Community Financial Services Group Lowers stake in Devon Energy Corp (DVN)

Devon Energy Corp (DVN) : Community Financial Services Group reduced its stake in Devon Energy Corp by 2.67% during the most recent quarter end. The investment management company now holds a total of 51,575 shares of Devon Energy Corp which is valued at $1,959,850 after selling 1,413 shares in Devon Energy Corp , the firm said in a disclosure report filed with the SEC on Aug 2, 2016.Devon Energy Corp makes up approximately 0.93% of Community Financial Services Group’s portfolio.

Other Hedge Funds, Including , Mitsubishi Ufj Kokusai Asset Management Ltd. boosted its stake in DVN in the latest quarter, The investment management firm added 2,024 additional shares and now holds a total of 69,294 shares of Devon Energy Corp which is valued at $2,633,172. Devon Energy Corp makes up approx 0.07% of Mitsubishi Ufj Kokusai Asset Management Ltd.’s portfolio. Tradelink Capital added DVN to its portfolio by purchasing 6,314 company shares during the most recent quarter which is valued at $239,932. Devon Energy Corp makes up approx 1.11% of Tradelink Capital’s portfolio.Checchi Capital Advisers reduced its stake in DVN by selling 756 shares or 23.12% in the most recent quarter. The Hedge Fund company now holds 2,514 shares of DVN which is valued at $94,904. Devon Energy Corp makes up approx 0.02% of Checchi Capital Advisers’s portfolio.

Devon Energy Corp opened for trading at $40 and hit $41.1 on the upside on Monday, eventually ending the session at $40.2, with a gain of 1.75% or 0.69 points. The heightened volatility saw the trading volume jump to 91,80,293 shares. Company has a market cap of $21,049 M.

On the company’s financial health, Devon Energy Corp reported $0.06 EPS for the quarter, beating the analyst consensus estimate by $ 0.25 according to the earnings call on Aug 2, 2016. Analyst had a consensus of $-0.19. The company had revenue of $2488.00 million for the quarter, compared to analysts expectations of $2296.19 million. The company’s revenue was down -26.7 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.78 EPS.

Investors should note that on Jun 8, 2016, Devon Energy Corp announced a cash dividend of $0.0600. The company’s management has announced Sep 13, 2016 as the ex-dividend date and fixed the record date on Sep 15, 2016. The payable date has been fixed on Sep 30, 2016.

Many Wall Street Analysts have commented on Devon Energy Corp. Company shares were Downgraded by KLR Group on Jul 18, 2016 to ” Accumulate”, Firm has raised the Price Target to $ 44 from a previous price target of $41 .Company shares were Upgraded by Scotia Howard Weil on Jul 11, 2016 to ” Focus Stock”, Firm has raised the Price Target to $ 61 from a previous price target of $50 .Company shares were Resumed by Piper Jaffray on Jul 7, 2016 to “Neutral”, Firm has raised the Price Target to $ 41 from a previous price target of $39 .

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 Company’s 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 Company’s projects in North America include Anadarko Basin Barnett Shale Mississippian-Woodford Trend Permian Basin Rockies and Canadian Heavy Oil. EnLink’s 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.

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