Resona Asset Management Co. Ltd. Acquires New Shares in Devon Energy Co. (NYSE:DVN)

Resona Asset Management Co. Ltd. bought a new stake in Devon Energy Co. (NYSE:DVN - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 183,558 shares of the energy company's stock, valued at approximately $5,967,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Pitcairn Co. increased its stake in Devon Energy by 29.1% during the fourth quarter. Pitcairn Co. now owns 54,725 shares of the energy company's stock worth $1,791,000 after acquiring an additional 12,342 shares during the last quarter. Westpac Banking Corp increased its position in Devon Energy by 165.2% during the 4th quarter. Westpac Banking Corp now owns 16,268 shares of the energy company's stock worth $532,000 after purchasing an additional 10,133 shares in the last quarter. Bryce Point Capital LLC purchased a new position in Devon Energy in the fourth quarter valued at approximately $468,000. Huntington National Bank lifted its position in Devon Energy by 84.6% during the fourth quarter. Huntington National Bank now owns 4,910 shares of the energy company's stock valued at $161,000 after buying an additional 2,250 shares in the last quarter. Finally, Headlands Technologies LLC purchased a new stake in Devon Energy during the fourth quarter worth approximately $150,000. Institutional investors and hedge funds own 69.72% of the company's stock.

Devon Energy Stock Performance

Shares of DVN traded up $0.48 during mid-day trading on Friday, hitting $28.23. The stock had a trading volume of 12,096,764 shares, compared to its average volume of 8,392,362. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. The company has a market cap of $18.32 billion, a PE ratio of 6.19, a PEG ratio of 1.20 and a beta of 1.50. Devon Energy Co. has a fifty-two week low of $25.89 and a fifty-two week high of $55.09. The company's fifty day simple moving average is $34.38 and its two-hundred day simple moving average is $36.14.

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Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 EPS 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 the consensus estimate of $4.25 billion. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. On average, equities analysts expect that Devon Energy Co. will post 4.85 earnings per share for the current year.

Devon Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.40%. The ex-dividend date of this dividend was Friday, March 14th. This is an increase from Devon Energy's previous quarterly dividend of $0.22. Devon Energy's dividend payout ratio is currently 21.05%.

Analyst Upgrades and Downgrades

DVN has been the topic of a number of research reports. Morgan Stanley set a $47.00 target price on shares of Devon Energy and gave the company an "overweight" rating in a report on Wednesday, March 26th. UBS Group reduced their price objective on Devon Energy from $41.00 to $35.00 and set a "neutral" rating on the stock in a research note on Monday, April 7th. Sanford C. Bernstein upgraded Devon Energy from a "market perform" rating to an "outperform" rating and set a $45.00 target price for the company in a research note on Wednesday, January 15th. Truist Financial boosted their price target on Devon Energy from $42.00 to $44.00 and gave the stock a "hold" rating in a research report on Thursday, February 20th. Finally, Williams Trading set a $50.00 price objective on shares of Devon Energy in a research report on Wednesday, March 5th. Ten investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $47.08.

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.