Sumitomo Mitsui DS Asset Management Company Ltd Has $3.61 Million Holdings in Devon Energy Co. (NYSE:DVN)

Sumitomo Mitsui DS Asset Management Company Ltd trimmed its stake in Devon Energy Co. (NYSE:DVN) by 19.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 79,707 shares of the energy company’s stock after selling 18,769 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Devon Energy were worth $3,611,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Annis Gardner Whiting Capital Advisors LLC acquired a new position in shares of Devon Energy in the third quarter worth approximately $27,000. Sound Income Strategies LLC lifted its position in shares of Devon Energy by 60.7% in the 4th quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock worth $31,000 after purchasing an additional 255 shares during the period. Rise Advisors LLC boosted its stake in shares of Devon Energy by 1,365.3% in the 4th quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock valued at $33,000 after purchasing an additional 669 shares during the last quarter. PFS Partners LLC acquired a new stake in shares of Devon Energy during the fourth quarter worth $36,000. Finally, Naples Money Management LLC acquired a new stake in shares of Devon Energy during the fourth quarter worth $40,000. 69.72% of the stock is owned by institutional investors.

Devon Energy Stock Up 0.6 %

Devon Energy stock opened at $52.13 on Tuesday. The company has a current ratio of 1.07, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46. Devon Energy Co. has a 1-year low of $40.47 and a 1-year high of $55.09. The firm has a market capitalization of $33.10 billion, a price-to-earnings ratio of 8.94 and a beta of 2.19. The firm’s fifty day moving average price is $48.09 and its two-hundred day moving average price is $45.98.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, February 27th. The energy company reported $1.41 EPS for the quarter, topping analysts’ consensus estimates of $1.39 by $0.02. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The firm had revenue of $4.15 billion during the quarter, compared to analyst estimates of $3.88 billion. During the same period in the previous year, the company posted $1.66 EPS. The company’s revenue for the quarter was down 3.6% on a year-over-year basis. On average, equities research analysts predict that Devon Energy Co. will post 5.14 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were given a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 3.38%. The ex-dividend date of this dividend was Thursday, March 14th. Devon Energy’s payout ratio is currently 15.09%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on DVN. Scotiabank upped their price target on shares of Devon Energy from $53.00 to $67.00 and gave the company a “sector outperform” rating in a research report on Thursday, April 11th. Truist Financial upped their target price on Devon Energy from $66.00 to $69.00 and gave the company a “buy” rating in a research report on Monday. Barclays started coverage on Devon Energy in a research note on Wednesday, April 10th. They set an “equal weight” rating and a $59.00 target price for the company. JPMorgan Chase & Co. boosted their price target on Devon Energy from $57.00 to $62.00 and gave the company an “overweight” rating in a research note on Monday, April 8th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $55.00 price target on shares of Devon Energy in a report on Thursday, March 7th. Five research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $58.28.

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.