The Hanson & Doremus Investment Management decides to keep it stake in Devon Energy Corp. (DVN) to the level of $783,000

The Hanson & Doremus Investment Management decides to keep it stake in Devon Energy Corp. (DVN) to the level of $783,000

Hanson & Doremus Investment Management lowered its position in Devon Energy Corp. (NYSE:DVN) by 2.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 21,592 shares of the energy company’s stock after selling 490 shares during the period. Hanson & Doremus Investment Management’s holdings in Devon Energy Corp. were worth $783,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in DVN. Concert Wealth Management Inc. boosted its stake in shares of Devon Energy Corp. by 1.5% in the second quarter. Concert Wealth Management Inc. now owns 10,490 shares of the energy company’s stock worth $381,000 after buying an additional 159 shares in the last quarter. Capital One National Association boosted its stake in shares of Devon Energy Corp. by 1.7% in the second quarter. Capital One National Association now owns 13,425 shares of the energy company’s stock worth $487,000 after buying an additional 226 shares in the last quarter. Foundation Resource Management Inc. boosted its stake in shares of Devon Energy Corp. by 0.9% in the second quarter. Foundation Resource Management Inc. now owns 29,344 shares of the energy company’s stock worth $1,064,000 after buying an additional 267 shares in the last quarter. Louisiana State Employees Retirement System boosted its stake in shares of Devon Energy Corp. by 0.9% in the second quarter. Louisiana State Employees Retirement System now owns 34,400 shares of the energy company’s stock worth $1,247,000 after buying an additional 300 shares in the last quarter. Finally, Kanawha Capital Management LLC boosted its stake in shares of Devon Energy Corp. by 1.0% in the second quarter. Kanawha Capital Management LLC now owns 43,369 shares of the energy company’s stock worth $1,572,000 after buying an additional 420 shares in the last quarter. 75.62% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Corp. (NYSE:DVN) traded down 1.21% during midday trading on Friday, reaching $43.37. 2,186,923 shares of the company’s stock traded hands. Devon Energy Corp. has a 52-week low of $18.07 and a 52-week high of $48.68. The firm’s market cap is $22.71 billion. The firm’s 50-day moving average is $42.85 and its 200 day moving average is $37.37.

Devon Energy Corp. (NYSE:DVN) last released its quarterly earnings data on Tuesday, August 2nd. The energy company reported $0.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.25. Devon Energy Corp. had a negative net margin of 114.09% and a positive return on equity of 3.62%. The firm had revenue of $2.49 billion for the quarter, compared to analysts’ expectations of $2.29 million. During the same quarter in the previous year, the company earned $0.78 earnings per share. The company’s revenue for the quarter was down 26.7% compared to the same quarter last year. Equities research analysts expect that Devon Energy Corp. will post ($0.29) earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, December 30th. Investors of record on Thursday, December 15th will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.55%. The ex-dividend date of this dividend is Tuesday, December 13th. Devon Energy Corp.’s dividend payout ratio is currently -0.82%.

A number of equities research analysts have recently issued reports on the company. Morgan Stanley restated an “overweight” rating on shares of Devon Energy Corp. in a report on Wednesday, June 29th. Piper Jaffray Cos. restated a “neutral” rating and set a $41.00 price objective (up previously from $39.00) on shares of Devon Energy Corp. in a report on Thursday, July 7th. JPMorgan Chase & Co. restated a “buy” rating on shares of Devon Energy Corp. in a report on Thursday, June 30th. Citigroup Inc. restated a “buy” rating and set a $45.00 price objective (up previously from $40.00) on shares of Devon Energy Corp. in a report on Monday, July 18th. Finally, Barclays PLC boosted their price target on Devon Energy Corp. from $43.00 to $45.00 and gave the company an “overweight” rating in a research note on Thursday, August 4th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty have issued a buy rating and three have given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $42.21.

Devon Energy Corp. Company Profile

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. The Company also produces over 1.6 billion cubic feet of natural gas a day and approximately 135 thousand barrels of NGLs per day.

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