Nissay Asset Management Corp Japan Raises Position in Devon Energy Corporation $DVN

Nissay Asset Management Corp Japan grew its stake in Devon Energy Corporation (NYSE:DVN) by 93.0% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 150,117 shares of the energy company’s stock after purchasing an additional 72,340 shares during the period. Nissay Asset Management Corp Japan’s holdings in Devon Energy were worth $6,203,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of DVN. BlackRock Inc. lifted its position in Devon Energy by 57.6% in the second quarter. BlackRock Inc. now owns 95,378,854 shares of the energy company’s stock worth $3,941,054,000 after buying an additional 34,871,366 shares during the last quarter. Wellington Management Group LLP increased its position in Devon Energy by 418.3% during the second quarter. Wellington Management Group LLP now owns 51,522,376 shares of the energy company’s stock valued at $2,128,905,000 after acquiring an additional 41,581,435 shares during the last quarter. State Street Corp increased its position in Devon Energy by 0.6% during the fourth quarter. State Street Corp now owns 35,542,293 shares of the energy company’s stock valued at $1,301,914,000 after acquiring an additional 212,074 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Devon Energy by 1.0% in the fourth quarter. Geode Capital Management LLC now owns 19,177,835 shares of the energy company’s stock valued at $700,238,000 after acquiring an additional 186,743 shares during the period. Finally, Victory Capital Management Inc. lifted its holdings in shares of Devon Energy by 17.5% in the 4th quarter. Victory Capital Management Inc. now owns 13,916,979 shares of the energy company’s stock worth $509,779,000 after acquiring an additional 2,071,021 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Insider Activity at Devon Energy

In other news, SVP Andrea Alexander sold 18,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total transaction of $841,320.00. Following the transaction, the senior vice president directly owned 138,529 shares of the company’s stock, valued at approximately $6,474,845.46. This trade represents a 11.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 4.58% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on DVN. The Goldman Sachs Group dropped their price target on shares of Devon Energy from $54.00 to $53.00 and set a “buy” rating for the company in a research note on Tuesday, June 30th. Citigroup increased their price objective on shares of Devon Energy from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, May 20th. Mizuho boosted their target price on Devon Energy from $62.00 to $68.00 and gave the company an “outperform” rating in a research report on Wednesday, May 27th. UBS Group cut their target price on Devon Energy from $58.00 to $54.00 and set a “buy” rating on the stock in a research note on Wednesday, July 15th. Finally, Barclays reduced their price target on Devon Energy from $62.00 to $58.00 and set an “overweight” rating on the stock in a report on Monday, August 17th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $59.15.

Devon Energy Trading Up 0.1%

NYSE DVN opened at $47.42 on Monday. The company’s 50-day moving average price is $44.19 and its 200-day moving average price is $45.64. The company has a current ratio of 0.72, a quick ratio of 0.67 and a debt-to-equity ratio of 0.24. The stock has a market cap of $52.16 billion, a PE ratio of 11.26, a PEG ratio of 1.30 and a beta of 0.38. Devon Energy Corporation has a 12 month low of $31.47 and a 12 month high of $52.71.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, topping the consensus estimate of $1.40 by $0.17. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The company had revenue of $7.42 billion for the quarter, compared to the consensus estimate of $6.01 billion. During the same quarter last year, the firm posted $0.84 EPS. The firm’s revenue was up 73.1% compared to the same quarter last year. Equities research analysts forecast that Devon Energy Corporation will post 5.2 earnings per share for the current year.

Devon Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be paid a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date is Tuesday, September 15th. Devon Energy’s dividend payout ratio is currently 30.40%.

Devon Energy Company Profile

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.