Devon Energy Corporation $DVN Shares Acquired by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of Devon Energy Corporation (NYSE:DVN) by 26.8% in the second quarter, according to its most recent filing with the SEC. The firm owned 1,868,972 shares of the energy company’s stock after acquiring an additional 395,208 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.29% of Devon Energy worth $59,452,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Opal Wealth Advisors LLC acquired a new position in Devon Energy during the 2nd quarter worth $25,000. Financial Gravity Asset Management Inc. acquired a new position in Devon Energy during the 1st quarter worth $26,000. Banque Cantonale Vaudoise acquired a new position in Devon Energy during the 1st quarter worth $26,000. Trust Co. of Vermont boosted its position in Devon Energy by 241.3% during the 2nd quarter. Trust Co. of Vermont now owns 942 shares of the energy company’s stock worth $30,000 after acquiring an additional 666 shares during the period. Finally, FNY Investment Advisers LLC acquired a new position in Devon Energy during the 2nd quarter worth $34,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Trading Down 1.4%

NYSE:DVN opened at $32.97 on Monday. The company has a quick ratio of 1.13, a current ratio of 1.22 and a debt-to-equity ratio of 0.55. Devon Energy Corporation has a 1-year low of $25.89 and a 1-year high of $40.54. The firm has a market capitalization of $20.93 billion, a price-to-earnings ratio of 7.39, a price-to-earnings-growth ratio of 2.55 and a beta of 1.03. The stock has a fifty day simple moving average of $34.43 and a 200 day simple moving average of $33.04.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, August 5th. The energy company reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.83 by $0.01. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.The firm had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.01 billion. During the same period last year, the company posted $1.41 EPS. The business’s quarterly revenue was up 9.4% compared to the same quarter last year. Sell-side analysts forecast that Devon Energy Corporation will post 4.85 earnings per share for the current year.

Devon Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th were paid a dividend of $0.24 per share. The ex-dividend date of this dividend was Monday, September 15th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.9%. Devon Energy’s dividend payout ratio (DPR) is 21.52%.

Analysts Set New Price Targets

A number of research analysts have issued reports on DVN shares. JPMorgan Chase & Co. boosted their price target on Devon Energy from $40.00 to $42.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 8th. Scotiabank reaffirmed an “outperform” rating on shares of Devon Energy in a research note on Thursday, October 9th. Royal Bank Of Canada set a $42.00 target price on Devon Energy and gave the company a “sector perform” rating in a research note on Friday, October 10th. Tudor, Pickering, Holt & Co. raised their target price on Devon Energy from $42.00 to $44.00 in a research note on Thursday, July 3rd. Finally, Morgan Stanley decreased their target price on Devon Energy from $49.00 to $47.00 and set an “overweight” rating for the company in a research note on Tuesday, October 14th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and eleven have given a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $43.14.

Insider Buying and Selling at Devon Energy

In other news, Director Kelt Kindick sold 7,685 shares of the firm’s stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $33.46, for a total transaction of $257,140.10. Following the completion of the sale, the director directly owned 31,801 shares of the company’s stock, valued at $1,064,061.46. This trade represents a 19.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.73% of the stock is owned by company insiders.

Devon Energy Profile

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.