Mitsubishi UFJ Trust & Banking Corp Purchases 272,638 Shares of Devon Energy Corporation $DVN

Mitsubishi UFJ Trust & Banking Corp grew its position in shares of Devon Energy Corporation (NYSE:DVN) by 55.5% in the second quarter, Holdings Channel reports. The firm owned 764,087 shares of the energy company’s stock after purchasing an additional 272,638 shares during the period. Mitsubishi UFJ Trust & Banking Corp’s holdings in Devon Energy were worth $31,572,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Pacer Advisors Inc. raised its position in shares of Devon Energy by 2,108.0% in the fourth quarter. Pacer Advisors Inc. now owns 6,386,921 shares of the energy company’s stock worth $233,953,000 after buying an additional 6,097,658 shares in the last quarter. Panagora Asset Management Inc. grew its position in Devon Energy by 42,376.5% during the fourth quarter. Panagora Asset Management Inc. now owns 3,609,228 shares of the energy company’s stock worth $132,206,000 after buying an additional 3,600,731 shares in the last quarter. Kimmeridge Energy Management Company LLC grew its position in Devon Energy by 56.5% during the fourth quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company’s stock worth $324,204,000 after buying an additional 3,195,862 shares in the last quarter. AQR Capital Management LLC increased its stake in Devon Energy by 78.7% in the 2nd quarter. AQR Capital Management LLC now owns 6,360,499 shares of the energy company’s stock worth $202,327,000 after acquiring an additional 2,802,137 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its stake in Devon Energy by 92.2% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 5,180,682 shares of the energy company’s stock worth $260,692,000 after acquiring an additional 2,485,603 shares during the last quarter. Institutional investors own 69.72% of the company’s stock.

Insider Buying and Selling at Devon Energy

In related news, SVP Andrea Alexander sold 18,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total value of $841,320.00. Following the completion of the sale, the senior vice president owned 138,529 shares in the company, valued at $6,474,845.46. The trade was a 11.50% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 4.58% of the company’s stock.

Devon Energy Stock Down 0.1%

DVN opened at $45.83 on Monday. The business’s fifty day simple moving average is $43.40 and its 200 day simple moving average is $45.18. Devon Energy Corporation has a 52 week low of $31.47 and a 52 week high of $52.71. The company has a quick ratio of 0.67, a current ratio of 0.72 and a debt-to-equity ratio of 0.24. The stock has a market cap of $50.41 billion, a PE ratio of 10.89 and a beta of 0.38.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.40 by $0.17. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The firm had revenue of $7.42 billion during the quarter, compared to analyst estimates of $6.01 billion. During the same quarter in the previous year, the company posted $0.84 earnings per share. The company’s revenue was up 73.1% compared to the same quarter last year. As a group, research analysts expect that Devon Energy Corporation will post 4.99 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Tuesday, September 15th. Devon Energy’s dividend payout ratio (DPR) is currently 30.40%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Citigroup raised their price target on Devon Energy from $60.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, May 20th. Morgan Stanley cut their price objective on Devon Energy from $66.00 to $63.00 and set an “overweight” rating for the company in a report on Friday, June 26th. Capital One Financial decreased their price objective on shares of Devon Energy from $63.00 to $61.00 and set an “overweight” rating on the stock in a research report on Tuesday, June 2nd. BMO Capital Markets reaffirmed an “outperform” rating on shares of Devon Energy in a research note on Wednesday, June 10th. Finally, Weiss Ratings raised shares of Devon Energy from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, August 11th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, Devon Energy has a consensus rating of “Moderate Buy” and a consensus price target of $59.60.

About Devon Energy

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.