Nomura Asset Management Co. Ltd. Sells 27,848 Shares of Devon Energy Corporation $DVN

Nomura Asset Management Co. Ltd. decreased its holdings in Devon Energy Corporation (NYSE:DVN) by 10.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 233,625 shares of the energy company’s stock after selling 27,848 shares during the period. Nomura Asset Management Co. Ltd.’s holdings in Devon Energy were worth $8,558,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of DVN. Woodline Partners LP increased its holdings in shares of Devon Energy by 98.8% in the 1st quarter. Woodline Partners LP now owns 115,780 shares of the energy company’s stock worth $4,330,000 after purchasing an additional 57,555 shares in the last quarter. Sivia Capital Partners LLC bought a new stake in shares of Devon Energy in the 2nd quarter worth $403,000. Jump Financial LLC increased its holdings in shares of Devon Energy by 58.8% in the 2nd quarter. Jump Financial LLC now owns 28,251 shares of the energy company’s stock worth $899,000 after purchasing an additional 10,464 shares in the last quarter. Daiwa Securities Group Inc. increased its holdings in shares of Devon Energy by 17.8% in the 2nd quarter. Daiwa Securities Group Inc. now owns 148,882 shares of the energy company’s stock worth $4,736,000 after purchasing an additional 22,482 shares in the last quarter. Finally, NewEdge Advisors LLC increased its holdings in shares of Devon Energy by 6.0% in the 2nd quarter. NewEdge Advisors LLC now owns 144,174 shares of the energy company’s stock worth $4,586,000 after purchasing an additional 8,127 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.

Key Headlines Impacting Devon Energy

Here are the key news stories impacting Devon Energy this week:

• Positive Sentiment: Barclays reiterated its Buy rating on Devon Energy, reinforcing the view that analysts still see upside in the stock. Barclays Sticks to Its Buy Rating for Devon Energy (DVN)
• Positive Sentiment: Unusual options activity showed investors buying far more call contracts than normal, suggesting some traders are positioning for a move higher in DVN.
• Positive Sentiment: A note on Devon’s stock becoming a trending name on Zacks adds to the recent increase in investor attention and speculation around the shares. Devon Energy Corporation (DVN) Is a Trending Stock: Facts to Know Before Betting on It
• Neutral Sentiment: Capital One trimmed its price target on Devon Energy to $61 from $63, but kept an Overweight rating, leaving the broader bullish view intact. Capital One adjusts price target on Devon Energy to 61 from 63, maintains overweight rating
• Neutral Sentiment: Coverage about Devon’s Marcellus assets highlights market speculation around the company’s portfolio, but does not point to a confirmed corporate action yet. Why Is Devon Energy Corporation (NYSE:DVN) Drawing Attention Amid Marcellus Asset Speculation?
• Negative Sentiment: Yahoo Finance reported insider selling of about $4.7 million in Devon stock, which can sometimes signal caution about near-term prospects. Devon Energy Insiders Sell US$4.7m Of Stock, Possibly Signalling Caution

Insider Buying and Selling

In other news, EVP Jeffrey L. Ritenour sold 70,029 shares of the business’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $46.66, for a total value of $3,267,553.14. Following the transaction, the executive vice president directly owned 428,452 shares in the company, valued at $19,991,570.32. The trade was a 14.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Adam M. Vela sold 24,342 shares of the business’s stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $47.21, for a total value of $1,149,185.82. Following the completion of the transaction, the senior vice president owned 130,540 shares in the company, valued at $6,162,793.40. The trade was a 15.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 4.58% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Susquehanna lifted their target price on Devon Energy from $52.00 to $57.00 and gave the stock a “positive” rating in a report on Tuesday, April 21st. Tudor Pickering raised Devon Energy from a “hold” rating to a “strong-buy” rating in a report on Monday, April 20th. TD Cowen lifted their target price on Devon Energy from $46.00 to $50.00 and gave the stock a “hold” rating in a report on Tuesday, March 17th. UBS Group dropped their price target on Devon Energy from $61.00 to $60.00 and set a “buy” rating on the stock in a research note on Tuesday, April 14th. Finally, Capital One Financial dropped their price target on Devon Energy from $63.00 to $61.00 and set an “overweight” rating on the stock in a research note on Tuesday. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, Devon Energy has an average rating of “Moderate Buy” and a consensus target price of $57.89.

Devon Energy Trading Up 0.2%

Shares of NYSE:DVN opened at $46.31 on Thursday. The stock has a 50 day moving average of $47.81 and a 200 day moving average of $42.67. The company has a market cap of $28.78 billion, a PE ratio of 12.90 and a beta of 0.37. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 0.48. Devon Energy Corporation has a 12-month low of $31.32 and a 12-month high of $52.71.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.02). The company had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $4.34 billion. Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The company’s revenue was down 14.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.82 earnings per share. As a group, equities research analysts expect that Devon Energy Corporation will post 4.43 EPS for the current year.

Devon Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be paid a dividend of $0.32 per share. This is a boost from Devon Energy’s previous quarterly dividend of $0.24. The ex-dividend date is Monday, June 15th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.8%. Devon Energy’s dividend payout ratio is presently 26.74%.

About Devon Energy

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.