Los Angeles Capital Management & Equity Research Inc. Trims Position in Devon Energy Corp (DVN)
Los Angeles Capital Management & Equity Research Inc. decreased its position in shares of Devon Energy Corp (NYSE:DVN) by 4.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 32,821 shares of the energy company’s stock after selling 1,380 shares during the period. Los Angeles Capital Management & Equity Research Inc.’s holdings in Devon Energy were worth $1,443,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. CWM LLC lifted its position in shares of Devon Energy by 7.5% in the second quarter. CWM LLC now owns 26,157 shares of the energy company’s stock worth $1,150,000 after buying an additional 1,827 shares during the last quarter. Commonwealth Equity Services LLC lifted its position in shares of Devon Energy by 103.5% in the second quarter. Commonwealth Equity Services LLC now owns 92,764 shares of the energy company’s stock worth $4,078,000 after buying an additional 47,183 shares during the last quarter. Alps Advisors Inc. acquired a new stake in shares of Devon Energy in the second quarter worth about $605,000. State of New Jersey Common Pension Fund D lifted its position in shares of Devon Energy by 4.1% in the second quarter. State of New Jersey Common Pension Fund D now owns 1,270,000 shares of the energy company’s stock worth $55,829,000 after buying an additional 50,000 shares during the last quarter. Finally, Daiwa Securities Group Inc. lifted its position in shares of Devon Energy by 18.2% in the second quarter. Daiwa Securities Group Inc. now owns 18,608 shares of the energy company’s stock worth $818,000 after buying an additional 2,868 shares during the last quarter. 84.84% of the stock is owned by hedge funds and other institutional investors.
In other news, Director John E. Bethancourt purchased 12,000 shares of the stock in a transaction that occurred on Thursday, June 7th. The shares were purchased at an average cost of $41.90 per share, for a total transaction of $502,800.00. Following the completion of the purchase, the director now directly owns 56,469 shares of the company’s stock, valued at approximately $2,366,051.10. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Lyndon C. Taylor sold 18,357 shares of the business’s stock in a transaction dated Monday, June 11th. The shares were sold at an average price of $42.09, for a total value of $772,646.13. Following the transaction, the executive vice president now owns 95,223 shares in the company, valued at $4,007,936.07. The disclosure for this sale can be found here. Insiders own 0.55% of the company’s stock.
Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, July 31st. The energy company reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.03). Devon Energy had a positive return on equity of 5.52% and a negative net margin of 1.60%. The business had revenue of $2.25 billion during the quarter, compared to the consensus estimate of $3.96 billion. During the same quarter in the previous year, the firm posted $0.80 earnings per share. analysts anticipate that Devon Energy Corp will post 1.64 EPS for the current year.
Devon Energy declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, May 1st that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the energy company to repurchase up to 5.3% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 28th. Investors of record on Friday, September 14th will be paid a dividend of $0.08 per share. The ex-dividend date is Thursday, September 13th. This represents a $0.32 annualized dividend and a yield of 0.79%. Devon Energy’s dividend payout ratio is 50.79%.
DVN has been the subject of a number of analyst reports. Stifel Nicolaus set a $68.00 price target on Devon Energy and gave the stock a “buy” rating in a research report on Tuesday, April 24th. Stephens set a $47.00 price target on Devon Energy and gave the stock a “buy” rating in a research report on Tuesday, April 24th. ValuEngine raised Devon Energy from a “sell” rating to a “hold” rating in a research report on Friday, May 4th. M Partners boosted their price target on Devon Energy to $44.00 and gave the stock a “neutral” rating in a research report on Friday, June 8th. Finally, B. Riley boosted their price target on Devon Energy from $37.00 to $47.00 and gave the stock a “neutral” rating in a research report on Monday, June 11th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and twenty-one have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $49.27.
Devon Energy Profile
Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States and Canada. It operates approximately 14,600 gross wells. The company also offers gathering, transmission, processing, storage, fractionation, and marketing to upstream oil and natural gas producers; and owns natural gas pipelines, plants and treatment facilities.
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