Brave Asset Management Inc. Increases Position in Devon Energy Corp (DVN)

Brave Asset Management Inc. increased its stake in shares of Devon Energy Corp (NYSE:DVN) by 0.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 51,224 shares of the energy company’s stock after buying an additional 433 shares during the period. Devon Energy Corp accounts for about 1.2% of Brave Asset Management Inc.’s holdings, making the stock its 21st largest position. Brave Asset Management Inc.’s holdings in Devon Energy Corp were worth $2,137,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. Sumitomo Mitsui Asset Management Company LTD boosted its stake in Devon Energy Corp by 5.2% in the third quarter. Sumitomo Mitsui Asset Management Company LTD now owns 37,365 shares of the energy company’s stock valued at $1,648,000 after buying an additional 1,845 shares during the last quarter. Nippon Life Insurance Co. boosted its stake in Devon Energy Corp by 0.6% in the third quarter. Nippon Life Insurance Co. now owns 27,258 shares of the energy company’s stock valued at $1,202,000 after buying an additional 169 shares during the last quarter. State of Wisconsin Investment Board boosted its stake in Devon Energy Corp by 5.9% in the third quarter. State of Wisconsin Investment Board now owns 385,245 shares of the energy company’s stock valued at $16,993,000 after buying an additional 21,400 shares during the last quarter. Mizuho Trust & Banking Co. Ltd. boosted its stake in Devon Energy Corp by 5.6% in the third quarter. Mizuho Trust & Banking Co. Ltd. now owns 725,932 shares of the energy company’s stock valued at $32,021,000 after buying an additional 38,736 shares during the last quarter. Finally, Nordea Investment Management AB boosted its stake in Devon Energy Corp by 40.9% in the third quarter. Nordea Investment Management AB now owns 749,493 shares of the energy company’s stock valued at $33,060,000 after buying an additional 217,527 shares during the last quarter. Institutional investors and hedge funds own 77.18% of the company’s stock.

Institutional Ownership by Quarter for Devon Energy Corp (NYSE:DVN)

Shares of Devon Energy Corp (NYSE:DVN) traded up 3.71% during trading on Friday, reaching $38.27. 2,296,639 shares of the company’s stock were exchanged. The stock’s 50 day moving average price is $39.85 and its 200-day moving average price is $43.24. The stock has a market cap of $20.12 billion, a PE ratio of 64.97 and a beta of 2.17. Devon Energy Corp has a 52-week low of $32.81 and a 52-week high of $50.69.

Devon Energy Corp (NYSE:DVN) last announced its quarterly earnings results on Tuesday, May 2nd. The energy company reported $0.41 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.01. Devon Energy Corp had a negative net margin of 69.59% and a positive return on equity of 1.48%. The firm had revenue of $3.55 billion during the quarter, compared to analysts’ expectations of $2.98 billion. On average, equities research analysts forecast that Devon Energy Corp will post $1.91 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 30th. Shareholders of record on Thursday, June 15th will be given a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.65%. The ex-dividend date of this dividend is Tuesday, June 13th. Devon Energy Corp’s dividend payout ratio (DPR) is currently -1.28%.

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DVN has been the subject of several recent research reports. KLR Group raised shares of Devon Energy Corp from an “accumulate” rating to a “buy” rating and set a $53.00 price target for the company in a research report on Friday, January 20th. Barclays PLC increased their price target on shares of Devon Energy Corp from $48.00 to $54.00 and gave the stock an “overweight” rating in a research report on Thursday, January 26th. Societe Generale raised shares of Devon Energy Corp from a “hold” rating to a “buy” rating and set a $55.00 price target for the company in a research report on Wednesday, February 15th. Credit Suisse Group AG reissued a “buy” rating and issued a $55.00 price target on shares of Devon Energy Corp in a research report on Thursday, February 16th. Finally, Zacks Investment Research lowered shares of Devon Energy Corp from a “buy” rating to a “hold” rating in a research report on Tuesday, February 21st. Eight analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $51.41.

In other Devon Energy Corp news, Director Robert A. Mosbacher, Jr. sold 800 shares of the company’s stock in a transaction that occurred on Friday, April 21st. The shares were sold at an average price of $39.18, for a total value of $31,344.00. Following the completion of the transaction, the director now directly owns 23,308 shares in the company, valued at approximately $913,207.44. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.98% of the company’s stock.

Devon Energy Corp 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).

5 Day Chart for NYSE:DVN

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