Sumitomo Mitsui DS Asset Management Company Ltd Purchases 40,988 Shares of Devon Energy Co. (NYSE:DVN)

Sumitomo Mitsui DS Asset Management Company Ltd raised its position in shares of Devon Energy Co. (NYSE:DVN) by 51.4% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 120,741 shares of the energy company’s stock after buying an additional 40,988 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Devon Energy were worth $3,952,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Capital Performance Advisors LLP bought a new stake in Devon Energy during the third quarter worth approximately $35,000. True Wealth Design LLC boosted its holdings in shares of Devon Energy by 3,889.3% in the 3rd quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock worth $44,000 after purchasing an additional 1,089 shares during the period. Hazlett Burt & Watson Inc. increased its position in shares of Devon Energy by 29.8% during the 3rd quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock valued at $49,000 after purchasing an additional 290 shares during the last quarter. Activest Wealth Management raised its holdings in Devon Energy by 60.4% during the 3rd quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock valued at $50,000 after buying an additional 480 shares during the period. Finally, Endeavor Private Wealth Inc. bought a new stake in Devon Energy in the fourth quarter worth $52,000. Institutional investors own 69.72% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on DVN shares. Citigroup cut their price objective on shares of Devon Energy from $55.00 to $48.00 and set a “buy” rating on the stock in a research report on Tuesday, November 26th. Royal Bank of Canada reiterated a “sector perform” rating and set a $50.00 price target on shares of Devon Energy in a report on Friday, January 10th. Mizuho decreased their price objective on shares of Devon Energy from $51.00 to $47.00 and set an “outperform” rating for the company in a research note on Monday, December 16th. Susquehanna cut their target price on Devon Energy from $63.00 to $62.00 and set a “positive” rating on the stock in a research note on Friday, October 18th. Finally, Piper Sandler raised their price target on Devon Energy from $53.00 to $54.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 29th. Nine analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Devon Energy has an average rating of “Moderate Buy” and a consensus target price of $49.45.

Devon Energy Price Performance

NYSE DVN opened at $33.13 on Monday. The company has a market cap of $21.76 billion, a PE ratio of 6.15, a P/E/G ratio of 1.04 and a beta of 1.98. The firm’s 50 day moving average price is $34.47 and its 200-day moving average price is $38.95. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11. Devon Energy Co. has a 52-week low of $30.39 and a 52-week high of $55.09.

About Devon Energy

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.