Public Sector Pension Investment Board Lowers stake in Devon Energy Corp (DVN)

Devon Energy Corp (DVN) : Public Sector Pension Investment Board reduced its stake in Devon Energy Corp by 0.24% during the most recent quarter end. The investment management company now holds a total of 6,860,411 shares of Devon Energy Corp which is valued at $223.1 Million after selling 16,500 shares in Devon Energy Corp , the firm said in a disclosure report filed with the SEC on May 13, 2016.Devon Energy Corp makes up approximately 2.63% of Public Sector Pension Investment Board’s portfolio.

Other Hedge Funds, Including , Ontario Teachers Pension Plan Board reduced its stake in DVN by selling 230,064 shares or 13.2% in the most recent quarter. The Hedge Fund company now holds 1,513,022 shares of DVN which is valued at $49.2 Million. Devon Energy Corp makes up approx 0.53% of Ontario Teachers Pension Plan Board’s portfolio.Snow Capital Management Lp boosted its stake in DVN in the latest quarter, The investment management firm added 725,333 additional shares and now holds a total of 1,842,791 shares of Devon Energy Corp which is valued at $59.9 Million. Devon Energy Corp makes up approx 2.70% of Snow Capital Management Lp’s portfolio. High Pointe Capital Management sold out all of its stake in DVN during the most recent quarter. The investment firm sold 19,890 shares of DVN which is valued $624,546. Waratah Capital Advisors Ltd. added DVN to its portfolio by purchasing 511,627 company shares during the most recent quarter which is valued at $16.1 Million. Devon Energy Corp makes up approx 3.13% of Waratah Capital Advisors Ltd.’s portfolio.Bartlett reduced its stake in DVN by selling 226 shares or 98.26% in the most recent quarter. The Hedge Fund company now holds 4 shares of DVN which is valued at $126.

Devon Energy Corp opened for trading at $35 and hit $36.66 on the upside on Wednesday, eventually ending the session at $36.44, with a gain of 5.65% or 1.95 points. The heightened volatility saw the trading volume jump to 97,77,981 shares. Company has a market cap of $19,095 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. Devon Energy Corp was Upgraded by Johnson Rice to ” Accumulate” on May 19, 2016. 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 .

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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