MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Sells 194,989 Shares of Devon Energy Corporation $DVN

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. significantly reduced its holdings in Devon Energy Corporation by 69.8%, retaining only 84,321 shares valued at approximately $3.15 million as of the first quarter.
• Multiple institutional investors adjusted their stakes in Devon Energy, with notable increases from Nissay Asset Management and Quantinno Capital Management, contributing to a total of 69.72% institutional ownership in the company.
• Devon Energy announced a quarterly dividend of $0.24 per share to be paid out on September 30, representing a 2.8% dividend yield based on the current payout ratio of 21.52%.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. trimmed its stake in Devon Energy Corporation (NYSE:DVN - Free Report) by 69.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 84,321 shares of the energy company's stock after selling 194,989 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.'s holdings in Devon Energy were worth $3,153,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also made changes to their positions in DVN. Ameriprise Financial Inc. lifted its position in shares of Devon Energy by 81.1% in the first quarter. Ameriprise Financial Inc. now owns 5,029,987 shares of the energy company's stock worth $188,131,000 after purchasing an additional 2,252,918 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Devon Energy by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 82,780,738 shares of the energy company's stock worth $3,096,000,000 after purchasing an additional 2,098,568 shares in the last quarter. Nuveen LLC acquired a new stake in shares of Devon Energy during the 1st quarter valued at about $69,975,000. AQR Capital Management LLC lifted its holdings in shares of Devon Energy by 100.0% during the 1st quarter. AQR Capital Management LLC now owns 3,558,362 shares of the energy company's stock valued at $132,051,000 after buying an additional 1,779,382 shares during the last quarter. Finally, Assenagon Asset Management S.A. lifted its holdings in shares of Devon Energy by 530.3% during the 1st quarter. Assenagon Asset Management S.A. now owns 2,067,465 shares of the energy company's stock valued at $77,323,000 after buying an additional 1,739,436 shares during the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently issued reports on DVN. Wolfe Research lifted their price target on Devon Energy from $47.00 to $49.00 and gave the company an "outperform" rating in a report on Monday, June 23rd. William Blair began coverage on Devon Energy in a report on Monday, August 25th. They set an "outperform" rating for the company. Wells Fargo & Company lifted their price target on Devon Energy from $42.00 to $43.00 and gave the company an "overweight" rating in a report on Tuesday, August 12th. Raymond James Financial reiterated an "outperform" rating and set a $45.00 price target (up from $40.00) on shares of Devon Energy in a report on Tuesday, July 22nd. Finally, Mizuho reduced their price target on Devon Energy from $43.00 to $40.00 and set an "outperform" rating for the company in a report on Monday. Sixteen equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $44.04.

Devon Energy Stock Performance

DVN traded down $0.98 during midday trading on Monday, reaching $33.79. The company's stock had a trading volume of 8,514,955 shares, compared to its average volume of 6,375,259. The stock has a market cap of $21.45 billion, a P/E ratio of 7.58, a PEG ratio of 2.00 and a beta of 1.09. The company has a fifty day simple moving average of $33.93 and a 200 day simple moving average of $33.10. The company has a current ratio of 1.22, a quick ratio of 1.13 and a debt-to-equity ratio of 0.55. Devon Energy Corporation has a twelve month low of $25.89 and a twelve month high of $43.29.

Devon Energy (NYSE:DVN - Get Free Report) last released its earnings results on Tuesday, August 5th. The energy company reported $0.84 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.83 by $0.01. The firm had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.01 billion. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.The company's revenue was up 9.4% on a year-over-year basis. During the same quarter last year, the firm posted $1.41 EPS. Research analysts expect that Devon Energy Corporation will post 4.85 earnings per share for the current year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be issued a $0.24 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.96 dividend on an annualized basis and a yield of 2.8%. Devon Energy's dividend payout ratio (DPR) is 21.52%.

Insider Transactions at Devon Energy

In other Devon Energy news, Director Kelt Kindick sold 7,685 shares of the firm's stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $33.46, for a total value of $257,140.10. Following the sale, the director owned 31,801 shares of the company's stock, valued at $1,064,061.46. This trade represents a 19.46% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.73% of the stock is owned by company insiders.

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.