Nippon Life Global Investors Americas Inc. Purchases Shares of 28,203 Devon Energy Corporation $DVN

Nippon Life Global Investors Americas Inc. purchased a new stake in shares of Devon Energy Corporation (NYSE:DVN) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 28,203 shares of the energy company’s stock, valued at approximately $1,165,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new position in Devon Energy during the fourth quarter valued at about $25,000. JFS Wealth Advisors LLC grew its holdings in Devon Energy by 56.6% during the second quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company’s stock worth $28,000 after acquiring an additional 245 shares during the period. MV Capital Management Inc. bought a new stake in Devon Energy in the fourth quarter worth about $29,000. KERR FINANCIAL PLANNING Corp bought a new stake in Devon Energy in the second quarter worth about $29,000. Finally, Garton & Associates Financial Advisors LLC acquired a new stake in Devon Energy in the 4th quarter valued at about $29,000. Institutional investors own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

DVN has been the subject of several research reports. Argus raised their price objective on shares of Devon Energy from $51.00 to $53.00 and gave the company a “buy” rating in a research report on Wednesday, June 10th. Morgan Stanley dropped their target price on shares of Devon Energy from $66.00 to $63.00 and set an “overweight” rating on the stock in a report on Friday, June 26th. 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. Mizuho raised their target price on shares of Devon Energy from $62.00 to $68.00 and gave the stock an “outperform” rating in a report on Wednesday, May 27th. Finally, Barclays lifted their price target on shares of Devon Energy from $54.00 to $62.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 26th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $59.60.

Devon Energy Trading Down 0.1%

Shares of DVN opened at $45.83 on Monday. The business’s 50-day moving average price is $43.40 and its 200 day moving average price is $45.18. The company has a current ratio of 0.72, a quick ratio of 0.67 and a debt-to-equity ratio of 0.24. The stock has a market capitalization of $50.41 billion, a P/E ratio of 10.89 and a beta of 0.38. Devon Energy Corporation has a 1-year low of $31.47 and a 1-year high of $52.71.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, topping the consensus estimate of $1.40 by $0.17. The company had revenue of $7.42 billion during the quarter, compared to analysts’ expectations of $6.01 billion. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The business’s revenue for the quarter was up 73.1% on a year-over-year basis. During the same period last year, the company posted $0.84 earnings per share. Analysts expect that Devon Energy Corporation will post 4.99 earnings per share for the current year.

Devon Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 2.8%. The ex-dividend date is Tuesday, September 15th. Devon Energy’s payout ratio is presently 30.40%.

Insider Transactions at Devon Energy

In other news, SVP Andrea Alexander sold 18,000 shares of the stock in a transaction 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. This represents a 11.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 4.58% of the stock is currently owned by company insiders.

Devon Energy Company Profile

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.