Millennium Management buys $300,025,066 stake in Devon Energy Corp (DVN)

Devon Energy Corp (DVN) : Millennium Management scooped up 3,170,054 additional shares in Devon Energy Corp during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Nov 14, 2016. The investment management firm now holds a total of 7,008,294 shares of Devon Energy Corp which is valued at $300,025,066.Devon Energy Corp makes up approximately 0.58% of Millennium Management’s portfolio.

Other Hedge Funds, Including , L S Advisors Inc reduced its stake in DVN by selling 184,326 shares or 92.88% in the most recent quarter. The Hedge Fund company now holds 14,135 shares of DVN which is valued at $605,119. Devon Energy Corp makes up approx 0.17% of L S Advisors Inc’s portfolio.Blackrock Institutional Trust Company N.a. reduced its stake in DVN by selling 129,327 shares or 0.86% in the most recent quarter. The Hedge Fund company now holds 14,922,938 shares of DVN which is valued at $624,077,267. Devon Energy Corp makes up approx 0.10% of Blackrock Institutional Trust Company N.a.’s portfolio.Mutual Of America Capital Management boosted its stake in DVN in the latest quarter, The investment management firm added 1,813 additional shares and now holds a total of 63,167 shares of Devon Energy Corp which is valued at $2,498,255. Devon Energy Corp makes up approx 0.05% of Mutual Of America Capital Management’s portfolio.Highstreet Asset Management boosted its stake in DVN in the latest quarter, The investment management firm added 5,983 additional shares and now holds a total of 21,584 shares of Devon Energy Corp which is valued at $877,821. Devon Energy Corp makes up approx 0.30% of Highstreet Asset Management’s portfolio.

Devon Energy Corp opened for trading at $43.35 and hit $44.37 on the upside on Monday, eventually ending the session at $43.82, with a gain of 2.22% or 0.95 points. The heightened volatility saw the trading volume jump to 47,69,862 shares. Company has a market cap of $22,944 M.

On the company’s financial health, Devon Energy Corp reported $1.89 EPS for the quarter, beating the analyst consensus estimate by $ 1.83 according to the earnings call on Nov 1, 2016. Analyst had a consensus of $0.06. The company had revenue of $2882.00 million for the quarter, compared to analysts expectations of $2692.54 million. The company’s revenue was down -20.0 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.76 EPS.

Investors should note that on Sep 14, 2016, Devon Energy Corp announced a cash dividend of $0.0600. The company’s management has announced Dec 13, 2016 as the ex-dividend date and fixed the record date on Dec 15, 2016. The payable date has been fixed on Dec 30, 2016.

Many Wall Street Analysts have commented on Devon Energy Corp. Devon Energy Corp was Downgraded by Raymond James to ” Mkt Perform” on Sep 6, 2016.

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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