Sumitomo Life Insurance Co. Cuts Position in Devon Energy Co. (NYSE:DVN)

Sumitomo Life Insurance Co. lowered its stake in shares of Devon Energy Co. (NYSE:DVN) by 5.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 16,551 shares of the energy company’s stock after selling 946 shares during the period. Sumitomo Life Insurance Co.’s holdings in Devon Energy were worth $542,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in DVN. Bridgewater Associates LP purchased a new stake in shares of Devon Energy during the 3rd quarter worth approximately $9,426,000. Legacy Investment Solutions LLC acquired a new stake in Devon Energy in the third quarter valued at $8,002,000. Petrus Trust Company LTA increased its position in shares of Devon Energy by 394.7% in the third quarter. Petrus Trust Company LTA now owns 21,827 shares of the energy company’s stock valued at $854,000 after buying an additional 17,415 shares in the last quarter. CIBC Asset Management Inc raised its stake in shares of Devon Energy by 6.3% during the 3rd quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company’s stock worth $4,193,000 after buying an additional 6,358 shares during the last quarter. Finally, Smead Capital Management Inc. boosted its position in shares of Devon Energy by 3.5% in the 3rd quarter. Smead Capital Management Inc. now owns 5,879,516 shares of the energy company’s stock worth $230,007,000 after buying an additional 198,193 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Citigroup cut their target price on shares of Devon Energy from $55.00 to $48.00 and set a “buy” rating for the company in a research report on Tuesday, November 26th. Truist Financial reduced their target price on Devon Energy from $43.00 to $42.00 and set a “hold” rating on the stock in a research note on Monday, January 13th. TD Cowen dropped their price target on Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a research report on Tuesday, November 5th. Royal Bank of Canada restated a “sector perform” rating and issued a $50.00 price objective on shares of Devon Energy in a research report on Friday, January 10th. Finally, BMO Capital Markets dropped their price objective on Devon Energy from $52.00 to $48.00 and set an “outperform” rating for the company in a research report on Friday, October 4th. Nine investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Devon Energy has a consensus rating of “Moderate Buy” and an average target price of $49.45.

Devon Energy Stock Performance

Devon Energy stock opened at $35.04 on Friday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. Devon Energy Co. has a 12 month low of $30.39 and a 12 month high of $55.09. The company has a market cap of $23.02 billion, a price-to-earnings ratio of 6.50, a price-to-earnings-growth ratio of 1.21 and a beta of 2.00. The stock’s 50-day moving average is $35.00 and its 200-day moving average is $39.64.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The firm had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same period in the previous year, the company posted $1.65 earnings per share. Devon Energy’s revenue was up 4.9% compared to the same quarter last year. Equities analysts anticipate that Devon Energy Co. will post 4.7 earnings per share for the current year.

Devon Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were given a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.51%. The ex-dividend date of this dividend was Friday, December 13th. Devon Energy’s dividend payout ratio (DPR) is 16.33%.

Devon Energy Company 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.