Asset Management One Co. Ltd. Has $9.52 Million Stake in Devon Energy Co. (NYSE:DVN)

Asset Management One Co. Ltd. boosted its position in Devon Energy Co. (NYSE:DVN) by 1.0% during the third quarter, HoldingsChannel.com reports. The fund owned 243,247 shares of the energy company’s stock after buying an additional 2,363 shares during the quarter. Asset Management One Co. Ltd.’s holdings in Devon Energy were worth $9,516,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Devon Energy by 3.5% in the first quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock valued at $3,836,615,000 after acquiring an additional 2,559,039 shares during the last quarter. Pacer Advisors Inc. increased its stake in Devon Energy by 16.8% in the second quarter. Pacer Advisors Inc. now owns 9,913,516 shares of the energy company’s stock valued at $469,901,000 after acquiring an additional 1,428,776 shares during the last quarter. Raymond James & Associates increased its stake in Devon Energy by 1.5% in the second quarter. Raymond James & Associates now owns 9,183,778 shares of the energy company’s stock valued at $435,311,000 after acquiring an additional 138,919 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Devon Energy by 16.7% during the second quarter. Dimensional Fund Advisors LP now owns 8,793,217 shares of the energy company’s stock worth $416,779,000 after buying an additional 1,255,543 shares during the last quarter. Finally, Thrivent Financial for Lutherans grew its stake in shares of Devon Energy by 15.9% during the second quarter. Thrivent Financial for Lutherans now owns 5,094,017 shares of the energy company’s stock worth $241,456,000 after buying an additional 699,743 shares during the last quarter. 69.72% of the stock is owned by institutional investors.

Devon Energy Price Performance

Shares of NYSE DVN opened at $38.89 on Friday. The firm’s 50-day moving average price is $40.60 and its 200-day moving average price is $44.99. Devon Energy Co. has a 1-year low of $37.76 and a 1-year high of $55.09. The firm has a market capitalization of $24.35 billion, a P/E ratio of 7.06, a P/E/G ratio of 1.20 and a beta of 2.03. The company has a current ratio of 1.11, a quick ratio of 1.03 and a debt-to-equity ratio of 0.45.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, topping the consensus estimate of $1.09 by $0.01. The company had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.72 billion. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The firm’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same period in the previous year, the firm posted $1.65 earnings per share. Equities research analysts anticipate that Devon Energy Co. will post 4.93 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.26%. The ex-dividend date of this dividend is Friday, December 13th. Devon Energy’s payout ratio is presently 15.97%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on DVN. Truist Financial cut shares of Devon Energy from a “buy” rating to a “hold” rating and decreased their target price for the stock from $49.00 to $43.00 in a research note on Thursday. Scotiabank decreased their target price on shares of Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating on the stock in a research note on Thursday, October 10th. Barclays cut their price target on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. Raymond James cut their price target on shares of Devon Energy from $58.00 to $51.00 in a report on Tuesday. Finally, Piper Sandler cut their price target on shares of Devon Energy from $57.00 to $56.00 and set an “overweight” rating on the stock in a report on Tuesday, October 15th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $51.80.

Devon Energy Company Profile

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.