MetLife Investment Management LLC reduced its stake in Devon Energy Co. (NYSE: DVN – Get Rating) by 10.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 139,106 shares of the energy company stock after selling 16,510 shares during the period. MetLife Investment Management LLC’s holdings in Devon Energy were worth $ 6,128,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently modified their holdings of DVN. Gotham Asset Management LLC increased its stake in Devon Energy by 1.0% during the fourth quarter. Gotham Asset Management LLC now owns 18,612 shares of the energy company stock worth $ 820,000 after purchasing an additional 187 shares during the period. Triton Wealth Management PLLC increased its stake in Devon Energy by 1.4% during the fourth quarter. Triton Wealth Management PLLC now owns 15,094 shares of the energy company stock worth $ 783,000 after purchasing an additional 212 shares during the period. Center for Financial Planning Inc. increased its stake in Devon Energy by 4.0% during the fourth quarter. Center for Financial Planning Inc. now owns 5,560 shares of the energy company stock worth $ 245,000 after purchasing an additional 214 shares during the period. Dumont & Blake Investment Advisors LLC increased its stake in Devon Energy by 0.9% during the fourth quarter. Dumont & Blake Investment Advisors LLC now owns 27,540 shares of the energy company stock worth $ 1,213,000 after purchasing an additional 240 shares during the period. Finally, Wetherby Asset Management Inc. increased its stake in Devon Energy by 0.6% during the fourth quarter. Wetherby Asset Management Inc. now owns 42,886 shares of the energy company stock worth $ 1,889,000 after purchasing an additional 242 shares during the period. Hedge funds and other institutional investors own 87.01% of the company stock.
A number of analysts have issued reports on DVN shares. Barclays lowered shares of Devon Energy from an “overweight” rating to an “equal weight” rating and set a $ 73.00 price target on the stock. in a research note on Wednesday, May 25th. Credit Suisse Group upped their target price on shares of Devon Energy from $ 75.00 to $ 82.00 and gave the stock an “outperform” rating in a research note on Thursday. Susquehanna upped their target price on shares of Devon Energy from $ 62.00 to $ 73.00 in a research note on Monday, April 25th. Susquehanna Bancshares upped their target price on shares of Devon Energy from $ 62.00 to $ 73.00 in a research note on Monday, April 25th. Finally, Piper Sandler upped their target price on shares of Devon Energy from $ 89.00 to $ 94.00 and gave the stock an “overweight” rating in a research note on Thursday. Seven investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company stock. Based on data from MarketBeat.com, Devon Energy currently has a consensus rating of “Buy” and an average price target of $ 71.89.
DVN stock opened at $ 74.06 on Monday. The company has a market capitalization of $ 48.88 billion, a P / E ratio of 13.89 and a beta of 2.59. Devon Energy Co. has a twelve month low of $ 24.05 and a twelve month high of $ 79.40. The business has a 50 day simple moving average of $ 66.86 and a 200-day simple moving average of $ 56.49. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.69.
Devon Energy (NYSE: DVN – Get Rating) last posted its quarterly earnings data on Monday, May 2nd. The energy company reported $ 1.88 earnings per share for the quarter, beating the consensus estimate of $ 1.74 by $ 0.14. The business had revenue of $ 3.81 billion during the quarter, compared to the estimate consensus of $ 4.02 billion. Devon Energy had a return on equity of 36.57% and a net margin of 25.69%. During the same period in the prior year, the company earned $ 0.45 earnings per share. Research analysts predict that Devon Energy Co. will post 9.08 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 30th. Stockholders of record on Monday, June 13th will be issued a $ 1.27 dividend. This is an increase from Devon Energy’s previous quarterly dividend of $ 1.00. This represents a $ 5.08 annualized dividend and a dividend yield of 6.86%. The ex-dividend date of this dividend is Friday, June 10th. Devon Energy’s dividend payout ratio is presently 75.05%.
Devon Energy declared that its board has initiated a stock buyback program on Monday, May 2nd that allows the company to repurchase $ 2.00 billion in shares. This repurchase authorization allows the energy company to buy up to 4.7% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company board believes its stock is undervalued.
In other news, COO Clay M. Gaspar sold 30,000 shares of the company stock in a transaction that occurred on Wednesday, April 13th. The stock was sold at an average price of $ 63.75, for a total transaction of $ 1,912,500.00. Following the completion of the sale, the chief operating officer now owns 765,202 shares in the company, valued at $ 48,781,627.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Dennis C. Cameron sold 4,143 shares of the company stock in a transaction that occurred on Monday, April 4th. The stock was sold at an average price of $ 61.45, for a total value of $ 254,587.35. Following the sale, the executive vice president now owns 284,806 shares of the company stock, valued at approximately $ 17,501,328.70. The disclosure for this sale can be found here. Insiders sold 62,772 shares of company stock valued at $ 4,118,438 over the last three months. Corporate insiders own 0.80% of the company stock.
Devon Energy Company Profile: (Get Rating)
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. It operates approximately 5,134 gross wells. Devon Energy Corporation was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.
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