Stuyvesant Capital Management Increases Stake in Devon Energy Corporation (DVN)
Stuyvesant Capital Management increased its position in Devon Energy Corporation (NYSE:DVN) by 7.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 61,930 shares of the energy company’s stock after buying an additional 4,500 shares during the period. Devon Energy Corporation comprises approximately 3.9% of Stuyvesant Capital Management’s holdings, making the stock its 15th largest position. Stuyvesant Capital Management’s holdings in Devon Energy Corporation were worth $1,980,000 at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in the company. Sumitomo Mitsui Asset Management Company LTD boosted its position in Devon Energy Corporation by 11.1% in the first quarter. Sumitomo Mitsui Asset Management Company LTD now owns 39,984 shares of the energy company’s stock worth $1,668,000 after buying an additional 3,997 shares in the last quarter. Hoertkorn Richard Charles boosted its position in Devon Energy Corporation by 0.7% in the first quarter. Hoertkorn Richard Charles now owns 27,965 shares of the energy company’s stock worth $1,167,000 after buying an additional 200 shares in the last quarter. Selway Asset Management boosted its position in Devon Energy Corporation by 2.9% in the first quarter. Selway Asset Management now owns 24,650 shares of the energy company’s stock worth $1,028,000 after buying an additional 700 shares in the last quarter. Old Mutual Global Investors UK Ltd. bought a new position in Devon Energy Corporation during the first quarter worth approximately $475,000. Finally, AMF Pensionsforsakring AB boosted its position in Devon Energy Corporation by 4.7% in the first quarter. AMF Pensionsforsakring AB now owns 1,027,561 shares of the energy company’s stock worth $42,870,000 after buying an additional 46,441 shares in the last quarter. 77.00% of the stock is owned by institutional investors and hedge funds.
Shares of Devon Energy Corporation (NYSE DVN) traded down 0.883% on Monday, reaching $30.885. 260,278 shares of the company’s stock traded hands. Devon Energy Corporation has a 12-month low of $28.80 and a 12-month high of $50.69. The firm has a market cap of $16.23 billion, a P/E ratio of 6.988 and a beta of 2.17. The stock has a 50-day moving average of $31.66 and a 200 day moving average of $36.76.
Devon Energy Corporation (NYSE:DVN) last issued its quarterly earnings data on Tuesday, August 1st. The energy company reported $0.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.01. The firm had revenue of $3.27 billion during the quarter, compared to analysts’ expectations of $3.24 billion. Devon Energy Corporation had a return on equity of 5.36% and a net margin of 16.07%. Devon Energy Corporation’s revenue was up 31.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.06 earnings per share. On average, equities research analysts expect that Devon Energy Corporation will post $1.74 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be issued a dividend of $0.06 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $0.24 annualized dividend and a yield of 0.77%. Devon Energy Corporation’s dividend payout ratio is presently 5.47%.
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A number of equities research analysts have recently weighed in on the stock. BMO Capital Markets restated a “buy” rating and issued a $45.00 price objective on shares of Devon Energy Corporation in a report on Wednesday, May 3rd. Credit Suisse Group boosted their price objective on shares of Devon Energy Corporation from $63.00 to $64.00 and gave the stock an “outperform” rating in a report on Thursday, May 4th. KLR Group restated a “buy” rating and issued a $54.00 price objective (up from $52.00) on shares of Devon Energy Corporation in a report on Monday, May 15th. Bank of America Corporation restated a “buy” rating on shares of Devon Energy Corporation in a report on Thursday, May 11th. Finally, Scotiabank set a $57.00 price objective on shares of Devon Energy Corporation and gave the stock a “buy” rating in a report on Tuesday, May 16th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $46.30.
In related news, Director Robert H. Henry sold 7,045 shares of Devon Energy Corporation stock in a transaction on Friday, August 4th. The stock was sold at an average price of $33.35, for a total transaction of $234,950.75. Following the completion of the transaction, the director now directly owns 11,338 shares of the company’s stock, valued at $378,122.30. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.98% of the company’s stock.
Devon Energy Corporation 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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