Meiji Yasuda Asset Management Co Ltd. Acquires 1,172 Shares of Devon Energy Co. (NYSE:DVN)

Meiji Yasuda Asset Management Co Ltd. boosted its holdings in shares of Devon Energy Co. (NYSE:DVN) by 12.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 10,567 shares of the energy company’s stock after purchasing an additional 1,172 shares during the quarter. Meiji Yasuda Asset Management Co Ltd.’s holdings in Devon Energy were worth $501,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Mercer Global Advisors Inc. ADV boosted its position in shares of Devon Energy by 2.3% in the second quarter. Mercer Global Advisors Inc. ADV now owns 104,754 shares of the energy company’s stock valued at $4,958,000 after acquiring an additional 2,384 shares during the period. Argent Trust Co boosted its holdings in Devon Energy by 0.8% in the 2nd quarter. Argent Trust Co now owns 47,159 shares of the energy company’s stock valued at $2,235,000 after purchasing an additional 361 shares during the period. Mutual of America Capital Management LLC grew its position in Devon Energy by 16.8% in the 2nd quarter. Mutual of America Capital Management LLC now owns 188,527 shares of the energy company’s stock worth $8,936,000 after purchasing an additional 27,056 shares during the last quarter. Axxcess Wealth Management LLC increased its holdings in shares of Devon Energy by 116.7% during the 2nd quarter. Axxcess Wealth Management LLC now owns 14,737 shares of the energy company’s stock worth $699,000 after purchasing an additional 7,937 shares during the period. Finally, Edgestream Partners L.P. acquired a new position in shares of Devon Energy during the second quarter valued at about $342,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Truist Financial decreased their target price on Devon Energy from $67.00 to $64.00 and set a “buy” rating on the stock in a research report on Tuesday, July 9th. Wells Fargo & Company lowered their price objective on Devon Energy from $57.00 to $55.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 14th. UBS Group reduced their target price on Devon Energy from $53.00 to $47.00 and set a “neutral” rating for the company in a research report on Wednesday. Susquehanna lowered their price target on shares of Devon Energy from $65.00 to $63.00 and set a “positive” rating on the stock in a report on Wednesday, September 4th. Finally, StockNews.com cut shares of Devon Energy from a “buy” rating to a “hold” rating in a research note on Monday, September 2nd. Six equities 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. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $57.00.

Devon Energy Stock Down 0.5 %

Shares of DVN opened at $40.78 on Friday. The company has a market capitalization of $25.77 billion, a P/E ratio of 7.74, a PEG ratio of 1.13 and a beta of 2.03. Devon Energy Co. has a one year low of $39.02 and a one year high of $55.09. The business’s 50 day simple moving average is $44.17 and its 200-day simple moving average is $47.30. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.11 and a quick ratio of 1.03.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 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 company had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.90 billion. During the same quarter in the previous year, the firm earned $1.18 earnings per share. The business’s revenue was up 13.4% on a year-over-year basis. As a group, sell-side analysts predict that Devon Energy Co. will post 5.36 EPS for the current fiscal year.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.16%. The ex-dividend date of this dividend is Friday, September 13th. Devon Energy’s 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.