Brave Asset Management Inc. boosted its stake in shares of Devon Energy Corp (NYSE:DVN) by 0.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 51,224 shares of the energy company’s stock after buying an additional 433 shares during the period. Devon Energy Corp makes up approximately 1.2% of Brave Asset Management Inc.’s holdings, making the stock its 21st largest position. Brave Asset Management Inc.’s holdings in Devon Energy Corp were worth $2,137,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently made changes to their positions in DVN. Sowell Financial Services LLC purchased a new stake in shares of Devon Energy Corp during the fourth quarter valued at approximately $107,000. FTB Advisors Inc. increased its stake in shares of Devon Energy Corp by 84.2% in the first quarter. FTB Advisors Inc. now owns 2,755 shares of the energy company’s stock valued at $108,000 after buying an additional 1,259 shares in the last quarter. State of Alaska Department of Revenue purchased a new stake in shares of Devon Energy Corp during the first quarter valued at approximately $116,000. FUKOKU MUTUAL LIFE INSURANCE Co increased its stake in shares of Devon Energy Corp by 88.9% in the first quarter. FUKOKU MUTUAL LIFE INSURANCE Co now owns 3,400 shares of the energy company’s stock valued at $142,000 after buying an additional 1,600 shares in the last quarter. Finally, Tuttle Tactical Management LLC purchased a new stake in shares of Devon Energy Corp during the third quarter valued at approximately $149,000. Institutional investors own 77.18% of the company’s stock.
Devon Energy Corp (NYSE:DVN) traded up 3.71% during trading on Friday, hitting $38.27. 2,296,639 shares of the stock were exchanged. The firm has a market capitalization of $20.12 billion, a price-to-earnings ratio of 64.97 and a beta of 2.17. The company has a 50-day moving average price of $39.85 and a 200 day moving average price of $43.24. Devon Energy Corp has a 1-year low of $32.81 and a 1-year high of $50.69.
Devon Energy Corp (NYSE:DVN) last released its earnings results on Tuesday, May 2nd. The energy company reported $0.41 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.40 by $0.01. The company had revenue of $3.55 billion during the quarter, compared to analyst estimates of $2.98 billion. Devon Energy Corp had a negative net margin of 69.59% and a positive return on equity of 1.48%. Equities analysts predict that Devon Energy Corp will post $1.91 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 30th. Investors of record on Thursday, June 15th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.65%. The ex-dividend date of this dividend is Tuesday, June 13th. Devon Energy Corp’s dividend payout ratio is -1.28%.
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Several brokerages have recently commented on DVN. Barclays PLC reiterated an “overweight” rating and issued a $47.00 target price (down previously from $54.00) on shares of Devon Energy Corp in a report on Saturday, April 22nd. Credit Suisse Group AG raised their price objective on shares of Devon Energy Corp from $63.00 to $64.00 and gave the stock an “outperform” rating in a report on Thursday, May 4th. BMO Capital Markets set a $42.00 price objective on shares of Devon Energy Corp and gave the stock a “buy” rating in a report on Monday. Scotiabank set a $57.00 price objective on shares of Devon Energy Corp and gave the stock a “buy” rating in a report on Tuesday. Finally, Jefferies Group LLC restated a “hold” rating and set a $38.00 price objective on shares of Devon Energy Corp in a report on Wednesday. Eight investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $51.41.
In related news, Director Robert A. Mosbacher, Jr. sold 800 shares of the stock in a transaction that occurred on Friday, April 21st. The shares were sold at an average price of $39.18, for a total value of $31,344.00. Following the completion of the sale, the director now directly owns 23,308 shares of the company’s stock, valued at approximately $913,207.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.98% of the company’s stock.
Devon Energy Corp Company Profile
Devon Energy Corporation is an independent energy company. The Company also controls EnLink Midstream Partners, L.P. (EnLink). The Company’s segments include U.S., Canada and EnLink. The Company is engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs).
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