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

Dai ichi Life Insurance Company Ltd lessened its holdings in Devon Energy Co. (NYSE:DVN) by 15.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm 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 institutional investors have also recently added to or reduced their stakes in the business. Panagora Asset Management Inc. grew its position in shares of Devon Energy by 151.3% during the 4th quarter. Panagora Asset Management Inc. now owns 65,522 shares of the energy company’s stock valued at $2,968,000 after buying an additional 39,449 shares during the last quarter. Brown Advisory Inc. boosted its stake in Devon Energy by 43.0% in the fourth quarter. Brown Advisory Inc. now owns 11,889 shares of the energy company’s stock valued at $539,000 after acquiring an additional 3,573 shares during the period. TrinityPoint Wealth LLC bought a new position in shares of Devon Energy during the fourth quarter valued at approximately $2,068,000. Hillsdale Investment Management Inc. acquired a new stake in shares of Devon Energy during the 4th quarter worth approximately $442,000. Finally, Gladstone Institutional Advisory LLC lifted its holdings in shares of Devon Energy by 21.2% in the 4th quarter. Gladstone Institutional Advisory LLC now owns 8,833 shares of the energy company’s stock worth $400,000 after purchasing an additional 1,545 shares during the last quarter. Institutional investors own 69.72% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently commented on DVN shares. StockNews.com downgraded Devon Energy from a “buy” rating to a “hold” rating in a research note on Monday, September 2nd. Morgan Stanley lowered their price target on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a research report on Monday. Wolfe Research initiated coverage on shares of Devon Energy in a research report on Thursday, July 18th. They issued a “peer perform” rating on the stock. Susquehanna decreased their target price on shares of Devon Energy from $65.00 to $63.00 and set a “positive” rating for the company in a research report on Wednesday, September 4th. Finally, Piper Sandler cut their price target on Devon Energy from $65.00 to $57.00 and set an “overweight” rating on the stock in a report on Thursday, August 15th. Six analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $57.63.

Devon Energy Stock Up 0.5 %

Shares of DVN stock opened at $39.64 on Tuesday. Devon Energy Co. has a 1 year low of $39.02 and a 1 year high of $55.09. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.03 and a current ratio of 1.11. The business’s fifty day moving average is $44.50 and its 200-day moving average is $47.42. The stock has a market cap of $25.05 billion, a PE ratio of 7.56, a price-to-earnings-growth ratio of 1.13 and a beta of 2.03.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.26 by $0.15. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The firm had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.90 billion. During the same period in the previous year, the company earned $1.18 earnings per share. Devon Energy’s revenue was up 13.4% compared to the same quarter last year. Equities analysts expect 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 of this dividend is Friday, September 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.22%. Devon Energy’s payout ratio is currently 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.