Devon Energy Co. (NYSE:DVN) Shares Sold by Dai ichi Life Insurance Company Ltd

Dai ichi Life Insurance Company Ltd reduced its stake in Devon Energy Co. (NYSE:DVN) by 15.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,344 shares of the energy company’s stock after selling 1,000 shares during the quarter. Dai ichi Life Insurance Company Ltd’s holdings in Devon Energy were worth $253,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of DVN. Creekmur Asset Management LLC acquired a new stake in shares of Devon Energy during the fourth quarter worth $791,000. Wahed Invest LLC raised its position in shares of Devon Energy by 6.3% in the 4th quarter. Wahed Invest LLC now owns 10,944 shares of the energy company’s stock worth $496,000 after buying an additional 648 shares during the period. Tradewinds Capital Management LLC acquired a new position in Devon Energy in the first quarter valued at $30,000. MCF Advisors LLC grew its position in Devon Energy by 5.6% during the first quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock valued at $202,000 after acquiring an additional 215 shares during the period. Finally, GAMMA Investing LLC increased its stake in Devon Energy by 39.2% during the first quarter. GAMMA Investing LLC now owns 10,927 shares of the energy company’s stock worth $548,000 after acquiring an additional 3,079 shares during the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on DVN shares. JPMorgan Chase & Co. decreased their target price on Devon Energy from $64.00 to $51.00 and set an “overweight” rating for the company in a report on Thursday, September 12th. Bank of America reiterated a “buy” rating and set a $64.00 price objective on shares of Devon Energy in a research note on Friday, June 14th. BMO Capital Markets raised shares of Devon Energy to a “strong-buy” rating in a research note on Wednesday, July 3rd. Scotiabank decreased their price target on shares of Devon Energy from $67.00 to $60.00 and set a “sector outperform” rating for the company in a research report on Friday, July 12th. Finally, Susquehanna cut their price objective on Devon Energy from $65.00 to $63.00 and set a “positive” rating on the stock in a research report on Wednesday, September 4th. Six research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $57.63.

Devon Energy Stock Performance

Shares of DVN opened at $39.64 on Tuesday. The firm has a market cap of $25.05 billion, a price-to-earnings ratio of 7.56, a PEG ratio of 1.13 and a beta of 2.03. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.45. The business’s 50 day moving average is $44.50 and its two-hundred day moving average is $47.42. Devon Energy Co. has a 52-week low of $39.02 and a 52-week high of $55.09.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, beating analysts’ consensus estimates of $1.26 by $0.15. The firm had revenue of $3.92 billion for the quarter, compared to the consensus estimate of $3.90 billion. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The firm’s revenue was up 13.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.18 EPS. Analysts forecast that Devon Energy Co. will post 5.36 EPS for the current fiscal year.

Devon Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be paid a $0.22 dividend. The ex-dividend date is Friday, September 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.22%. Devon Energy’s dividend payout ratio (DPR) is 16.79%.

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.