Devon Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 30th. Investors of record on Monday, December 15th will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.8%. The ex-dividend date is Monday, December 15th. Devon Energy’s payout ratio is 22.59%.

Analyst Ratings Changes

DVN has been the topic of several recent research reports. William Blair began coverage on Devon Energy in a research note on Monday, August 25th. They issued an “outperform” rating on the stock. Wells Fargo & Company cut their target price on Devon Energy from $43.00 to $37.00 and set an “overweight” rating on the stock in a research note on Friday, October 17th. Raymond James Financial reaffirmed an “outperform” rating and issued a $45.00 price target (up previously from $40.00) on shares of Devon Energy in a research report on Tuesday, July 22nd. Scotiabank reiterated an “outperform” rating on shares of Devon Energy in a research note on Thursday, October 9th. Finally, The Goldman Sachs Group reduced their price objective on shares of Devon Energy from $41.00 to $40.00 and set a “buy” rating for the company in a research note on Wednesday, October 15th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $43.04.

About Devon Energy

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.