Devon Energy Co. (NYSE:DVN) Shares Purchased by Mitsubishi UFJ Trust & Banking Corp

Mitsubishi UFJ Trust & Banking Corp grew its stake in shares of Devon Energy Co. (NYSE:DVN) by 7.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 758,054 shares of the energy company’s stock after acquiring an additional 54,349 shares during the period. Mitsubishi UFJ Trust & Banking Corp owned about 0.12% of Devon Energy worth $24,811,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of DVN. Cromwell Holdings LLC increased its holdings in Devon Energy by 98.0% in the fourth quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock valued at $40,000 after buying an additional 598 shares during the last quarter. Sierra Ocean LLC acquired a new position in shares of Devon Energy in the 4th quarter worth approximately $43,000. True Wealth Design LLC increased its holdings in shares of Devon Energy by 3,889.3% in the 3rd quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock valued at $44,000 after acquiring an additional 1,089 shares during the last quarter. Endeavor Private Wealth Inc. acquired a new stake in shares of Devon Energy during the 4th quarter valued at approximately $52,000. Finally, Thompson Investment Management Inc. lifted its stake in Devon Energy by 60.0% during the fourth quarter. Thompson Investment Management Inc. now owns 1,600 shares of the energy company’s stock worth $52,000 after purchasing an additional 600 shares during the last quarter. Institutional investors own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on DVN. Wells Fargo & Company lowered their target price on shares of Devon Energy from $49.00 to $43.00 and set an “overweight” rating for the company in a research note on Tuesday, December 17th. Truist Financial raised their target price on shares of Devon Energy from $42.00 to $44.00 and gave the stock a “hold” rating in a report on Thursday, February 20th. Benchmark restated a “buy” rating and issued a $44.00 target price on shares of Devon Energy in a research note on Thursday, February 20th. Piper Sandler raised their price target on Devon Energy from $54.00 to $55.00 and gave the stock an “overweight” rating in a report on Monday, February 24th. Finally, Raymond James reduced their price objective on Devon Energy from $54.00 to $46.00 and set an “outperform” rating for the company in a research report on Monday, March 10th. Ten research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Devon Energy has an average rating of “Moderate Buy” and an average target price of $48.29.

Devon Energy Stock Down 1.4 %

DVN opened at $36.95 on Friday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04. The company has a market capitalization of $23.98 billion, a PE ratio of 8.10, a P/E/G ratio of 1.20 and a beta of 1.91. The stock’s fifty day moving average is $35.41 and its 200-day moving average is $36.92. Devon Energy Co. has a one year low of $30.39 and a one year high of $55.09.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, February 18th. The energy company reported $1.16 EPS for the quarter, topping the consensus estimate of $1.00 by $0.16. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. The firm had revenue of $4.40 billion for the quarter, compared to analysts’ expectations of $4.25 billion. On average, equities analysts predict that Devon Energy Co. will post 4.85 EPS for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.60%. This is a boost from Devon Energy’s previous quarterly dividend of $0.22. The ex-dividend date is Friday, March 14th. Devon Energy’s dividend payout ratio (DPR) is presently 21.05%.

About Devon Energy

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.