TLP Group LLC Raises Holdings in Devon Energy Corp (DVN)

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TLP Group LLC grew its position in Devon Energy Corp (NYSE:DVN) by 46.9% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 4,645 shares of the energy company’s stock after purchasing an additional 1,484 shares during the quarter. Devon Energy makes up 0.6% of TLP Group LLC’s portfolio, making the stock its 22nd biggest position. TLP Group LLC’s holdings in Devon Energy were worth $158,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the business. LPL Financial LLC lifted its stake in shares of Devon Energy by 13.0% during the 3rd quarter. LPL Financial LLC now owns 56,986 shares of the energy company’s stock worth $2,276,000 after purchasing an additional 6,546 shares during the last quarter. BB&T Corp lifted its stake in shares of Devon Energy by 1,003.3% during the 4th quarter. BB&T Corp now owns 700,770 shares of the energy company’s stock worth $15,795,000 after purchasing an additional 637,254 shares during the last quarter. Commonwealth Bank of Australia lifted its stake in shares of Devon Energy by 18.1% during the 3rd quarter. Commonwealth Bank of Australia now owns 68,467 shares of the energy company’s stock worth $2,728,000 after purchasing an additional 10,500 shares during the last quarter. Morgan Stanley lifted its stake in shares of Devon Energy by 105.9% during the 3rd quarter. Morgan Stanley now owns 2,521,826 shares of the energy company’s stock worth $100,722,000 after purchasing an additional 1,296,801 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Devon Energy by 181.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 20,437 shares of the energy company’s stock worth $813,000 after purchasing an additional 13,171 shares during the last quarter. Institutional investors and hedge funds own 80.74% of the company’s stock.

Shares of DVN stock opened at $29.64 on Friday. The company has a current ratio of 1.99, a quick ratio of 1.99 and a debt-to-equity ratio of 0.63. The stock has a market capitalization of $12.99 billion, a PE ratio of 22.98, a PEG ratio of 1.76 and a beta of 2.25. Devon Energy Corp has a fifty-two week low of $20.37 and a fifty-two week high of $46.54.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, February 19th. The energy company reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.21). The firm had revenue of $3.71 billion during the quarter, compared to analyst estimates of $1.97 billion. Devon Energy had a net margin of 24.82% and a return on equity of 5.73%. During the same period in the prior year, the company posted $0.38 earnings per share. Research analysts anticipate that Devon Energy Corp will post 1.23 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be issued a $0.09 dividend. The ex-dividend date of this dividend is Thursday, June 13th. This is a positive change from Devon Energy’s previous quarterly dividend of $0.08. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.21%. Devon Energy’s dividend payout ratio is currently 24.81%.

DVN has been the subject of a number of research analyst reports. Johnson Rice cut Devon Energy from a “buy” rating to an “accumulate” rating in a research note on Tuesday, January 8th. Cowen initiated coverage on Devon Energy in a research note on Thursday, November 29th. They issued a “market perform” rating for the company. Stifel Nicolaus reiterated a “buy” rating and issued a $50.00 price target on shares of Devon Energy in a research note on Tuesday, November 27th. Morgan Stanley decreased their price target on Devon Energy from $44.00 to $39.00 and set a “hold” rating for the company in a research note on Tuesday, November 20th. Finally, JPMorgan Chase & Co. cut Devon Energy from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $40.00 to $37.00 in a research note on Friday, December 7th. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and fifteen have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $45.48.

In other news, Director Robert H. Henry acquired 11,651 shares of the business’s stock in a transaction dated Wednesday, February 27th. The shares were acquired at an average cost of $30.01 per share, with a total value of $349,646.51. Following the completion of the acquisition, the director now owns 21,355 shares of the company’s stock, valued at $640,863.55. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.55% of the stock is currently owned by corporate insiders.

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

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