Nikko Asset Management Americas Inc. Raises Stock Holdings in Devon Energy Co. (NYSE:DVN)

Nikko Asset Management Americas Inc. raised its position in shares of Devon Energy Co. (NYSE:DVN) by 6.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,581 shares of the energy company’s stock after acquiring an additional 1,626 shares during the period. Nikko Asset Management Americas Inc.’s holdings in Devon Energy were worth $870,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the company. Geode Capital Management LLC raised its holdings in shares of Devon Energy by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 15,892,970 shares of the energy company’s stock worth $619,747,000 after acquiring an additional 206,884 shares in the last quarter. EnCap Energy Capital Fund XI L.P. purchased a new stake in shares of Devon Energy during the 3rd quarter worth approximately $461,857,000. Pacer Advisors Inc. raised its holdings in shares of Devon Energy by 16.9% during the 3rd quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock worth $453,446,000 after acquiring an additional 1,677,652 shares in the last quarter. EnCap Partners GP LLC purchased a new stake in shares of Devon Energy during the 3rd quarter worth approximately $408,653,000. Finally, Victory Capital Management Inc. raised its holdings in shares of Devon Energy by 2.3% during the 4th quarter. Victory Capital Management Inc. now owns 10,203,812 shares of the energy company’s stock worth $333,971,000 after acquiring an additional 232,469 shares in the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Price Performance

DVN opened at $35.13 on Tuesday. Devon Energy Co. has a 12-month low of $30.39 and a 12-month high of $55.09. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57. The business’s fifty day simple moving average is $35.41 and its 200-day simple moving average is $37.20. The company has a market capitalization of $22.80 billion, a price-to-earnings ratio of 7.70, a PEG ratio of 1.20 and a beta of 1.91.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.16. The firm had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.25 billion. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. On average, equities research analysts anticipate that Devon Energy Co. will post 4.85 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be paid a dividend of $0.24 per share. This is a boost from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.73%. The ex-dividend date of this dividend is Friday, March 14th. Devon Energy’s dividend payout ratio is 21.05%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on DVN shares. Susquehanna boosted their target price on Devon Energy from $50.00 to $52.00 and gave the company a “positive” rating in a research report on Thursday, February 20th. Raymond James cut their target price on Devon Energy from $54.00 to $46.00 and set an “outperform” rating on the stock in a research report on Monday, March 10th. Truist Financial boosted their target price on Devon Energy from $42.00 to $44.00 and gave the company a “hold” rating in a research report on Thursday, February 20th. JPMorgan Chase & Co. cut their target price on Devon Energy from $48.00 to $42.00 and set a “neutral” rating on the stock in a research report on Thursday, March 13th. Finally, Citigroup cut their target price on Devon Energy from $48.00 to $46.00 and set a “buy” rating on the stock in a research report on Monday. Ten research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Devon Energy has a consensus rating of “Moderate Buy” and a consensus price target of $48.46.

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.