Sumitomo Mitsui Trust Holdings Inc. Trims Stock Holdings in Devon Energy Co. (NYSE:DVN)

Sumitomo Mitsui Trust Holdings Inc. lessened its stake in shares of Devon Energy Co. (NYSE:DVN) by 6.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,703,466 shares of the energy company’s stock after selling 121,898 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned 0.27% of Devon Energy worth $85,480,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the stock. Morgan Stanley increased its holdings in Devon Energy by 23.6% in the 3rd quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock valued at $555,567,000 after purchasing an additional 2,220,194 shares during the last quarter. Victory Capital Management Inc. grew its stake in shares of Devon Energy by 0.8% in the fourth quarter. Victory Capital Management Inc. now owns 8,539,335 shares of the energy company’s stock valued at $386,832,000 after buying an additional 68,339 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Devon Energy by 26.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company’s stock valued at $320,609,000 after buying an additional 1,488,374 shares during the period. Pacer Advisors Inc. lifted its stake in Devon Energy by 1,279.7% during the 4th quarter. Pacer Advisors Inc. now owns 6,145,605 shares of the energy company’s stock worth $278,396,000 after acquiring an additional 5,700,167 shares in the last quarter. Finally, Smead Capital Management Inc. boosted its holdings in Devon Energy by 16.7% during the 4th quarter. Smead Capital Management Inc. now owns 3,811,292 shares of the energy company’s stock valued at $172,652,000 after acquiring an additional 546,433 shares during the period. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Devon Energy

In other Devon Energy news, EVP Tana K. Cashion sold 20,000 shares of the stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total value of $1,020,800.00. Following the completion of the transaction, the executive vice president now owns 104,182 shares in the company, valued at $5,317,449.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.73% of the company’s stock.

Devon Energy Stock Up 0.7 %

DVN opened at $48.11 on Friday. Devon Energy Co. has a 52 week low of $40.47 and a 52 week high of $55.09. The business has a 50 day moving average price of $48.38 and a two-hundred day moving average price of $46.99. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 0.46. The company has a market cap of $30.41 billion, a PE ratio of 9.18, a P/E/G ratio of 1.26 and a beta of 2.07.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 EPS for the quarter, topping the consensus estimate of $1.10 by $0.06. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The business had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.64 billion. During the same quarter in the prior year, the business earned $1.46 earnings per share. The company’s quarterly revenue was down 5.9% compared to the same quarter last year. As a group, research analysts anticipate that Devon Energy Co. will post 5.25 EPS for the current year.

Devon Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were issued a $0.22 dividend. The ex-dividend date was Friday, June 14th. This represents a $0.88 annualized dividend and a dividend yield of 1.83%. Devon Energy’s dividend payout ratio is currently 16.79%.

Wall Street Analysts Forecast Growth

DVN has been the topic of a number of recent research reports. Wells Fargo & Company upgraded shares of Devon Energy from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $46.00 to $59.00 in a research note on Monday, April 1st. Mizuho raised their price target on shares of Devon Energy from $57.00 to $61.00 and gave the company a “buy” rating in a research report on Monday, May 13th. Bank of America restated a “buy” rating and issued a $64.00 price target on shares of Devon Energy in a research note on Friday, June 14th. Stifel Nicolaus increased their price objective on Devon Energy from $65.00 to $66.00 and gave the company a “buy” rating in a research note on Tuesday, April 23rd. Finally, Morgan Stanley boosted their target price on Devon Energy from $49.00 to $50.00 and gave the stock an “overweight” rating in a research note on Monday, April 15th. Five investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $59.24.

Devon Energy 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.