Pictet Asset Management Ltd. raised its position in shares of Devon Energy Corp (NYSE:DVN) by 8.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 276,164 shares of the energy company’s stock after buying an additional 22,100 shares during the period. Pictet Asset Management Ltd.’s holdings in Devon Energy Corp were worth $11,522,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also bought and sold shares of DVN. State Street Corp raised its position in Devon Energy Corp by 3.3% in the fourth quarter. State Street Corp now owns 27,743,193 shares of the energy company’s stock worth $1,267,033,000 after buying an additional 888,426 shares in the last quarter. Bank of New York Mellon Corp raised its position in Devon Energy Corp by 36.6% in the first quarter. Bank of New York Mellon Corp now owns 6,311,065 shares of the energy company’s stock worth $263,297,000 after buying an additional 1,690,260 shares in the last quarter. Norges Bank acquired a new position in Devon Energy Corp during the fourth quarter worth approximately $239,147,000. Barrow Hanley Mewhinney & Strauss LLC raised its position in Devon Energy Corp by 12.9% in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 5,098,310 shares of the energy company’s stock worth $232,840,000 after buying an additional 582,340 shares in the last quarter. Finally, American Century Companies Inc. raised its position in Devon Energy Corp by 15.8% in the first quarter. American Century Companies Inc. now owns 4,164,655 shares of the energy company’s stock worth $173,749,000 after buying an additional 567,947 shares in the last quarter. Institutional investors own 77.18% of the company’s stock.
Devon Energy Corp (NYSE:DVN) traded up 3.7401% during midday trading on Friday, hitting $38.2801. 2,483,958 shares of the stock traded hands. 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. The firm has a market cap of $20.12 billion, a P/E ratio of 64.9917 and a beta of 2.17.
Devon Energy Corp (NYSE:DVN) last issued its quarterly earnings data on Tuesday, May 2nd. The energy company reported $0.41 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.01. The firm had revenue of $3.55 billion for 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%. Analysts predict that Devon Energy Corp will post $1.91 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 30th. Investors of record on Thursday, June 15th will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.65%. The ex-dividend date is Tuesday, June 13th. Devon Energy Corp’s payout ratio is presently -1.28%.
DVN has been the topic of a number of recent research reports. Credit Suisse Group AG restated a “buy” rating and issued a $57.00 price objective on shares of Devon Energy Corp in a research note on Friday, March 31st. Bank of America Corp reiterated a “buy” rating on shares of Devon Energy Corp in a research note on Thursday, May 11th. KLR Group upgraded shares of Devon Energy Corp from an “accumulate” rating to a “buy” rating and set a $53.00 price target on the stock in a research note on Friday, January 20th. Royal Bank of Canada set a $53.00 price target on shares of Devon Energy Corp and gave the stock a “buy” rating in a research note on Tuesday, April 25th. Finally, Scotiabank set a $54.00 price target on shares of Devon Energy Corp and gave the stock a “buy” rating in a research note on Monday, March 27th. Eight analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $51.41.
In related news, Director Robert A. Mosbacher, Jr. sold 800 shares of the firm’s stock in a transaction that occurred on Friday, April 21st. The shares were sold at an average price of $39.18, for a total transaction of $31,344.00. Following the transaction, the director now owns 23,308 shares of the company’s stock, valued at $913,207.44. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.98% of the stock is currently owned by company insiders.
About Devon Energy Corp
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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