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

Mirae Asset Global Investments Co. Ltd. raised its position in shares of Devon Energy Co. (NYSE:DVN) by 19.6% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 61,970 shares of the energy company’s stock after buying an additional 10,141 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Devon Energy were worth $2,414,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of DVN. Triad Wealth Partners LLC bought a new position in shares of Devon Energy during the 2nd quarter worth approximately $27,000. 1620 Investment Advisors Inc. purchased a new position in Devon Energy in the second quarter worth $34,000. PSI Advisors LLC increased its position in shares of Devon Energy by 66.7% during the second quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock worth $36,000 after purchasing an additional 300 shares in the last quarter. LRI Investments LLC purchased a new stake in shares of Devon Energy during the 1st quarter valued at $39,000. Finally, Future Financial Wealth Managment LLC acquired a new stake in shares of Devon Energy in the 3rd quarter worth $39,000. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Stock Up 0.5 %

Shares of DVN opened at $38.34 on Thursday. The stock’s 50-day moving average price is $41.26 and its 200-day moving average price is $45.48. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.45. The company has a market capitalization of $24.01 billion, a price-to-earnings ratio of 6.96, a PEG ratio of 1.22 and a beta of 2.02. Devon Energy Co. has a 52 week low of $37.76 and a 52 week high of $55.09.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, topping analysts’ consensus estimates of $1.26 by $0.15. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The business had revenue of $3.92 billion for the quarter, compared to analysts’ expectations of $3.90 billion. During the same quarter last year, the company earned $1.18 EPS. The business’s revenue was up 13.4% on a year-over-year basis. On average, sell-side analysts predict that Devon Energy Co. will post 4.98 EPS for the current year.

Devon Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were given a $0.22 dividend. The ex-dividend date was Friday, September 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.30%. Devon Energy’s dividend payout ratio (DPR) is currently 15.97%.

Analyst Ratings Changes

DVN has been the topic of several recent analyst reports. Susquehanna reduced their target price on Devon Energy from $63.00 to $62.00 and set a “positive” rating on the stock in a research report on Friday, October 18th. Morgan Stanley cut their price objective on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a report on Monday, September 16th. Scotiabank lowered their target price on shares of Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. StockNews.com lowered shares of Devon Energy from a “buy” rating to a “hold” rating in a research note on Monday, September 2nd. Finally, Barclays lowered their price objective on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a research note on Thursday, October 3rd. Nine analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $52.53.

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.