Toronto Dominion Bank Reduces Position in Devon Energy Corp (NYSE:DVN)
Toronto Dominion Bank lessened its holdings in shares of Devon Energy Corp (NYSE:DVN) by 34.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 262,160 shares of the energy company’s stock after selling 135,420 shares during the period. Toronto Dominion Bank owned 0.06% of Devon Energy worth $7,697,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also made changes to their positions in DVN. Geode Capital Management LLC grew its stake in shares of Devon Energy by 3.8% in the 4th quarter. Geode Capital Management LLC now owns 6,558,033 shares of the energy company’s stock valued at $147,570,000 after buying an additional 242,508 shares during the period. Clearbridge Investments LLC grew its stake in shares of Devon Energy by 15.8% in the 1st quarter. Clearbridge Investments LLC now owns 3,488,973 shares of the energy company’s stock valued at $110,112,000 after buying an additional 476,337 shares during the period. Fisher Asset Management LLC grew its stake in shares of Devon Energy by 3.4% in the 2nd quarter. Fisher Asset Management LLC now owns 2,492,550 shares of the energy company’s stock valued at $71,088,000 after buying an additional 81,985 shares during the period. Letko Brosseau & Associates Inc. grew its stake in shares of Devon Energy by 5.7% in the 1st quarter. Letko Brosseau & Associates Inc. now owns 2,064,498 shares of the energy company’s stock valued at $65,156,000 after buying an additional 111,706 shares during the period. Finally, Caymus Capital Partners L.P. purchased a new stake in shares of Devon Energy in the 2nd quarter valued at approximately $48,600,000. 85.93% of the stock is owned by institutional investors.
Shares of DVN stock traded up $0.51 during trading hours on Friday, hitting $25.07. The company had a trading volume of 5,660,925 shares, compared to its average volume of 6,617,148. The company’s fifty day moving average is $23.62 and its 200 day moving average is $27.94. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.49 and a quick ratio of 1.49. Devon Energy Corp has a fifty-two week low of $20.37 and a fifty-two week high of $41.94. The stock has a market capitalization of $9.93 billion, a PE ratio of 19.43, a price-to-earnings-growth ratio of 1.74 and a beta of 2.34.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 13th will be issued a $0.09 dividend. The ex-dividend date of this dividend is Thursday, December 12th. This represents a $0.36 annualized dividend and a dividend yield of 1.44%. Devon Energy’s dividend payout ratio is currently 27.91%.
In other news, CAO Jeremy D. Humphers sold 1,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $21.66, for a total value of $32,490.00. Following the transaction, the chief accounting officer now directly owns 42,475 shares in the company, valued at approximately $920,008.50. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.63% of the company’s stock.
Several research firms have recently weighed in on DVN. Seaport Global Securities reissued a “buy” rating on shares of Devon Energy in a research note on Friday, June 21st. MKM Partners set a $32.00 price target on shares of Devon Energy and gave the company a “buy” rating in a research note on Monday, August 12th. Piper Jaffray Companies set a $39.00 price target on shares of Devon Energy and gave the company a “buy” rating in a research note on Friday, May 31st. SunTrust Banks began coverage on shares of Devon Energy in a research note on Tuesday, July 30th. They issued a “buy” rating and a $33.00 price target for the company. Finally, Morgan Stanley dropped their price target on shares of Devon Energy from $32.00 to $31.00 and set an “equal weight” rating for the company in a research note on Friday, July 12th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and eleven have given a buy rating to the company. Devon Energy presently has an average rating of “Hold” and an average price target of $37.09.
About Devon Energy
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 12,900 gross wells. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.
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