Toronto Dominion Bank Boosts Stake in Devon Energy Corp (DVN)

Toronto Dominion Bank grew its position in shares of Devon Energy Corp (NYSE:DVN) by 47.1% in the first quarter, according to its most recent filing with the SEC. The fund owned 397,580 shares of the energy company’s stock after acquiring an additional 127,216 shares during the quarter. Toronto Dominion Bank’s holdings in Devon Energy were worth $12,545,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of DVN. Winslow Evans & Crocker Inc. bought a new position in shares of Devon Energy during the 4th quarter valued at approximately $26,000. Lindbrook Capital LLC bought a new position in shares of Devon Energy during the 4th quarter valued at approximately $26,000. Meeder Asset Management Inc. boosted its position in shares of Devon Energy by 94.6% during the 1st quarter. Meeder Asset Management Inc. now owns 823 shares of the energy company’s stock valued at $26,000 after acquiring an additional 400 shares during the last quarter. Duncker Streett & Co. Inc. boosted its position in shares of Devon Energy by 40.5% during the 4th quarter. Duncker Streett & Co. Inc. now owns 1,600 shares of the energy company’s stock valued at $36,000 after acquiring an additional 461 shares during the last quarter. Finally, Lavaca Capital LLC boosted its position in shares of Devon Energy by 566.0% during the 1st quarter. Lavaca Capital LLC now owns 1,332 shares of the energy company’s stock valued at $42,000 after acquiring an additional 1,132 shares during the last quarter. Hedge funds and other institutional investors own 92.25% of the company’s stock.

In other Devon Energy news, Director Robert H. Henry bought 11,651 shares of the firm’s stock in a transaction dated Wednesday, February 27th. The stock was acquired at an average cost of $30.01 per share, for a total transaction of $349,646.51. Following the completion of the transaction, the director now owns 21,355 shares in the company, valued at $640,863.55. The acquisition was disclosed in a document filed with the SEC, which is available through this link. 0.55% of the stock is currently owned by company insiders.

DVN has been the subject of a number of research reports. Morgan Stanley set a $33.00 target price on Devon Energy and gave the company a “hold” rating in a research report on Tuesday, January 29th. MKM Partners raised their price target on Devon Energy from $33.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, February 21st. Macquarie set a $40.00 price target on Devon Energy and gave the stock a “buy” rating in a research report on Thursday, May 2nd. Zacks Investment Research upgraded Devon Energy from a “strong sell” rating to a “hold” rating in a research report on Monday, February 4th. Finally, Royal Bank of Canada downgraded Devon Energy from an “outperform” rating to a “sector perform” rating and lowered their price target for the stock from $39.00 to $38.00 in a research report on Friday, March 1st. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating and fourteen have assigned a buy rating to the company. Devon Energy has a consensus rating of “Hold” and a consensus price target of $45.29.

Shares of NYSE:DVN traded down $0.69 on Friday, hitting $30.61. 3,063,124 shares of the company’s stock were exchanged, compared to its average volume of 6,296,105. Devon Energy Corp has a 12 month low of $20.37 and a 12 month high of $46.54. The company has a market cap of $12.71 billion, a price-to-earnings ratio of 23.73, a price-to-earnings-growth ratio of 0.86 and a beta of 2.23. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.74.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, April 30th. The energy company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.30 by $0.06. Devon Energy had a return on equity of 7.12% and a net margin of 29.33%. The business had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $2.52 billion. During the same period last year, the company earned $0.20 earnings per share. As a group, equities research analysts predict that Devon Energy Corp will post 2.19 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be given a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a dividend yield of 1.18%. This is an increase from Devon Energy’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Thursday, June 13th. Devon Energy’s dividend payout ratio (DPR) is 24.81%.

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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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