Devon Energy Corporation $DVN Position Raised by Mitsubishi UFJ Asset Management Co. Ltd.

Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in Devon Energy Corporation (NYSE:DVN) by 89.1% in the second quarter, HoldingsChannel.com reports. The firm owned 3,029,527 shares of the energy company’s stock after purchasing an additional 1,427,123 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Devon Energy were worth $125,179,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new stake in shares of Devon Energy in the 4th quarter worth $25,000. JFS Wealth Advisors LLC grew its holdings in Devon Energy by 56.6% during the second quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company’s stock worth $28,000 after acquiring an additional 245 shares during the period. MV Capital Management Inc. bought a new stake in Devon Energy in the fourth quarter worth about $29,000. KERR FINANCIAL PLANNING Corp bought a new stake in Devon Energy in the second quarter worth about $29,000. Finally, Garton & Associates Financial Advisors LLC acquired a new stake in Devon Energy in the 4th quarter valued at about $29,000. 69.72% of the stock is owned by institutional investors.

Insider Activity

In related news, SVP Andrea Alexander sold 18,000 shares of Devon Energy stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total transaction of $841,320.00. Following the completion of the sale, the senior vice president owned 138,529 shares of the company’s stock, valued at approximately $6,474,845.46. This trade represents a 11.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 4.58% of the company’s stock.

Devon Energy Stock Performance

DVN stock opened at $47.84 on Wednesday. The firm has a 50 day simple moving average of $43.52 and a 200 day simple moving average of $45.30. Devon Energy Corporation has a 52 week low of $31.47 and a 52 week high of $52.71. The stock has a market cap of $52.63 billion, a P/E ratio of 11.36 and a beta of 0.38. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.67 and a current ratio of 0.72.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 earnings per share for the quarter, beating the consensus estimate of $1.40 by $0.17. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The firm had revenue of $7.42 billion for the quarter, compared to analyst estimates of $6.01 billion. During the same quarter in the prior year, the business earned $0.84 EPS. The company’s revenue for the quarter was up 73.1% compared to the same quarter last year. Research analysts anticipate that Devon Energy Corporation will post 4.99 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 2.7%. The ex-dividend date is Tuesday, September 15th. Devon Energy’s dividend payout ratio (DPR) is currently 30.40%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on DVN. Zacks Research lowered shares of Devon Energy from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 27th. The Goldman Sachs Group dropped their target price on shares of Devon Energy from $54.00 to $53.00 and set a “buy” rating on the stock in a report on Tuesday, June 30th. UBS Group cut their target price on shares of Devon Energy from $58.00 to $54.00 and set a “buy” rating for the company in a research note on Wednesday, July 15th. Wolfe Research set a $67.00 target price on shares of Devon Energy and gave the stock an “outperform” rating in a report on Monday, June 22nd. Finally, Raymond James Financial decreased their price target on shares of Devon Energy from $66.00 to $64.00 and set a “strong-buy” rating on the stock in a research report on Thursday, July 16th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $59.15.

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.