BlackRock Inc. Sells 1,331,293 Shares of Devon Energy Corp (NYSE:DVN)

BlackRock Inc. decreased its position in Devon Energy Corp (NYSE:DVN) by 4.2% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 30,741,270 shares of the energy company’s stock after selling 1,331,293 shares during the period. BlackRock Inc. owned about 7.61% of Devon Energy worth $876,740,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in DVN. Price T Rowe Associates Inc. MD lifted its stake in Devon Energy by 252.7% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 8,032,588 shares of the energy company’s stock valued at $229,089,000 after acquiring an additional 5,755,255 shares in the last quarter. Nuveen Asset Management LLC increased its position in shares of Devon Energy by 8,782.8% during the 2nd quarter. Nuveen Asset Management LLC now owns 2,126,454 shares of the energy company’s stock worth $60,646,000 after purchasing an additional 2,102,515 shares during the last quarter. Balyasny Asset Management LLC increased its position in shares of Devon Energy by 364.6% during the 2nd quarter. Balyasny Asset Management LLC now owns 2,507,426 shares of the energy company’s stock worth $71,512,000 after purchasing an additional 1,967,751 shares during the last quarter. Caymus Capital Partners L.P. acquired a new position in shares of Devon Energy during the 2nd quarter worth approximately $48,600,000. Finally, Invesco Ltd. increased its position in shares of Devon Energy by 5.3% during the 2nd quarter. Invesco Ltd. now owns 28,823,990 shares of the energy company’s stock worth $822,059,000 after purchasing an additional 1,456,762 shares during the last quarter. Hedge funds and other institutional investors own 85.88% of the company’s stock.

DVN stock opened at $22.91 on Friday. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $9.29 billion, a PE ratio of 17.76, a PEG ratio of 1.50 and a beta of 2.35. Devon Energy Corp has a 1-year low of $19.72 and a 1-year high of $35.39. The business’s 50 day simple moving average is $22.20 and its 200 day simple moving average is $25.68.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, November 5th. The energy company reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.19 by $0.10. The business had revenue of $1.85 billion for the quarter, compared to analyst estimates of $1.57 billion. Devon Energy had a return on equity of 6.08% and a net margin of 16.00%. During the same period in the previous year, the firm earned $0.63 EPS. As a group, sell-side analysts predict that Devon Energy Corp will post 1.27 EPS for the current fiscal year.

The company also recently disclosed 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. This represents a $0.36 dividend on an annualized basis and a yield of 1.57%. The ex-dividend date of this dividend is Thursday, December 12th. Devon Energy’s dividend payout ratio is 27.91%.

In other Devon Energy news, CAO Jeremy D. Humphers sold 1,500 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $21.66, for a total value of $32,490.00. Following the transaction, the chief accounting officer now directly 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 accessible through this link. Corporate insiders own 0.63% of the company’s stock.

DVN has been the topic of several recent analyst reports. Wells Fargo & Co boosted their price target on Devon Energy from $33.00 to $34.00 and gave the stock an “outperform” rating in a research report on Friday, September 20th. MKM Partners set a $32.00 price target on Devon Energy and gave the stock a “buy” rating in a research report on Monday, August 12th. Mitsubishi UFJ Financial Group boosted their price target on Devon Energy to $36.00 and gave the stock a “neutral” rating in a research report on Thursday, August 8th. Guggenheim set a $35.00 price target on Devon Energy and gave the stock a “buy” rating in a research report on Wednesday, August 21st. Finally, ValuEngine raised Devon Energy from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating and eleven have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price 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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Institutional Ownership by Quarter for Devon Energy (NYSE:DVN)

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