Associated Banc Corp acquired a new position in Devon Energy Corp (NYSE:DVN) in the first quarter, HoldingsChannel reports. The fund acquired 6,740 shares of the energy company’s stock, valued at approximately $213,000.
A number of other hedge funds have also recently modified their holdings of DVN. Bank Hapoalim BM bought a new position in shares of Devon Energy during the 1st quarter valued at approximately $440,000. Raymond James & Associates grew its position in shares of Devon Energy by 23.9% during the 1st quarter. Raymond James & Associates now owns 355,715 shares of the energy company’s stock valued at $11,226,000 after acquiring an additional 68,534 shares during the period. Everence Capital Management Inc. grew its position in shares of Devon Energy by 36.1% during the 1st quarter. Everence Capital Management Inc. now owns 19,484 shares of the energy company’s stock valued at $615,000 after acquiring an additional 5,164 shares during the period. Moors & Cabot Inc. bought a new position in shares of Devon Energy during the 1st quarter valued at approximately $340,000. Finally, Blume Capital Management Inc. grew its position in shares of Devon Energy by 8.0% during the 1st quarter. Blume Capital Management Inc. now owns 171,804 shares of the energy company’s stock valued at $5,422,000 after acquiring an additional 12,750 shares during the period. 92.25% of the stock is owned by institutional investors and hedge funds.
In other Devon Energy news, Director Robert H. Henry acquired 11,651 shares of the business’s stock in a transaction that occurred on Wednesday, February 27th. The stock was bought at an average cost of $30.01 per share, with a total value of $349,646.51. Following the acquisition, the director now owns 21,355 shares in the company, valued at $640,863.55. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.55% of the stock is currently owned by company insiders.
Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, April 30th. The energy company reported $0.36 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.30 by $0.06. The company had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $2.52 billion. Devon Energy had a net margin of 29.33% and a return on equity of 7.12%. During the same period last year, the firm earned $0.20 EPS. On average, equities analysts expect that Devon Energy Corp will post 2.19 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be issued a $0.09 dividend. The ex-dividend date is Thursday, June 13th. This is an increase from Devon Energy’s previous quarterly dividend of $0.08. This represents a $0.36 annualized dividend and a yield of 1.18%. Devon Energy’s dividend payout ratio (DPR) is 24.81%.
A number of research analysts have recently weighed in on DVN shares. Zacks Investment Research raised shares of Devon Energy from a “hold” rating to a “buy” rating and set a $37.00 target price for the company in a research report on Thursday, April 18th. Morgan Stanley set a $33.00 target price on shares of Devon Energy and gave the company a “hold” rating in a research report on Tuesday, January 29th. Credit Suisse Group set a $36.00 target price on shares of Devon Energy and gave the company a “buy” rating in a research report on Wednesday, February 20th. ValuEngine downgraded shares of Devon Energy from a “hold” rating to a “sell” rating in a research report on Saturday, March 9th. Finally, Ifs Securities reissued a “market perform” rating on shares of Devon Energy in a research report on Monday, February 11th. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating and fourteen have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $45.29.
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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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