Nissay Asset Management Corp Japan Increases Stake in Devon Energy Corporation $DVN

Nissay Asset Management Corp Japan lifted its position in Devon Energy Corporation (NYSE:DVN) by 93.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 150,117 shares of the energy company’s stock after acquiring an additional 72,340 shares during the quarter. Nissay Asset Management Corp Japan’s holdings in Devon Energy were worth $6,203,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in DVN. Woodline Partners LP grew its holdings in Devon Energy by 98.8% during the 1st quarter. Woodline Partners LP now owns 115,780 shares of the energy company’s stock worth $4,330,000 after acquiring an additional 57,555 shares in the last quarter. Sivia Capital Partners LLC bought a new stake in shares of Devon Energy in the 2nd quarter valued at about $403,000. Jump Financial LLC raised its holdings in shares of Devon Energy by 58.8% in the 2nd quarter. Jump Financial LLC now owns 28,251 shares of the energy company’s stock valued at $899,000 after purchasing an additional 10,464 shares in the last quarter. Daiwa Securities Group Inc. lifted its position in shares of Devon Energy by 17.8% in the 2nd quarter. Daiwa Securities Group Inc. now owns 148,882 shares of the energy company’s stock worth $4,736,000 after purchasing an additional 22,482 shares during the period. Finally, NewEdge Advisors LLC lifted its position in shares of Devon Energy by 6.0% in the 2nd quarter. NewEdge Advisors LLC now owns 144,174 shares of the energy company’s stock worth $4,586,000 after purchasing an additional 8,127 shares during the period. 69.72% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, SVP Andrea Alexander sold 18,000 shares of the company’s stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total transaction of $841,320.00. Following the transaction, the senior vice president directly owned 138,529 shares of the company’s stock, valued at approximately $6,474,845.46. This represents a 11.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 4.58% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on DVN shares. Mizuho lifted their price objective on shares of Devon Energy from $62.00 to $68.00 and gave the company an “outperform” rating in a report on Wednesday, May 27th. Capital One Financial lowered their target price on Devon Energy from $63.00 to $61.00 and set an “overweight” rating for the company in a report on Tuesday, June 2nd. Barclays lowered their target price on Devon Energy from $62.00 to $58.00 and set an “overweight” rating for the company in a report on Monday, August 17th. Wall Street Zen upgraded Devon Energy from a “hold” rating to a “buy” rating in a report on Saturday, August 15th. Finally, Weiss Ratings downgraded Devon Energy from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, August 25th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, Devon Energy has an average rating of “Moderate Buy” and a consensus price target of $59.15.

Devon Energy Stock Up 0.1%

Shares of Devon Energy stock opened at $47.42 on Monday. The firm’s 50 day moving average price is $44.19 and its 200-day moving average price is $45.64. The company has a quick ratio of 0.67, a current ratio of 0.72 and a debt-to-equity ratio of 0.24. Devon Energy Corporation has a 52-week low of $31.47 and a 52-week high of $52.71. The company has a market cap of $52.16 billion, a P/E ratio of 11.26, a PEG ratio of 1.30 and a beta of 0.38.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, topping the consensus estimate of $1.40 by $0.17. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. 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 business posted $0.84 EPS. Devon Energy’s revenue was up 73.1% on a year-over-year basis. On average, sell-side analysts predict that Devon Energy Corporation will post 5.2 EPS for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be given a dividend of $0.32 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.7%. Devon Energy’s dividend payout ratio is presently 30.40%.

Devon Energy 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.