Daiwa Securities Group Inc. Increases Position in Devon Energy Co. (NYSE:DVN)

Daiwa Securities Group Inc. grew its holdings in Devon Energy Co. (NYSE:DVN) by 8.3% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 58,183 shares of the energy company’s stock after buying an additional 4,461 shares during the period. Daiwa Securities Group Inc.’s holdings in Devon Energy were worth $2,636,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Lord Abbett & CO. LLC raised its holdings in shares of Devon Energy by 15.5% in the third quarter. Lord Abbett & CO. LLC now owns 549,710 shares of the energy company’s stock valued at $26,221,000 after buying an additional 73,570 shares during the last quarter. Nordea Investment Management AB raised its holdings in shares of Devon Energy by 2.7% in the third quarter. Nordea Investment Management AB now owns 373,757 shares of the energy company’s stock valued at $17,974,000 after buying an additional 9,823 shares during the last quarter. Atria Investments Inc raised its holdings in shares of Devon Energy by 64.4% in the third quarter. Atria Investments Inc now owns 54,639 shares of the energy company’s stock valued at $2,606,000 after buying an additional 21,400 shares during the last quarter. Pearl River Capital LLC raised its holdings in shares of Devon Energy by 367.7% in the third quarter. Pearl River Capital LLC now owns 75,042 shares of the energy company’s stock valued at $3,580,000 after buying an additional 58,997 shares during the last quarter. Finally, Argent Trust Co raised its holdings in Devon Energy by 22.1% during the third quarter. Argent Trust Co now owns 86,795 shares of the energy company’s stock worth $4,140,000 after purchasing an additional 15,715 shares in the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Stock Up 0.8 %

Shares of NYSE DVN opened at $51.83 on Monday. Devon Energy Co. has a 1 year low of $40.47 and a 1 year high of $55.09. The firm’s 50 day moving average price is $47.89 and its 200 day moving average price is $45.92. The firm has a market cap of $32.91 billion, a P/E ratio of 8.89 and a beta of 2.19. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.99 and a current ratio of 1.07.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $4.15 billion for the quarter, compared to analyst estimates of $3.88 billion. During the same quarter last year, the business earned $1.66 earnings per share. Devon Energy’s revenue was down 3.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Devon Energy Co. will post 5.14 earnings per share for the current year.

Devon Energy Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were given a dividend of $0.44 per share. The ex-dividend date was Thursday, March 14th. This represents a $1.76 dividend on an annualized basis and a yield of 3.40%. Devon Energy’s dividend payout ratio (DPR) is currently 15.09%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on DVN. JPMorgan Chase & Co. increased their price target on shares of Devon Energy from $57.00 to $62.00 and gave the stock an “overweight” rating in a report on Monday, April 8th. Royal Bank of Canada restated a “sector perform” rating and set a $55.00 target price on shares of Devon Energy in a research report on Thursday, March 7th. Piper Sandler upped their target price on shares of Devon Energy from $59.00 to $60.00 and gave the stock an “overweight” rating in a research report on Friday. Citigroup upped their target price on shares of Devon Energy from $55.00 to $62.00 and gave the stock a “buy” rating in a research report on Thursday, April 11th. Finally, Barclays initiated coverage on shares of Devon Energy in a research report on Wednesday, April 10th. They set an “equal weight” rating and a $59.00 target price on the stock. Five equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $57.94.

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.