Devon Energy Co. (NYSE:DVN) Position Lifted by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA lifted its holdings in Devon Energy Co. (NYSE:DVN) by 2.1% during the third quarter, HoldingsChannel reports. The institutional investor owned 4,865,280 shares of the energy company’s stock after purchasing an additional 102,063 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Devon Energy were worth $172,766,000 as of its most recent filing with the SEC.

Other large investors have also recently modified their holdings of the company. Atlas Capital Advisors LLC increased its stake in Devon Energy by 51.6% during the 3rd quarter. Atlas Capital Advisors LLC now owns 758 shares of the energy company’s stock valued at $27,000 after buying an additional 258 shares during the period. IMA Wealth Inc. acquired a new position in shares of Devon Energy in the third quarter worth about $29,000. Selective Wealth Management Inc. acquired a new position in shares of Devon Energy in the third quarter worth about $34,000. Bogart Wealth LLC acquired a new position in shares of Devon Energy in the third quarter worth about $36,000. Finally, Sugarloaf Wealth Management LLC boosted its holdings in shares of Devon Energy by 277.4% in the third quarter. Sugarloaf Wealth Management LLC now owns 1,000 shares of the energy company’s stock worth $36,000 after buying an additional 735 shares during the period. Hedge funds and other institutional investors own 88.54% of the company’s stock.

Shares of NYSE:DVN opened at $50.39 on Friday. Devon Energy Co. has a 52 week low of $16.10 and a 52 week high of $51.45. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.21 and a current ratio of 1.21. The company’s fifty day moving average is $43.75 and its 200-day moving average is $35.87. The company has a market capitalization of $34.11 billion, a PE ratio of 30.17, a P/E/G ratio of 0.22 and a beta of 3.05.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, November 2nd. The energy company reported $1.08 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.93 by $0.15. The company had revenue of $3.47 billion for the quarter, compared to the consensus estimate of $3.19 billion. Devon Energy had a net margin of 13.50% and a return on equity of 19.77%. During the same quarter in the previous year, the company earned ($0.04) EPS. On average, analysts forecast that Devon Energy Co. will post 3.39 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Thursday, December 30th. Investors of record on Friday, December 10th were given a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a yield of 6.67%. Devon Energy’s dividend payout ratio (DPR) is 26.35%.

Devon Energy announced that its Board of Directors has approved a share repurchase plan on Tuesday, November 2nd that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the energy company to purchase up to 3.5% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its stock is undervalued.

Several analysts recently commented on the stock. Benchmark upgraded shares of Devon Energy from a “hold” rating to a “buy” rating and set a $48.00 price target for the company in a report on Wednesday, November 3rd. Mizuho raised their price target on shares of Devon Energy from $59.00 to $61.00 and gave the stock a “buy” rating in a report on Tuesday, November 30th. TheStreet upgraded shares of Devon Energy from a “c+” rating to a “b” rating in a report on Tuesday, November 2nd. Barclays raised their price target on shares of Devon Energy from $49.00 to $51.00 and gave the stock an “overweight” rating in a report on Thursday. Finally, Wells Fargo & Company lifted their target price on shares of Devon Energy from $39.00 to $42.00 and gave the company an “overweight” rating in a research note on Wednesday, October 6th. Four investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $45.03.

In other Devon Energy news, EVP Dennis C. Cameron sold 929 shares of the business’s stock in a transaction dated Thursday, December 9th. The stock was sold at an average price of $42.53, for a total transaction of $39,510.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, COO Clay M. Gaspar sold 61,053 shares of the business’s stock in a transaction dated Monday, November 8th. The stock was sold at an average price of $44.28, for a total value of $2,703,426.84. The disclosure for this sale can be found here. In the last quarter, insiders have sold 105,865 shares of company stock worth $4,504,982. 0.59% of the stock is owned by corporate insiders.

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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Institutional Ownership by Quarter for Devon Energy (NYSE:DVN)

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