Nikko Asset Management Americas Inc. Has $1.67 Million Holdings in Devon Energy Co. (NYSE:DVN)

Nikko Asset Management Americas Inc. lifted its stake in Devon Energy Co. (NYSE:DVN) by 2.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 33,282 shares of the energy company’s stock after acquiring an additional 853 shares during the quarter. Nikko Asset Management Americas Inc.’s holdings in Devon Energy were worth $1,670,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in DVN. Manchester Capital Management LLC bought a new position in Devon Energy during the fourth quarter valued at approximately $28,000. Tradewinds Capital Management LLC acquired a new stake in shares of Devon Energy in the 1st quarter valued at $30,000. Sound Income Strategies LLC boosted its holdings in Devon Energy by 60.7% in the fourth quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock worth $31,000 after purchasing an additional 255 shares in the last quarter. Rise Advisors LLC boosted its holdings in Devon Energy by 1,365.3% in the fourth quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock worth $33,000 after purchasing an additional 669 shares in the last quarter. Finally, Jones Financial Companies Lllp boosted its holdings in Devon Energy by 104.8% in the fourth quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock worth $33,000 after purchasing an additional 374 shares in the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Devon Energy

In related news, EVP Tana K. Cashion sold 20,000 shares of the firm’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the sale, the executive vice president now directly owns 104,182 shares in the company, valued at $5,317,449.28. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.73% of the company’s stock.

Devon Energy Trading Down 1.0 %

DVN stock traded down $0.47 during midday trading on Tuesday, reaching $46.05. The company’s stock had a trading volume of 6,198,145 shares, compared to its average volume of 7,314,511. Devon Energy Co. has a 52 week low of $40.47 and a 52 week high of $55.09. The stock has a market cap of $29.10 billion, a PE ratio of 8.79, a price-to-earnings-growth ratio of 1.24 and a beta of 2.07. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 0.46. The business’s 50-day simple moving average is $48.03 and its 200-day simple moving average is $47.03.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.10 by $0.06. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The firm had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.64 billion. During the same period last year, the firm earned $1.46 earnings per share. The business’s revenue for the quarter was down 5.9% on a year-over-year basis. As a group, sell-side analysts expect that Devon Energy Co. will post 5.25 EPS for the current year.

Devon Energy Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Friday, June 14th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.91%. Devon Energy’s dividend payout ratio is 16.79%.

Analysts Set New Price Targets

DVN has been the subject of a number of recent research reports. Morgan Stanley upped their price objective on shares of Devon Energy from $52.00 to $54.00 and gave the stock an “overweight” rating in a report on Tuesday. Stifel Nicolaus upped their price target on shares of Devon Energy from $65.00 to $66.00 and gave the company a “buy” rating in a report on Tuesday, April 23rd. Piper Sandler increased their target price on shares of Devon Energy from $60.00 to $61.00 and gave the company an “overweight” rating in a research note on Tuesday, May 14th. StockNews.com upgraded shares of Devon Energy from a “hold” rating to a “buy” rating in a research note on Tuesday. Finally, Barclays started coverage on shares of Devon Energy in a research report on Wednesday, April 10th. They issued an “equal weight” rating and a $59.00 price target for the company. Four equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $59.41.

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.