Smith Asset Management Group LP Increases Position in Devon Energy Corporation (DVN)

Smith Asset Management Group LP boosted its stake in shares of Devon Energy Corporation (NYSE:DVN) by 21,787.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 308,606 shares of the energy company’s stock after buying an additional 307,196 shares during the period. Smith Asset Management Group LP’s holdings in Devon Energy Corporation were worth $9,849,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Fifth Third Bancorp raised its stake in shares of Devon Energy Corporation by 10.4% in the first quarter. Fifth Third Bancorp now owns 2,630 shares of the energy company’s stock valued at $110,000 after buying an additional 248 shares during the last quarter. FTB Advisors Inc. raised its stake in shares of Devon Energy Corporation by 84.2% in the first quarter. FTB Advisors Inc. now owns 2,755 shares of the energy company’s stock valued at $108,000 after buying an additional 1,259 shares during the last quarter. State of Alaska Department of Revenue purchased a new stake in shares of Devon Energy Corporation during the first quarter valued at about $116,000. FUKOKU MUTUAL LIFE INSURANCE Co raised its stake in shares of Devon Energy Corporation by 88.9% in the first quarter. FUKOKU MUTUAL LIFE INSURANCE Co now owns 3,400 shares of the energy company’s stock valued at $142,000 after buying an additional 1,600 shares during the last quarter. Finally, Financial Architects Inc raised its stake in shares of Devon Energy Corporation by 525.4% in the first quarter. Financial Architects Inc now owns 3,884 shares of the energy company’s stock valued at $162,000 after buying an additional 3,263 shares during the last quarter. Hedge funds and other institutional investors own 77.27% of the company’s stock.

Devon Energy Corporation (NYSE:DVN) opened at 31.61 on Friday. The stock has a market capitalization of $16.61 billion, a PE ratio of 7.15 and a beta of 2.17. Devon Energy Corporation has a 12-month low of $28.79 and a 12-month high of $50.69. The stock has a 50 day moving average price of $31.79 and a 200-day moving average price of $37.85.

Devon Energy Corporation (NYSE:DVN) last issued its quarterly earnings data on Tuesday, August 1st. The energy company reported $0.34 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.33 by $0.01. The firm had revenue of $3.27 billion during the quarter, compared to analyst estimates of $3.24 billion. Devon Energy Corporation had a return on equity of 5.36% and a net margin of 16.07%. The business’s quarterly revenue was up 31.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.06 earnings per share. On average, equities analysts anticipate that Devon Energy Corporation will post $1.73 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be given a $0.06 dividend. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $0.24 annualized dividend and a yield of 0.76%. Devon Energy Corporation’s dividend payout ratio is currently 5.47%.

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DVN has been the subject of several recent research reports. Barclays PLC reiterated an “overweight” rating and issued a $35.00 price target (up from $31.00) on shares of Devon Energy Corporation in a research report on Wednesday. Scotiabank set a $49.00 price target on Devon Energy Corporation and gave the company a “buy” rating in a research report on Monday, July 31st. BidaskClub upgraded Devon Energy Corporation from a “sell” rating to a “hold” rating in a research report on Wednesday, July 19th. Royal Bank Of Canada reiterated a “buy” rating and issued a $43.00 price target on shares of Devon Energy Corporation in a research report on Thursday, July 20th. Finally, Piper Jaffray Companies initiated coverage on Devon Energy Corporation in a research report on Monday, July 17th. They issued a “neutral” rating and a $48.00 price target for the company. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $47.71.

In related news, Director Robert H. Henry sold 7,045 shares of Devon Energy Corporation stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $33.35, for a total value of $234,950.75. Following the completion of the transaction, the director now owns 11,338 shares in the company, valued at $378,122.30. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.98% of the company’s stock.

Devon Energy Corporation 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).

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

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