183,558 Shares in Devon Energy Co. (NYSE:DVN) Acquired by Resona Asset Management Co. Ltd.

Resona Asset Management Co. Ltd. acquired a new stake in shares of Devon Energy Co. (NYSE:DVN) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 183,558 shares of the energy company’s stock, valued at approximately $5,967,000.

Several other hedge funds have also added to or reduced their stakes in DVN. Cromwell Holdings LLC lifted its stake in Devon Energy by 98.0% during the 4th quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock valued at $40,000 after acquiring an additional 598 shares during the period. Sierra Ocean LLC purchased a new position in shares of Devon Energy during the fourth quarter valued at approximately $43,000. Endeavor Private Wealth Inc. purchased a new stake in Devon Energy in the fourth quarter worth approximately $52,000. Thompson Investment Management Inc. grew its position in Devon Energy by 60.0% in the 4th 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 period. Finally, Asset Planning Inc purchased a new stake in Devon Energy during the 4th quarter valued at $54,000. 69.72% of the stock is owned by institutional investors.

Devon Energy Stock Down 6.3 %

DVN opened at $26.81 on Wednesday. Devon Energy Co. has a 52 week low of $26.41 and a 52 week high of $55.09. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. The firm has a 50-day simple moving average of $34.76 and a two-hundred day simple moving average of $36.42. The company has a market capitalization of $17.40 billion, a PE ratio of 5.88, a price-to-earnings-growth ratio of 1.20 and a beta of 1.50.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, February 18th. The energy company reported $1.16 EPS for the quarter, beating 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 during the quarter, compared to analyst estimates of $4.25 billion. 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 declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 3.58%. The ex-dividend date was Friday, March 14th. This is a boost from Devon Energy’s previous quarterly dividend of $0.22. Devon Energy’s payout ratio is currently 21.05%.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on DVN. 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. UBS Group lowered their price objective on shares of Devon Energy from $41.00 to $35.00 and set a “neutral” rating on the stock in a research note on Monday. Cowen downgraded shares of Devon Energy to a “hold” rating and dropped their price objective for the stock from $46.00 to $45.00 in a report on Tuesday, February 18th. Piper Sandler upped their target price on shares of Devon Energy from $54.00 to $55.00 and gave the company an “overweight” rating in a report on Monday, February 24th. Finally, StockNews.com upgraded shares of Devon Energy from a “sell” rating to a “hold” rating in a research note on Friday, January 3rd. Ten investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $47.67.

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.