Resona Asset Management Co. Ltd. Buys 11,602 Shares of Devon Energy Corporation $DVN

Resona Asset Management Co. Ltd. increased its stake in shares of Devon Energy Corporation (NYSE:DVN) by 6.0% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 203,589 shares of the energy company’s stock after buying an additional 11,602 shares during the period. Resona Asset Management Co. Ltd.’s holdings in Devon Energy were worth $6,490,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Atlantic Union Bankshares Corp purchased a new stake in shares of Devon Energy during the 2nd quarter worth approximately $343,000. Cornercap Investment Counsel Inc. lifted its stake in Devon Energy by 44.3% in the second quarter. Cornercap Investment Counsel Inc. now owns 44,722 shares of the energy company’s stock valued at $1,423,000 after purchasing an additional 13,726 shares during the last quarter. Wellington Shields Capital Management LLC grew its holdings in Devon Energy by 46.4% during the second quarter. Wellington Shields Capital Management LLC now owns 2,928 shares of the energy company’s stock valued at $93,000 after purchasing an additional 928 shares during the period. Speece Thorson Capital Group Inc. increased its position in Devon Energy by 2.4% in the second quarter. Speece Thorson Capital Group Inc. now owns 327,824 shares of the energy company’s stock worth $10,428,000 after buying an additional 7,636 shares during the last quarter. Finally, MMA Asset Management LLC raised its stake in shares of Devon Energy by 6.2% in the second quarter. MMA Asset Management LLC now owns 8,253 shares of the energy company’s stock valued at $263,000 after buying an additional 481 shares during the period. Institutional investors own 69.72% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on DVN shares. BMO Capital Markets upped their price target on Devon Energy from $48.00 to $51.00 and gave the company an “outperform” rating in a research report on Monday, July 14th. Wells Fargo & Company dropped their price objective on shares of Devon Energy from $43.00 to $37.00 and set an “overweight” rating on the stock in a report on Friday, October 17th. Roth Capital started coverage on shares of Devon Energy in a research report on Monday, October 13th. They set a “buy” rating and a $42.00 target price for the company. UBS Group lifted their target price on shares of Devon Energy from $37.00 to $40.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 20th. Finally, Jefferies Financial Group upped their price target on shares of Devon Energy from $31.00 to $33.00 and gave the company a “hold” rating in a research note on Monday, July 14th. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $43.04.

Devon Energy Trading Up 3.9%

Shares of DVN stock opened at $33.68 on Monday. The company has a market capitalization of $21.38 billion, a PE ratio of 7.55, a price-to-earnings-growth ratio of 2.49 and a beta of 1.01. Devon Energy Corporation has a 52-week low of $25.89 and a 52-week high of $39.74. The business’s fifty day moving average is $33.97 and its 200 day moving average is $33.27. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.13 and a current ratio of 1.22.

Devon Energy (NYSE:DVN) last posted its earnings results on Wednesday, November 5th. The energy company reported $1.04 EPS for the quarter, topping the consensus estimate of $0.93 by $0.11. The business had revenue of $0.00 million during the quarter, compared to analysts’ expectations of $4.10 billion. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.During the same period in the previous year, the business earned $1.10 earnings per share. On average, equities research analysts anticipate that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 30th. Investors of record on Monday, December 15th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.9%. The ex-dividend date is Monday, December 15th. Devon Energy’s dividend payout ratio is 22.59%.

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.