Van ECK Associates Corp decreased its holdings in Devon Energy Co. (NYSE:DVN) by 1.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,811,948 shares of the energy company’s stock after selling 19,523 shares during the quarter. Van ECK Associates Corp owned about 0.27% of Devon Energy worth $52,891,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in the stock. BlackRock Inc. grew its stake in Devon Energy by 86.1% in the 1st quarter. BlackRock Inc. now owns 45,991,981 shares of the energy company’s stock valued at $1,004,923,000 after acquiring an additional 21,276,787 shares during the last quarter. EnCap Energy Capital Fund X L.P. acquired a new stake in Devon Energy in the first quarter valued at approximately $744,282,000. Price T Rowe Associates Inc. MD grew its position in shares of Devon Energy by 236.4% during the first quarter. Price T Rowe Associates Inc. MD now owns 23,978,597 shares of the energy company’s stock worth $523,932,000 after buying an additional 16,851,353 shares in the last quarter. Victory Capital Management Inc. grew its position in shares of Devon Energy by 20.8% during the second quarter. Victory Capital Management Inc. now owns 12,865,022 shares of the energy company’s stock worth $375,529,000 after buying an additional 2,216,068 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Devon Energy by 51.8% during the first quarter. Geode Capital Management LLC now owns 10,916,192 shares of the energy company’s stock worth $237,920,000 after buying an additional 3,725,225 shares in the last quarter. Hedge funds and other institutional investors own 86.42% of the company’s stock.
A number of analysts have recently weighed in on DVN shares. The Goldman Sachs Group downgraded shares of Devon Energy from a “conviction-buy” rating to a “buy” rating in a research report on Thursday, September 9th. Raymond James restated a “strong-buy” rating and set a $26.10 price objective (down from $40.00) on shares of Devon Energy in a research note on Tuesday, July 27th. Barclays raised their price objective on Devon Energy from $27.00 to $35.00 and gave the stock an “overweight” rating in a research note on Thursday, June 3rd. Zacks Investment Research cut Devon Energy from a “buy” rating to a “hold” rating and set a $29.00 price objective on the stock. in a research note on Tuesday, May 18th. Finally, Truist raised their price objective on Devon Energy from $35.00 to $42.00 and gave the stock a “buy” rating in a research note on Thursday, July 1st. They noted that the move was a valuation call. Three research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Buy” and an average price target of $30.25.
Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, August 3rd. The energy company reported $0.60 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.53 by $0.07. Devon Energy had a return on equity of 11.95% and a net margin of 4.21%. The company had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $2.38 billion. On average, research analysts predict that Devon Energy Co. will post 2.78 earnings per share for the current year.
The company also recently declared a None dividend, which will be paid on Thursday, September 30th. Stockholders of record on Monday, September 13th will be issued a dividend of $0.49 per share. The ex-dividend date of this dividend is Friday, September 10th. This represents a dividend yield of 1.7%. Devon Energy’s dividend payout ratio is -488.89%.
About Devon Energy
Devon Energy Corp. engages in the exploration, development, and production of oil and natural gas properties. It develops and operates Delaware Basin, Eagle Ford, Heavy Oil, Baarnett Shale, STACK, and Rockies Oil. The company was founded by J. Larry Nichols and John W. Nichols in 1971 and is headquartered in Oklahoma City, OK.
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