1,330,176 Shares of Devon Energy Corporation $DVN Bought by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Devon Energy Corporation (NYSE:DVN) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 1,330,176 shares of the energy company’s stock, valued at approximately $61,241,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. BlackRock Inc. grew its position in Devon Energy by 57.6% in the second quarter. BlackRock Inc. now owns 95,378,854 shares of the energy company’s stock worth $3,941,054,000 after buying an additional 34,871,366 shares during the last quarter. State Street Corp raised its holdings in Devon Energy by 89.8% in the second quarter. State Street Corp now owns 73,179,266 shares of the energy company’s stock worth $3,023,767,000 after purchasing an additional 34,615,088 shares during the period. Wellington Management Group LLP boosted its position in shares of Devon Energy by 418.3% during the second quarter. Wellington Management Group LLP now owns 51,522,376 shares of the energy company’s stock worth $2,128,905,000 after purchasing an additional 41,581,435 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Devon Energy by 2.5% during the first quarter. Dimensional Fund Advisors LP now owns 9,606,131 shares of the energy company’s stock worth $483,475,000 after purchasing an additional 235,561 shares in the last quarter. Finally, Bank of America Corp DE bought a new position in shares of Devon Energy during the second quarter worth $421,226,000. 69.72% of the stock is currently owned by institutional investors.

Insider Activity

In other Devon Energy news, CEO Clay Gaspar acquired 3,913 shares of Devon Energy stock in a transaction that occurred on Monday, September 14th. The shares were bought at an average price of $51.08 per share, with a total value of $199,876.04. Following the completion of the purchase, the chief executive officer directly owned 619,152 shares in the company, valued at $31,626,284.16. This trade represents a 0.64% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Robert Ferrall Lowe III sold 6,756 shares of Devon Energy stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $50.95, for a total value of $344,218.20. Following the transaction, the executive vice president directly owned 72,720 shares in the company, valued at $3,705,084. The trade was a 8.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 4.58% of the company’s stock.

Devon Energy Price Performance

Devon Energy stock opened at $52.21 on Monday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.72 and a quick ratio of 0.67. Devon Energy Corporation has a one year low of $31.91 and a one year high of $52.71. The firm has a market cap of $57.43 billion, a PE ratio of 12.40, a price-to-earnings-growth ratio of 1.36 and a beta of 0.43. The stock’s fifty day moving average price is $48.90 and its two-hundred day moving average price is $45.83.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share for the quarter, topping the consensus estimate of $1.40 by $0.17. The firm had revenue of $7.42 billion during the quarter, compared to analysts’ expectations of $6.01 billion. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%. The company’s quarterly revenue was up 73.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.84 earnings per share. As a group, research analysts expect that Devon Energy Corporation will post 5.49 EPS for the current fiscal year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th were given a $0.32 dividend. The ex-dividend date was Tuesday, September 15th. This represents a $1.28 annualized dividend and a yield of 2.5%. Devon Energy’s dividend payout ratio (DPR) is currently 30.40%.

Analyst Upgrades and Downgrades

DVN has been the subject of a number of recent analyst reports. Stifel Nicolaus initiated coverage on shares of Devon Energy in a research report on Thursday, September 10th. They issued a “buy” rating and a $61.00 price objective for the company. Truist Financial reduced their target price on Devon Energy from $65.00 to $61.00 and set a “buy” rating on the stock in a report on Wednesday, October 7th. UBS Group boosted their target price on Devon Energy from $63.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, October 7th. Raymond James Financial boosted their target price on Devon Energy from $64.00 to $67.00 and gave the company a “strong-buy” rating in a research note on Monday, September 14th. Finally, JPMorgan Chase & Co. increased their price target on Devon Energy from $60.00 to $65.00 and gave the stock an “overweight” rating in a report on Friday, October 2nd. Two investment analysts have rated the stock with a Strong Buy rating, twenty-five have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, Devon Energy has an average rating of “Moderate Buy” and an average price target of $60.72.

Devon Energy Company Profile

Devon Energy Corporation (NYSE:DVN) is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company focuses on onshore operations in the United States and markets the hydrocarbons produced from its assets to customers across the energy sector.

Devon’s portfolio has historically included major U.S. resource plays such as the Delaware Basin in the Permian Basin, the Eagle Ford, the Anadarko Basin, the Williston Basin and the Powder River Basin.