Devon Energy Corporation $DVN Shares Purchased by Mitsubishi UFJ Asset Management Co. Ltd.

Key Points

• Mitsubishi UFJ Asset Management increased its Devon Energy stake by 4.7% in the fourth quarter, buying 68,176 additional shares and bringing its holding to 1,519,968 shares valued at about $57.6 million.
• Devon Energy reported mixed quarterly results, with earnings of $1.04 per share missing estimates and revenue of $3.81 billion also below forecasts, though profit still improved from a year earlier.
• The company raised its quarterly dividend to $0.32 per share from $0.24, and analysts remain broadly positive with a consensus rating of Moderate Buy and an average price target of $55.59.

Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Devon Energy Corporation (NYSE:DVN - Free Report) by 4.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,519,968 shares of the energy company's stock after buying an additional 68,176 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.24% of Devon Energy worth $57,561,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the stock. First Horizon Corp acquired a new position in shares of Devon Energy during the third quarter valued at $26,000. Ameriflex Group Inc. increased its holdings in shares of Devon Energy by 702.0% during the third quarter. Ameriflex Group Inc. now owns 802 shares of the energy company's stock valued at $28,000 after purchasing an additional 702 shares during the period. Accredited Wealth Management LLC increased its holdings in shares of Devon Energy by 61.6% during the third quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company's stock valued at $28,000 after purchasing an additional 308 shares during the period. Olistico Wealth LLC acquired a new position in shares of Devon Energy during the fourth quarter valued at $31,000. Finally, Neo Ivy Capital Management acquired a new position in shares of Devon Energy during the third quarter valued at $31,000. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Trading Up 0.6%

NYSE:DVN opened at $45.60 on Friday. The company has a quick ratio of 0.90, a current ratio of 1.01 and a debt-to-equity ratio of 0.48. Devon Energy Corporation has a 1-year low of $30.24 and a 1-year high of $52.71. The firm has a market capitalization of $28.34 billion, a price-to-earnings ratio of 12.70, a price-to-earnings-growth ratio of 0.69 and a beta of 0.43. The stock has a fifty day simple moving average of $47.32 and a 200 day simple moving average of $40.82.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share for the quarter, missing analysts' consensus estimates of $1.06 by ($0.02). Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The company had revenue of $3.81 billion during the quarter, compared to analyst estimates of $4.34 billion. During the same quarter last year, the business earned $0.82 EPS. The company's revenue for the quarter was down 14.5% compared to the same quarter last year. Sell-side analysts forecast that Devon Energy Corporation will post 5.66 earnings per share for the current year.

Devon Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be given a $0.32 dividend. This is a positive change from Devon Energy's previous quarterly dividend of $0.24. The ex-dividend date is Monday, June 15th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.8%. Devon Energy's dividend payout ratio is 26.74%.

Wall Street Analysts Forecast Growth

DVN has been the topic of a number of research analyst reports. BMO Capital Markets raised their price target on Devon Energy from $55.00 to $60.00 and gave the company an "outperform" rating in a report on Tuesday, April 7th. Scotiabank raised their price target on Devon Energy from $41.00 to $46.00 and gave the company a "sector perform" rating in a report on Wednesday, April 22nd. Argus raised their price target on Devon Energy from $41.00 to $51.00 and gave the company a "buy" rating in a report on Thursday, February 26th. Capital One Financial lowered their price target on Devon Energy from $64.00 to $63.00 and set an "overweight" rating on the stock in a report on Tuesday, April 14th. Finally, Sanford C. Bernstein raised their price target on Devon Energy from $42.00 to $59.00 and gave the company an "outperform" rating in a report on Monday, April 13th. Four equities research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $55.59.

More Devon Energy News

Here are the key news stories impacting Devon Energy this week:

• Positive Sentiment: Devon completed its merger with Coterra Energy, creating a larger shale operator with a stronger asset base and a continued NYSE listing under DVN. Article: Devon Energy and Coterra Energy Complete Merger
• Positive Sentiment: The board approved an $8 billion share buyback plan, boosting shareholder returns and suggesting management sees the stock as attractive at current levels. Article: Shale producer Devon Energy approves $8 billion share buyback plan
• Positive Sentiment: Devon raised its quarterly dividend to $0.32 per share from $0.24, a meaningful increase that should appeal to income-focused investors. Article: Devon Energy Corp. stock outperforms competitors despite losses on the day
• Neutral Sentiment: The combined company will be headquartered in Houston while maintaining a significant presence in Oklahoma City, with operations continuing under the Devon name and ticker. Article: Devon Energy completes $58bn merger with Coterra Energy
• Neutral Sentiment: Devon’s latest quarterly results were mixed, with earnings slightly below expectations and revenue below forecasts, which may temper enthusiasm despite the merger and capital-return news.

About Devon Energy

Devon Energy Corporation NYSE: DVN is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.

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