Castleark Management Lowers stake in Devon Energy Corp (DVN)

Devon Energy Corp (DVN) : Castleark Management reduced its stake in Devon Energy Corp by 40.53% during the most recent quarter end. The investment management company now holds a total of 1,137,840 shares of Devon Energy Corp which is valued at $47,413,793 after selling 775,580 shares in Devon Energy Corp , the firm said in a disclosure report filed with the SEC on Aug 10, 2016.Devon Energy Corp makes up approximately 1.44% of Castleark Management’s portfolio.

Other Hedge Funds, Including , Ameritas Investment Partners boosted its stake in DVN in the latest quarter, The investment management firm added 784 additional shares and now holds a total of 91,559 shares of Devon Energy Corp which is valued at $3,815,264. Devon Energy Corp makes up approx 0.25% of Ameritas Investment Partners’s portfolio.Geneva Advisors reduced its stake in DVN by selling 14,965 shares or 56.91% in the most recent quarter. The Hedge Fund company now holds 11,331 shares of DVN which is valued at $468,084. Devon Energy Corp makes up approx 0.01% of Geneva Advisors’s portfolio.Waratah Capital Advisors Ltd. reduced its stake in DVN by selling 152,039 shares or 29.72% in the most recent quarter. The Hedge Fund company now holds 359,588 shares of DVN which is valued at $14,207,322. Devon Energy Corp makes up approx 2.80% of Waratah Capital Advisors Ltd.’s portfolio. Vigilant Capital Management added DVN to its portfolio by purchasing 239 company shares during the most recent quarter which is valued at $9,072.Salem Capital Management Inc boosted its stake in DVN in the latest quarter, The investment management firm added 1,600 additional shares and now holds a total of 83,918 shares of Devon Energy Corp which is valued at $3,272,802. Devon Energy Corp makes up approx 1.84% of Salem Capital Management Inc’s portfolio.

Devon Energy Corp closed down -0.43 points or -0.96% at $44.33 with 44,60,593 shares getting traded on Friday. Post opening the session at $44.47, the shares hit an intraday low of $43.86 and an intraday high of $44.73 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

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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