Nippon Life Global Investors Americas Inc. Has $755,000 Stake in Devon Energy Co. (NYSE:DVN)

Nippon Life Global Investors Americas Inc. lowered its position in shares of Devon Energy Co. (NYSE:DVN) by 31.5% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 15,930 shares of the energy company’s stock after selling 7,330 shares during the period. Nippon Life Global Investors Americas Inc.’s holdings in Devon Energy were worth $755,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of DVN. Vanguard Group Inc. increased its stake in shares of Devon Energy by 3.5% in the first quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock valued at $3,836,615,000 after buying an additional 2,559,039 shares during the period. Pacer Advisors Inc. grew its holdings in Devon Energy by 16.8% during the 2nd quarter. Pacer Advisors Inc. now owns 9,913,516 shares of the energy company’s stock worth $469,901,000 after acquiring an additional 1,428,776 shares during the last quarter. Raymond James & Associates grew its holdings in Devon Energy by 1.5% during the 2nd quarter. Raymond James & Associates now owns 9,183,778 shares of the energy company’s stock worth $435,311,000 after acquiring an additional 138,919 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Devon Energy by 16.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 8,793,217 shares of the energy company’s stock valued at $416,779,000 after acquiring an additional 1,255,543 shares during the period. Finally, Thrivent Financial for Lutherans raised its stake in shares of Devon Energy by 15.9% during the second quarter. Thrivent Financial for Lutherans now owns 5,094,017 shares of the energy company’s stock valued at $241,456,000 after acquiring an additional 699,743 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on DVN. Royal Bank of Canada reissued a “sector perform” rating and issued a $57.00 price objective on shares of Devon Energy in a research note on Tuesday, September 3rd. Piper Sandler reduced their price target on Devon Energy from $65.00 to $57.00 and set an “overweight” rating on the stock in a research report on Thursday, August 15th. Wolfe Research began coverage on Devon Energy in a research report on Thursday, July 18th. They set a “peer perform” rating for the company. JPMorgan Chase & Co. reduced their target price on Devon Energy from $64.00 to $51.00 and set an “overweight” rating on the stock in a report on Thursday, September 12th. Finally, BMO Capital Markets upgraded shares of Devon Energy to a “strong-buy” rating in a report on Wednesday, July 3rd. Six research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $57.00.

Devon Energy Trading Down 0.4 %

Shares of Devon Energy stock opened at $40.79 on Monday. The stock has a market capitalization of $25.78 billion, a PE ratio of 7.78, a price-to-earnings-growth ratio of 1.13 and a beta of 2.03. Devon Energy Co. has a 52 week low of $39.02 and a 52 week high of $55.09. The stock has a 50 day moving average price of $44.06 and a two-hundred day moving average price of $47.30. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.03 and a current ratio of 1.11.

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

Devon Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be issued a $0.22 dividend. The ex-dividend date is Friday, September 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.16%. Devon Energy’s dividend payout ratio is presently 16.79%.

About Devon Energy

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.