Mizuho Securities USA LLC Raises Holdings in Devon Energy Co. (NYSE:DVN)

Mizuho Securities USA LLC raised its holdings in Devon Energy Co. (NYSE:DVN) by 53.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 62,259 shares of the energy company’s stock after acquiring an additional 21,653 shares during the period. Mizuho Securities USA LLC’s holdings in Devon Energy were worth $2,038,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in DVN. Geode Capital Management LLC increased its position in Devon Energy by 1.3% during the third quarter. Geode Capital Management LLC now owns 15,892,970 shares of the energy company’s stock worth $619,747,000 after purchasing an additional 206,884 shares during the last quarter. EnCap Energy Capital Fund XI L.P. purchased a new stake in Devon Energy during the third quarter worth about $461,857,000. EnCap Partners GP LLC purchased a new stake in Devon Energy during the 3rd quarter worth approximately $408,653,000. Victory Capital Management Inc. increased its position in shares of Devon Energy by 2.3% during the fourth quarter. Victory Capital Management Inc. now owns 10,203,812 shares of the energy company’s stock worth $333,971,000 after acquiring an additional 232,469 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Devon Energy by 1.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 6,793,610 shares of the energy company’s stock valued at $265,766,000 after purchasing an additional 70,848 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Citigroup reduced their price objective on shares of Devon Energy from $48.00 to $46.00 and set a “buy” rating on the stock in a report on Monday, March 17th. Piper Sandler boosted their price objective on Devon Energy from $54.00 to $55.00 and gave the company an “overweight” rating in a research note on Monday, February 24th. Wells Fargo & Company reduced their target price on shares of Devon Energy from $49.00 to $43.00 and set an “overweight” rating for the company in a report on Tuesday, December 17th. JPMorgan Chase & Co. lowered their price target on Devon Energy from $48.00 to $42.00 and set a “neutral” rating on the stock in a report on Thursday, March 13th. Finally, Susquehanna upped their price objective on Devon Energy from $50.00 to $52.00 and gave the company a “positive” rating in a research note on Thursday, February 20th. Ten analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, Devon Energy currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.46.

Devon Energy Price Performance

Shares of NYSE:DVN opened at $36.97 on Tuesday. The firm has a market capitalization of $24.00 billion, a price-to-earnings ratio of 8.11, a price-to-earnings-growth ratio of 1.20 and a beta of 1.91. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01. The business’s 50 day simple moving average is $35.46 and its 200-day simple moving average is $36.95. Devon Energy Co. has a 12 month low of $30.39 and a 12 month high of $55.09.

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

Devon Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be paid a $0.24 dividend. 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 of this dividend is Friday, March 14th. Devon Energy’s dividend payout ratio 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.