Sumitomo Mitsui DS Asset Management Company Ltd Sells 18,769 Shares of Devon Energy Co. (NYSE:DVN)

Sumitomo Mitsui DS Asset Management Company Ltd trimmed its holdings in shares of Devon Energy Co. (NYSE:DVN) by 19.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 79,707 shares of the energy company’s stock after selling 18,769 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Devon Energy were worth $3,611,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Lord Abbett & CO. LLC grew its position in Devon Energy by 15.5% during the 3rd quarter. Lord Abbett & CO. LLC now owns 549,710 shares of the energy company’s stock worth $26,221,000 after acquiring an additional 73,570 shares during the last quarter. Nordea Investment Management AB grew its holdings in shares of Devon Energy by 2.7% in the third quarter. Nordea Investment Management AB now owns 373,757 shares of the energy company’s stock worth $17,974,000 after purchasing an additional 9,823 shares during the last quarter. Atria Investments Inc increased its stake in shares of Devon Energy by 64.4% in the third quarter. Atria Investments Inc now owns 54,639 shares of the energy company’s stock worth $2,606,000 after buying an additional 21,400 shares during the period. Pearl River Capital LLC raised its holdings in Devon Energy by 367.7% during the 3rd quarter. Pearl River Capital LLC now owns 75,042 shares of the energy company’s stock valued at $3,580,000 after buying an additional 58,997 shares during the last quarter. Finally, Argent Trust Co raised its holdings in Devon Energy by 22.1% during the 3rd quarter. Argent Trust Co now owns 86,795 shares of the energy company’s stock valued at $4,140,000 after buying an additional 15,715 shares during the last quarter. 69.72% of the stock is owned by institutional investors.

Devon Energy Stock Up 0.6 %

Shares of Devon Energy stock opened at $52.13 on Tuesday. Devon Energy Co. has a 1 year low of $40.47 and a 1 year high of $55.09. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.07 and a quick ratio of 0.99. The company has a 50-day moving average of $48.09 and a 200 day moving average of $45.98. The firm has a market cap of $33.10 billion, a price-to-earnings ratio of 8.94 and a beta of 2.19.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share for the quarter, beating analysts’ consensus estimates of $1.39 by $0.02. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The business had revenue of $4.15 billion during the quarter, compared to the consensus estimate of $3.88 billion. During the same quarter last year, the firm earned $1.66 earnings per share. The business’s revenue for the quarter was down 3.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Devon Energy Co. will post 5.14 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were issued a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 3.38%. The ex-dividend date of this dividend was Thursday, March 14th. Devon Energy’s dividend payout ratio (DPR) is 15.09%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on DVN shares. Morgan Stanley raised their price target on shares of Devon Energy from $49.00 to $50.00 and gave the stock an “overweight” rating in a report on Monday, April 15th. Piper Sandler raised their target price on Devon Energy from $59.00 to $60.00 and gave the stock an “overweight” rating in a research note on Friday. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $55.00 price target on shares of Devon Energy in a research report on Thursday, March 7th. JPMorgan Chase & Co. increased their price objective on Devon Energy from $57.00 to $62.00 and gave the stock an “overweight” rating in a report on Monday, April 8th. Finally, Raymond James reduced their target price on Devon Energy from $53.00 to $52.00 and set an “outperform” rating on the stock in a research note on Wednesday, January 24th. Five equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $58.28.

Devon Energy Profile

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.