Resona Asset Management Co. Ltd. Purchases 11,602 Shares of Devon Energy Corporation $DVN

Resona Asset Management Co. Ltd. raised its position in shares of Devon Energy Corporation (NYSE:DVN) by 6.0% during the second quarter, HoldingsChannel reports. The firm owned 203,589 shares of the energy company’s stock after purchasing an additional 11,602 shares during the period. Resona Asset Management Co. Ltd.’s holdings in Devon Energy were worth $6,490,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Ameriprise Financial Inc. raised its holdings in shares of Devon Energy by 81.1% during the 1st quarter. Ameriprise Financial Inc. now owns 5,029,987 shares of the energy company’s stock valued at $188,131,000 after buying an additional 2,252,918 shares in the last quarter. Vanguard Group Inc. boosted its stake in Devon Energy by 2.6% in the first quarter. Vanguard Group Inc. now owns 82,780,738 shares of the energy company’s stock worth $3,096,000,000 after buying an additional 2,098,568 shares in the last quarter. Nuveen LLC bought a new position in Devon Energy during the first quarter valued at approximately $69,975,000. AQR Capital Management LLC raised its stake in shares of Devon Energy by 100.0% during the first quarter. AQR Capital Management LLC now owns 3,558,362 shares of the energy company’s stock worth $132,051,000 after acquiring an additional 1,779,382 shares in the last quarter. Finally, Encompass Capital Advisors LLC purchased a new position in shares of Devon Energy during the first quarter worth approximately $63,561,000. Institutional investors own 69.72% of the company’s stock.

Devon Energy Trading Up 3.9%

DVN opened at $33.68 on Monday. Devon Energy Corporation has a one year low of $25.89 and a one year high of $39.74. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.22 and a quick ratio of 1.13. The business has a 50 day simple moving average of $33.97 and a two-hundred day simple moving average of $33.27. The firm has a market capitalization of $21.38 billion, a price-to-earnings ratio of 7.55, a PEG ratio of 2.49 and a beta of 1.01.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Wednesday, November 5th. The energy company reported $1.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.11. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.The firm had revenue of $0.00 million for the quarter, compared to analyst estimates of $4.10 billion. During the same period last year, the company earned $1.10 EPS. Analysts predict that Devon Energy Corporation will post 4.85 EPS for the current year.

Devon Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 30th. Shareholders of record on Monday, December 15th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend is Monday, December 15th. Devon Energy’s payout ratio is presently 22.59%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on DVN shares. Barclays cut their price objective on shares of Devon Energy from $42.00 to $40.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 7th. The Goldman Sachs Group lowered their price target on shares of Devon Energy from $41.00 to $40.00 and set a “buy” rating for the company in a research note on Wednesday, October 15th. Morgan Stanley reduced their price objective on Devon Energy from $49.00 to $47.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 14th. Mizuho decreased their price objective on Devon Energy from $43.00 to $40.00 and set an “outperform” rating on the stock in a report on Monday, September 15th. Finally, Wells Fargo & Company dropped their target price on Devon Energy from $43.00 to $37.00 and set an “overweight” rating for the company in a report on Friday, October 17th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat, Devon Energy presently has an average rating of “Moderate Buy” and an average target price of $43.04.

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.