Quadrature Capital Ltd acquired a new stake in Devon Energy Corp (NYSE:DVN) during the second quarter, Holdings Channel.com reports. The fund acquired 125,194 shares of the energy company’s stock, valued at approximately $1,418,000.
Several other institutional investors have also added to or reduced their stakes in DVN. Vanguard Group Inc. raised its position in Devon Energy by 4.1% in the second quarter. Vanguard Group Inc. now owns 47,357,479 shares of the energy company’s stock worth $537,033,000 after acquiring an additional 1,857,571 shares during the period. BlackRock Inc. grew its stake in Devon Energy by 6.5% in the 1st quarter. BlackRock Inc. now owns 31,773,581 shares of the energy company’s stock worth $219,557,000 after buying an additional 1,930,409 shares in the last quarter. Invesco Ltd. grew its stake in Devon Energy by 14.3% in the 1st quarter. Invesco Ltd. now owns 27,933,596 shares of the energy company’s stock worth $193,021,000 after buying an additional 3,485,907 shares in the last quarter. State Street Corp grew its stake in Devon Energy by 13.0% in the 1st quarter. State Street Corp now owns 24,499,871 shares of the energy company’s stock worth $169,294,000 after buying an additional 2,811,799 shares in the last quarter. Finally, Victory Capital Management Inc. grew its stake in Devon Energy by 2.1% in the 1st quarter. Victory Capital Management Inc. now owns 8,746,222 shares of the energy company’s stock worth $60,436,000 after buying an additional 179,417 shares in the last quarter. 78.88% of the stock is currently owned by hedge funds and other institutional investors.
Devon Energy stock traded up $0.08 during mid-day trading on Friday, reaching $10.55. 5,498,258 shares of the company traded hands, compared to its average volume of 6,669,908. The company has a debt-to-equity ratio of 1.28, a current ratio of 2.33 and a quick ratio of 2.33. The firm’s 50 day moving average price is $11.09 and its 200 day moving average price is $11.60. The firm has a market capitalization of $4.04 billion, a price-to-earnings ratio of -1.31 and a beta of 3.26. Devon Energy Corp has a 52-week low of $4.70 and a 52-week high of $28.42.
Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, August 4th. The energy company reported ($0.18) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.26) by $0.08. The business had revenue of $394.00 million for the quarter, compared to the consensus estimate of $1 billion. Devon Energy had a negative net margin of 51.02% and a positive return on equity of 4.29%. The company’s quarterly revenue was down 78.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.40 EPS. On average, sell-side analysts anticipate that Devon Energy Corp will post -0.14 EPS for the current year.
The business also recently disclosed a special dividend, which will be paid on Thursday, October 1st. Shareholders of record on Friday, August 14th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Thursday, August 13th. Devon Energy’s payout ratio is currently 31.88%.
A number of brokerages have recently weighed in on DVN. Capital One Financial upgraded shares of Devon Energy from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $14.00 to $15.00 in a report on Wednesday, August 26th. Mizuho upgraded shares of Devon Energy from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $13.00 to $17.00 in a report on Friday, June 19th. Barclays boosted their price objective on shares of Devon Energy from $11.00 to $13.00 and gave the stock an “overweight” rating in a report on Wednesday, June 3rd. SunTrust Banks boosted their price objective on shares of Devon Energy from $13.00 to $14.00 and gave the stock a “hold” rating in a report on Friday, June 19th. Finally, Wells Fargo & Co boosted their price objective on shares of Devon Energy from $16.00 to $17.00 and gave the stock an “overweight” rating in a report on Thursday, June 25th. Eight analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $17.09.
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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