Stack Financial Management Inc Has $9.81 Million Stake in Devon Energy Corp (DVN)
Stack Financial Management Inc reduced its stake in Devon Energy Corp (NYSE:DVN) by 15.3% during the 4th quarter, HoldingsChannel.com reports. The firm owned 237,016 shares of the energy company’s stock after selling 42,891 shares during the quarter. Stack Financial Management Inc’s holdings in Devon Energy were worth $9,812,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in DVN. Riverhead Capital Management LLC grew its position in Devon Energy by 19.5% during the 2nd quarter. Riverhead Capital Management LLC now owns 7,970 shares of the energy company’s stock worth $255,000 after acquiring an additional 1,298 shares during the last quarter. Nationwide Fund Advisors grew its position in Devon Energy by 5.7% during the 2nd quarter. Nationwide Fund Advisors now owns 314,996 shares of the energy company’s stock worth $10,070,000 after acquiring an additional 17,026 shares during the last quarter. Rafferty Asset Management LLC lifted its holdings in Devon Energy by 32.8% during the 2nd quarter. Rafferty Asset Management LLC now owns 39,527 shares of the energy company’s stock worth $1,264,000 after buying an additional 9,766 shares in the last quarter. Lazard Asset Management LLC acquired a new position in Devon Energy during the 2nd quarter worth $451,000. Finally, Quantitative Investment Management LLC lifted its holdings in Devon Energy by 57.7% during the 2nd quarter. Quantitative Investment Management LLC now owns 193,500 shares of the energy company’s stock worth $6,186,000 after buying an additional 70,800 shares in the last quarter. Institutional investors and hedge funds own 77.61% of the company’s stock.
Devon Energy Corp (NYSE:DVN) opened at $42.85 on Monday. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.63 and a quick ratio of 1.63. The firm has a market capitalization of $22,496.25, a price-to-earnings ratio of 14.62, a PEG ratio of 2.48 and a beta of 2.21. Devon Energy Corp has a 12 month low of $28.79 and a 12 month high of $47.82.
The business also recently declared a quarterly dividend, which will be paid on Thursday, March 29th. Stockholders of record on Thursday, March 15th will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.56%. The ex-dividend date is Wednesday, March 14th. Devon Energy’s dividend payout ratio (DPR) is currently 8.19%.
Several research analysts have issued reports on DVN shares. Cowen set a $40.00 price objective on Devon Energy and gave the stock a “buy” rating in a report on Tuesday, October 31st. Piper Jaffray Companies reaffirmed a “hold” rating and set a $42.00 price objective on shares of Devon Energy in a report on Tuesday, January 9th. Stephens raised Devon Energy from an “equal weight” rating to an “overweight” rating and set a $53.00 price objective on the stock in a report on Thursday, November 2nd. Morgan Stanley upped their price objective on Devon Energy from $42.00 to $48.00 and gave the stock an “overweight” rating in a report on Wednesday, October 18th. Finally, Scotiabank set a $50.00 price objective on Devon Energy and gave the stock a “buy” rating in a report on Saturday, November 25th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and fifteen have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $46.50.
In other news, EVP Lyndon C. Taylor sold 12,798 shares of the stock in a transaction on Thursday, December 14th. The stock was sold at an average price of $38.29, for a total value of $490,035.42. Following the transaction, the executive vice president now owns 67,900 shares of the company’s stock, valued at approximately $2,599,891. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.51% of the company’s stock.
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About Devon Energy
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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