Mirae Asset Global Investments Co. Ltd. Decreases Stock Holdings in Devon Energy Co. (NYSE:DVN)

Mirae Asset Global Investments Co. Ltd. decreased its holdings in shares of Devon Energy Co. (NYSE:DVN) by 26.9% during the fourth quarter, Holdings Channel.com reports. The firm owned 103,247 shares of the energy company’s stock after selling 38,051 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Devon Energy were worth $4,677,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Pacer Advisors Inc. raised its stake in shares of Devon Energy by 1,279.7% in the fourth quarter. Pacer Advisors Inc. now owns 6,145,605 shares of the energy company’s stock valued at $278,396,000 after acquiring an additional 5,700,167 shares during the period. T. Rowe Price Investment Management Inc. raised its stake in shares of Devon Energy by 96.4% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 5,608,577 shares of the energy company’s stock valued at $344,984,000 after acquiring an additional 2,752,752 shares during the period. J.P. Morgan Private Wealth Advisors LLC purchased a new stake in shares of Devon Energy in the third quarter valued at $113,793,000. Morgan Stanley raised its stake in shares of Devon Energy by 23.6% in the third quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock valued at $555,567,000 after acquiring an additional 2,220,194 shares during the period. Finally, International Assets Investment Management LLC raised its stake in shares of Devon Energy by 3,885.4% in the fourth quarter. International Assets Investment Management LLC now owns 1,695,206 shares of the energy company’s stock valued at $76,793,000 after acquiring an additional 1,652,671 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on DVN shares. Scotiabank increased their target price on shares of Devon Energy from $53.00 to $67.00 and gave the company a “sector outperform” rating in a research note on Thursday, April 11th. UBS Group raised their price target on shares of Devon Energy from $48.00 to $57.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 10th. Morgan Stanley raised their price target on shares of Devon Energy from $49.00 to $50.00 and gave the stock an “overweight” rating in a research note on Monday. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $55.00 price target on shares of Devon Energy in a research note on Thursday, March 7th. Finally, Mizuho reduced their price target on shares of Devon Energy from $54.00 to $53.00 and set a “buy” rating on the stock in a research note on Thursday, January 11th. Five investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Devon Energy has a consensus rating of “Moderate Buy” and an average target price of $57.89.

Devon Energy Stock Down 1.4 %

Shares of Devon Energy stock opened at $52.68 on Tuesday. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.07 and a quick ratio of 0.99. Devon Energy Co. has a 1 year low of $40.47 and a 1 year high of $56.19. The firm’s 50-day moving average is $47.08 and its two-hundred day moving average is $45.74. The stock has a market cap of $33.45 billion, a price-to-earnings ratio of 9.04 and a beta of 2.19.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share for the quarter, beating analysts’ consensus estimates of $1.39 by $0.02. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The business had revenue of $4.15 billion for the quarter, compared to analysts’ expectations of $3.88 billion. During the same period last year, the business earned $1.66 EPS. The company’s revenue was down 3.6% compared to the same quarter last year. As a group, research analysts expect that Devon Energy Co. will post 5.02 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were issued a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.34%. The ex-dividend date of this dividend was Thursday, March 14th. Devon Energy’s dividend payout ratio is currently 15.09%.

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.