Devon Energy Corp (DVN) : Manitou Investment Management Ltd. reduced its stake in Devon Energy Corp by 10.44% during the most recent quarter end. The investment management company now holds a total of 205,179 shares of Devon Energy Corp which is valued at $6.7 Million after selling 23,910 shares in Devon Energy Corp , the firm said in a disclosure report filed with the SEC on May 11, 2016.Devon Energy Corp makes up approximately 2.82% of Manitou Investment Management Ltd.’s portfolio.
Other Hedge Funds, Including , Mycio Wealth Partners boosted its stake in DVN in the latest quarter, The investment management firm added 25 additional shares and now holds a total of 65 shares of Devon Energy Corp which is valued at $2,114. Cornerstone Capital Management added DVN to its portfolio by purchasing 709,508 company shares during the most recent quarter which is valued at $22.3 Million. Devon Energy Corp makes up approx 0.97% of Cornerstone Capital Management’s portfolio.Nationwide Fund Advisors boosted its stake in DVN in the latest quarter, The investment management firm added 31,396 additional shares and now holds a total of 431,282 shares of Devon Energy Corp which is valued at $13.5 Million. Devon Energy Corp makes up approx 0.06% of Nationwide Fund Advisors’s portfolio.Pillar Pacific Capital Management reduced its stake in DVN by selling 3,309 shares or 8.6% in the most recent quarter. The Hedge Fund company now holds 35,150 shares of DVN which is valued at $1.1 Million. Devon Energy Corp makes up approx 0.19% of Pillar Pacific Capital Management’s portfolio.Calvert Investment Management reduced its stake in DVN by selling 800 shares or 0.93% in the most recent quarter. The Hedge Fund company now holds 85,300 shares of DVN which is valued at $2.7 Million. Devon Energy Corp makes up approx 0.12% of Calvert Investment Management’s portfolio.
Devon Energy Corp opened for trading at $33.48 and hit $34.42 on the upside on Monday, eventually ending the session at $33.79, with a gain of 3.91% or 1.27 points. The heightened volatility saw the trading volume jump to 85,87,993 shares. Company has a market cap of $17,706 M.
On the company’s financial health, Devon Energy Corp reported $-0.53 EPS for the quarter, beating the analyst consensus estimate by $ 0.08 according to the earnings call on May 3, 2016. Analyst had a consensus of $-0.61. The company had revenue of $2126.00 million for the quarter, compared to analysts expectations of $2583.85 million. The company’s revenue was down -34.9 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.22 EPS.
Investors should note that on Feb 16, 2016, Devon Energy Corp announced a cash dividend of $0.0600. The company’s management has announced Jun 13, 2016 as the ex-dividend date and fixed the record date on Jun 15, 2016. The payable date has been fixed on Jun 30, 2016.
Many Wall Street Analysts have commented on Devon Energy Corp. Company shares were Reiterated by Barclays on May 5, 2016 to “Overweight”, Firm has raised the Price Target to $ 34 from a previous price target of $26 .Company shares were Reiterated by RBC Capital Mkts on May 4, 2016 to “Outperform”, Firm has raised the Price Target to $ 41 from a previous price target of $36 .Wunderlich Initiated Devon Energy Corp on Apr 27, 2016 to “Buy”, Price Target of the shares are set at $40.
Devon Energy Corporation (Devon) is an independent energy company engaged in the exploration development and production of oil natural gas and natural gas liquids (NGLs). The Companys operations are concentrated in various North American onshore areas in the United States and Canada. Devon has approximately 689 Million Barrels of Oil Equivalent (MMBoe) of proved undeveloped reserves. The Company operates through three segments: U.S. Canada and EnLink. The Companys projects in North America include Anadarko Basin Barnett Shale Mississippian-Woodford Trend Permian Basin Rockies and Canadian Heavy Oil. EnLinks operations consist of midstream assets and operations located across the United States. In Canada the company has two main projects Jackfish and Pike located in Alberta Canada. In addition its Lloydminster properties are located to the south and east of Jackfish in eastern Alberta.