Nikko Asset Management Americas Inc. Purchases 1,626 Shares of Devon Energy Co. (NYSE:DVN)

Nikko Asset Management Americas Inc. boosted its position in Devon Energy Co. (NYSE:DVN) by 6.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 26,581 shares of the energy company’s stock after purchasing an additional 1,626 shares during the quarter. Nikko Asset Management Americas Inc.’s holdings in Devon Energy were worth $870,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Signaturefd LLC increased its holdings in shares of Devon Energy by 12.2% during the fourth quarter. Signaturefd LLC now owns 18,001 shares of the energy company’s stock valued at $589,000 after acquiring an additional 1,958 shares in the last quarter. Cibc World Markets Corp increased its holdings in shares of Devon Energy by 20.1% during the fourth quarter. Cibc World Markets Corp now owns 102,204 shares of the energy company’s stock valued at $3,345,000 after acquiring an additional 17,135 shares in the last quarter. Corient Private Wealth LLC increased its holdings in shares of Devon Energy by 1.4% during the fourth quarter. Corient Private Wealth LLC now owns 95,741 shares of the energy company’s stock valued at $3,134,000 after acquiring an additional 1,360 shares in the last quarter. Ninepoint Partners LP increased its holdings in shares of Devon Energy by 12.5% during the fourth quarter. Ninepoint Partners LP now owns 450,000 shares of the energy company’s stock valued at $14,728,000 after acquiring an additional 50,000 shares in the last quarter. Finally, Greatmark Investment Partners Inc. increased its holdings in shares of Devon Energy by 13.5% during the fourth quarter. Greatmark Investment Partners Inc. now owns 441,627 shares of the energy company’s stock valued at $14,454,000 after acquiring an additional 52,630 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Stock Up 1.7 %

NYSE DVN opened at $35.13 on Tuesday. The stock’s 50-day moving average price is $35.41 and its 200-day moving average price is $37.20. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. Devon Energy Co. has a 52 week low of $30.39 and a 52 week high of $55.09. The company has a market capitalization of $22.80 billion, a P/E ratio of 7.70, a price-to-earnings-growth ratio of 1.20 and a beta of 1.91.

Devon Energy (NYSE:DVN) last posted its quarterly 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 analysts’ expectations of $4.25 billion. On average, equities research analysts predict that Devon Energy Co. will post 4.85 earnings per share for the current year.

Devon Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be issued a $0.24 dividend. The ex-dividend date of this dividend is Friday, March 14th. This is a boost from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a yield of 2.73%. Devon Energy’s payout ratio is currently 21.05%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. JPMorgan Chase & Co. reduced their price target on Devon Energy from $48.00 to $42.00 and set a “neutral” rating for the company in a report on Thursday, March 13th. Raymond James dropped their price objective on Devon Energy from $54.00 to $46.00 and set an “outperform” rating on the stock in a research report on Monday, March 10th. Truist Financial increased their price objective on Devon Energy from $42.00 to $44.00 and gave the company a “hold” rating in a research report on Thursday, February 20th. Piper Sandler increased their price objective on Devon Energy from $54.00 to $55.00 and gave the company an “overweight” rating in a research report on Monday, February 24th. Finally, Barclays increased their price objective on Devon Energy from $43.00 to $44.00 and gave the company an “equal weight” rating in a research report on Thursday, February 20th. Ten equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $48.46.

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.