Alyeska Investment Group L.P. increased its holdings in shares of Devon Energy Corporation (NYSE:DVN) by 4,117.5% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,835,864 shares of the energy company’s stock after purchasing an additional 1,792,334 shares during the period. Alyeska Investment Group L.P. owned 0.35% of Devon Energy worth $67,395,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in DVN. Strs Ohio boosted its stake in shares of Devon Energy by 6.3% during the second quarter. Strs Ohio now owns 14,778 shares of the energy company’s stock valued at $472,000 after purchasing an additional 882 shares in the last quarter. Korea Investment CORP boosted its stake in shares of Devon Energy by 34.7% during the second quarter. Korea Investment CORP now owns 152,074 shares of the energy company’s stock valued at $4,862,000 after purchasing an additional 39,167 shares in the last quarter. Advisor Partners LLC boosted its stake in shares of Devon Energy by 12.0% during the second quarter. Advisor Partners LLC now owns 10,523 shares of the energy company’s stock valued at $336,000 after purchasing an additional 1,124 shares in the last quarter. HL Financial Services LLC boosted its stake in shares of Devon Energy by 11.6% during the second quarter. HL Financial Services LLC now owns 11,234 shares of the energy company’s stock valued at $359,000 after purchasing an additional 1,165 shares in the last quarter. Finally, Pioneer Investment Management Inc. boosted its stake in shares of Devon Energy by 96.9% during the second quarter. Pioneer Investment Management Inc. now owns 395,314 shares of the energy company’s stock valued at $12,638,000 after purchasing an additional 194,496 shares in the last quarter. Hedge funds and other institutional investors own 77.64% of the company’s stock.
A number of equities analysts have recently issued reports on DVN shares. Morgan Stanley increased their price objective on shares of Devon Energy from $42.00 to $48.00 and gave the company an “overweight” rating in a research note on Wednesday, October 18th. BMO Capital Markets set a $38.00 target price on shares of Devon Energy and gave the company a “buy” rating in a research note on Monday, August 28th. Royal Bank Of Canada set a $43.00 target price on shares of Devon Energy and gave the company a “buy” rating in a research note on Friday, August 25th. Stifel Nicolaus set a $61.00 target price on shares of Devon Energy and gave the company a “buy” rating in a research note on Friday, August 25th. Finally, Jefferies Group restated a “hold” rating and issued a $31.00 target price (down from $35.00) on shares of Devon Energy in a research note on Tuesday, August 29th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and fourteen have issued a buy rating to the company. Devon Energy has an average rating of “Buy” and an average target price of $46.56.
Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, October 31st. The energy company reported $0.46 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.39 by $0.07. The business had revenue of $3.16 billion during the quarter, compared to analysts’ expectations of $3.13 billion. Devon Energy had a net margin of 11.62% and a return on equity of 6.88%. The business’s quarterly revenue was up 9.5% on a year-over-year basis. During the same quarter last year, the company posted $1.89 earnings per share. sell-side analysts forecast that Devon Energy Corporation will post 1.77 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, March 29th. Shareholders of record on Thursday, March 15th will be issued a $0.06 dividend. The ex-dividend date is Wednesday, March 14th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.63%. Devon Energy’s dividend payout ratio is currently 8.19%.
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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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