Mitsubishi UFJ Asset Management Co. Ltd. Raises Stock Holdings in Devon Energy Co. (NYSE:DVN)

Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of Devon Energy Co. (NYSE:DVN) by 15.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,225,582 shares of the energy company’s stock after acquiring an additional 164,336 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Devon Energy were worth $41,584,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Algert Global LLC grew its position in shares of Devon Energy by 15.5% during the 3rd quarter. Algert Global LLC now owns 11,229 shares of the energy company’s stock valued at $439,000 after acquiring an additional 1,510 shares during the period. FMR LLC grew its holdings in Devon Energy by 39.8% during the third quarter. FMR LLC now owns 1,722,145 shares of the energy company’s stock valued at $67,370,000 after purchasing an additional 489,964 shares during the period. Townsquare Capital LLC grew its holdings in Devon Energy by 40.4% during the third quarter. Townsquare Capital LLC now owns 22,773 shares of the energy company’s stock valued at $891,000 after purchasing an additional 6,554 shares during the period. Freedom Investment Management Inc. purchased a new stake in Devon Energy in the third quarter worth $346,000. Finally, Glenmede Trust Co. NA raised its stake in shares of Devon Energy by 121.9% in the third quarter. Glenmede Trust Co. NA now owns 35,654 shares of the energy company’s stock valued at $1,395,000 after buying an additional 19,589 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Raymond James decreased their price objective on Devon Energy from $54.00 to $46.00 and set an “outperform” rating for the company in a report on Monday, March 10th. Morgan Stanley set a $47.00 price target on shares of Devon Energy and gave the company an “overweight” rating in a research report on Wednesday. Susquehanna raised their price objective on shares of Devon Energy from $50.00 to $52.00 and gave the stock a “positive” rating in a report on Thursday, February 20th. Williams Trading set a $50.00 target price on shares of Devon Energy in a report on Wednesday, March 5th. Finally, Truist Financial raised their price target on Devon Energy from $42.00 to $44.00 and gave the stock a “hold” rating in a report on Thursday, February 20th. Ten 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 MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $48.29.

Devon Energy Stock Down 0.3 %

Shares of NYSE:DVN opened at $36.79 on Friday. The firm has a fifty day moving average of $35.38 and a 200 day moving average of $36.87. Devon Energy Co. has a 52-week low of $30.39 and a 52-week high of $55.09. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04. The firm has a market capitalization of $23.87 billion, a PE ratio of 8.07, a price-to-earnings-growth ratio of 1.20 and a beta of 1.91.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.00 by $0.16. The firm had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.25 billion. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. As a group, research analysts anticipate that Devon Energy Co. will post 4.85 EPS for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be paid a $0.24 dividend. This is a boost from Devon Energy’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.61%. Devon Energy’s dividend payout ratio is 21.05%.

Devon Energy Company 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.