Riverhead Capital Management LLC lessened its stake in Devon Energy (NYSE:DVN) by 54.3% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 15,886 shares of the energy company’s stock after selling 18,850 shares during the quarter. Riverhead Capital Management LLC’s holdings in Devon Energy were worth $505,000 at the end of the most recent reporting period.
Several other hedge funds also recently added to or reduced their stakes in DVN. Taylor Hoffman Wealth Management purchased a new position in shares of Devon Energy in the fourth quarter worth $102,000. NuWave Investment Management LLC purchased a new position in shares of Devon Energy in the fourth quarter worth $111,000. Advisory Services Network LLC lifted its holdings in shares of Devon Energy by 127.8% in the fourth quarter. Advisory Services Network LLC now owns 3,445 shares of the energy company’s stock worth $143,000 after buying an additional 1,933 shares in the last quarter. Icon Wealth Partners LLC purchased a new position in shares of Devon Energy in the fourth quarter worth $144,000. Finally, Dupont Capital Management Corp lifted its holdings in shares of Devon Energy by 48.5% in the first quarter. Dupont Capital Management Corp now owns 4,660 shares of the energy company’s stock worth $148,000 after buying an additional 1,523 shares in the last quarter. 83.23% of the stock is currently owned by hedge funds and other institutional investors.
Several equities analysts have recently commented on the stock. Stifel Nicolaus set a $68.00 target price on shares of Devon Energy and gave the stock a “buy” rating in a report on Tuesday, January 30th. Wolfe Research raised shares of Devon Energy from a “market perform” rating to an “outperform” rating in a report on Tuesday, January 30th. Jefferies Group reissued a “buy” rating and issued a $52.00 target price on shares of Devon Energy in a report on Tuesday, January 30th. Zacks Investment Research raised shares of Devon Energy from a “hold” rating to a “strong-buy” rating and set a $49.00 target price on the stock in a report on Friday, February 2nd. Finally, B. Riley began coverage on shares of Devon Energy in a research note on Monday, February 5th. They set a “neutral” rating and a $50.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and eighteen have given a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $45.35.
Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, May 1st. The energy company reported $0.20 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.20. Devon Energy had a net margin of 4.49% and a return on equity of 5.68%. The business had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $3.85 billion. During the same quarter in the prior year, the firm posted $1.07 earnings per share. The business’s revenue for the quarter was up 7.3% on a year-over-year basis. equities research analysts predict that Devon Energy will post 1.33 earnings per share for the current year.
Devon Energy announced that its Board of Directors has authorized a stock buyback plan on Wednesday, March 7th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the energy company to buy shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 29th. Stockholders of record on Friday, June 15th will be paid a $0.08 dividend. The ex-dividend date of this dividend is Thursday, June 14th. This represents a $0.32 annualized dividend and a dividend yield of 0.77%. This is an increase from Devon Energy’s previous quarterly dividend of $0.06. Devon Energy’s dividend payout ratio is currently 38.10%.
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 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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