HGK Asset Management Inc. lifted its position in shares of Devon Energy Corp (NYSE:DVN) by 9.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 182,896 shares of the energy company’s stock after buying an additional 15,692 shares during the quarter. Devon Energy comprises about 2.1% of HGK Asset Management Inc.’s holdings, making the stock its 9th largest position. HGK Asset Management Inc.’s holdings in Devon Energy were worth $7,305,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently bought and sold shares of DVN. Price T Rowe Associates Inc. MD boosted its stake in Devon Energy by 252.7% during the second quarter. Price T Rowe Associates Inc. MD now owns 8,032,588 shares of the energy company’s stock worth $229,089,000 after acquiring an additional 5,755,255 shares in the last quarter. Nuveen Asset Management LLC boosted its stake in Devon Energy by 8,782.8% during the second quarter. Nuveen Asset Management LLC now owns 2,126,454 shares of the energy company’s stock worth $60,646,000 after acquiring an additional 2,102,515 shares in the last quarter. Balyasny Asset Management LLC boosted its stake in Devon Energy by 364.6% during the second quarter. Balyasny Asset Management LLC now owns 2,507,426 shares of the energy company’s stock worth $71,512,000 after acquiring an additional 1,967,751 shares in the last quarter. Caymus Capital Partners L.P. bought a new position in Devon Energy during the second quarter worth $48,600,000. Finally, Invesco Ltd. boosted its stake in Devon Energy by 5.3% during the second quarter. Invesco Ltd. now owns 28,823,990 shares of the energy company’s stock worth $822,059,000 after acquiring an additional 1,456,762 shares in the last quarter. Institutional investors own 85.85% of the company’s stock.
DVN has been the topic of several research analyst reports. Citigroup cut their target price on shares of Devon Energy from $36.00 to $31.00 and set a “buy” rating on the stock in a research note on Monday, September 23rd. Seaport Global Securities lowered shares of Devon Energy from a “buy” rating to a “neutral” rating in a research note on Thursday, October 10th. Morgan Stanley cut their target price on shares of Devon Energy from $30.00 to $27.00 and set an “equal weight” rating on the stock in a research note on Friday, October 4th. Mitsubishi UFJ Financial Group increased their target price on shares of Devon Energy to $36.00 and gave the stock a “neutral” rating in a research note on Thursday, August 8th. Finally, SunTrust Banks initiated coverage on shares of Devon Energy in a research note on Tuesday, July 30th. They set a “buy” rating and a $33.00 target price on the stock. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating and eleven have given a buy rating to the company. Devon Energy presently has a consensus rating of “Hold” and a consensus target price of $36.19.
Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, August 6th. The energy company reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.07. The firm had revenue of $1.92 billion for the quarter, compared to analyst estimates of $2.09 billion. Devon Energy had a net margin of 39.80% and a return on equity of 8.42%. The business’s quarterly revenue was down .1% compared to the same quarter last year. During the same period last year, the firm earned $0.34 earnings per share. On average, research analysts forecast that Devon Energy Corp will post 1.3 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 13th will be issued a $0.09 dividend. The ex-dividend date of this dividend is Thursday, December 12th. This represents a $0.36 annualized dividend and a dividend yield of 1.68%. Devon Energy’s dividend payout ratio is currently 27.91%.
In other news, CAO Jeremy D. Humphers sold 1,500 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $21.66, for a total value of $32,490.00. Following the completion of the sale, the chief accounting officer now owns 42,475 shares in the company, valued at $920,008.50. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.63% of the company’s stock.
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 12,900 gross wells. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.
Featured Article: What is the return on assets (ROA) ratio?
Want to see what other hedge funds are holding DVN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Devon Energy Corp (NYSE:DVN).
Receive News & Ratings for Devon Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Devon Energy and related companies with MarketBeat.com's FREE daily email newsletter.