Hoertkorn Richard Charles boosted its position in Devon Energy Corp (NYSE:DVN) by 12.0% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 41,100 shares of the energy company’s stock after purchasing an additional 4,410 shares during the quarter. Hoertkorn Richard Charles’ holdings in Devon Energy were worth $989,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. River & Mercantile Asset Management LLP raised its holdings in Devon Energy by 26.1% in the 2nd quarter. River & Mercantile Asset Management LLP now owns 309,006 shares of the energy company’s stock valued at $8,811,000 after acquiring an additional 63,989 shares in the last quarter. Pratt Collard Advisory Partners LLC raised its holdings in Devon Energy by 5.6% in the 2nd quarter. Pratt Collard Advisory Partners LLC now owns 28,542 shares of the energy company’s stock valued at $814,000 after acquiring an additional 1,515 shares in the last quarter. TD Asset Management Inc. raised its holdings in Devon Energy by 74.6% in the 2nd quarter. TD Asset Management Inc. now owns 232,174 shares of the energy company’s stock valued at $6,622,000 after acquiring an additional 99,237 shares in the last quarter. LPL Financial LLC raised its holdings in Devon Energy by 12.8% in the 2nd quarter. LPL Financial LLC now owns 85,184 shares of the energy company’s stock valued at $2,429,000 after acquiring an additional 9,651 shares in the last quarter. Finally, Advisory Services Network LLC raised its holdings in Devon Energy by 43.1% in the 2nd quarter. Advisory Services Network LLC now owns 1,712 shares of the energy company’s stock valued at $48,000 after acquiring an additional 516 shares in the last quarter. Institutional investors and hedge funds own 85.85% of the company’s stock.
In other Devon Energy news, CAO Jeremy D. Humphers sold 1,500 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $21.66, for a total value of $32,490.00. Following the completion of the transaction, the chief accounting officer now owns 42,475 shares of the company’s stock, valued at approximately $920,008.50. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.63% of the stock is owned by corporate insiders.
Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, August 6th. The energy company reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.07. Devon Energy had a return on equity of 8.42% and a net margin of 39.80%. The company had revenue of $1.92 billion during the quarter, compared to analysts’ expectations of $2.09 billion. During the same quarter in the previous year, the firm earned $0.34 EPS. Devon Energy’s revenue was down .1% on a year-over-year basis. On average, research analysts forecast that Devon Energy Corp will post 1.3 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 13th will be issued a $0.09 dividend. The ex-dividend date is Thursday, December 12th. This represents a $0.36 dividend on an annualized basis and a yield of 1.68%. Devon Energy’s payout ratio is presently 27.91%.
Several brokerages have weighed in on DVN. Seaport Global Securities cut Devon Energy from a “buy” rating to a “neutral” rating in a report on Thursday, October 10th. Citigroup dropped their price objective on Devon Energy from $36.00 to $31.00 and set a “buy” rating for the company in a report on Monday, September 23rd. Guggenheim set a $35.00 price objective on Devon Energy and gave the company a “buy” rating in a report on Wednesday, August 21st. Morgan Stanley dropped their price objective on Devon Energy from $30.00 to $27.00 and set an “equal weight” rating for the company in a report on Friday, October 4th. Finally, Goldman Sachs Group reaffirmed a “sell” rating and issued a $25.50 price objective on shares of Devon Energy in a report on Tuesday, July 23rd. Two analysts have rated the stock with a sell rating, twelve have given a hold rating and eleven have given a buy rating to the stock. Devon Energy has an average rating of “Hold” and a consensus price target of $36.19.
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.
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