Mitsubishi UFJ Asset Management Co. Ltd. Boosts Stake in Devon Energy Corporation $DVN

Key Points

• Mitsubishi UFJ Asset Management nearly doubled its Devon Energy stake in the second quarter, adding 1.43 million shares to own 3.03 million shares valued at approximately $125.2 million. Institutional investors collectively own 69.72% of DVN.
• Devon Energy reported strong quarterly results, with earnings of $1.57 per share and revenue of $7.42 billion, exceeding analyst estimates; revenue rose 73.1% year over year.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $59.15, while Devon declared a quarterly dividend of $0.32 per share, equivalent to a 2.7% yield.

Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 89.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,029,527 shares of the energy company's stock after acquiring an additional 1,427,123 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.49% of Devon Energy worth $125,179,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Woodline Partners LP lifted its position in Devon Energy by 98.8% during the first quarter. Woodline Partners LP now owns 115,780 shares of the energy company's stock valued at $4,330,000 after buying an additional 57,555 shares in the last quarter. Sivia Capital Partners LLC purchased a new position in shares of Devon Energy in the 2nd quarter valued at $403,000. Jump Financial LLC lifted its holdings in shares of Devon Energy by 58.8% during the 2nd quarter. Jump Financial LLC now owns 28,251 shares of the energy company's stock valued at $899,000 after acquiring an additional 10,464 shares in the last quarter. Daiwa Securities Group Inc. boosted its position in Devon Energy by 17.8% during the 2nd quarter. Daiwa Securities Group Inc. now owns 148,882 shares of the energy company's stock worth $4,736,000 after purchasing an additional 22,482 shares during the period. Finally, NewEdge Advisors LLC increased its holdings in Devon Energy by 6.0% in the 2nd quarter. NewEdge Advisors LLC now owns 144,174 shares of the energy company's stock valued at $4,586,000 after purchasing an additional 8,127 shares in the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Devon Energy

In related news, SVP Andrea Alexander sold 18,000 shares of Devon Energy stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total transaction of $841,320.00. Following the sale, the senior vice president directly owned 138,529 shares in the company, valued at $6,474,845.46. The trade was a 11.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 4.58% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on DVN shares. Scotiabank boosted their price objective on Devon Energy from $41.00 to $46.00 and gave the stock a "sector perform" rating in a research note on Wednesday, April 22nd. Mizuho boosted their price target on Devon Energy from $62.00 to $68.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 27th. The Goldman Sachs Group lowered their price objective on shares of Devon Energy from $54.00 to $53.00 and set a "buy" rating for the company in a research report on Tuesday, June 30th. Truist Financial raised their price target on shares of Devon Energy from $61.00 to $65.00 and gave the company a "buy" rating in a report on Thursday, August 6th. Finally, Raymond James Financial dropped their price target on shares of Devon Energy from $66.00 to $64.00 and set a "strong-buy" rating on the stock in a research note on Thursday, July 16th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Devon Energy presently has an average rating of "Moderate Buy" and an average target price of $59.15.

Devon Energy Stock Performance

DVN stock opened at $47.84 on Wednesday. The stock's 50 day simple moving average is $43.52 and its 200 day simple moving average is $45.30. The company has a current ratio of 0.72, a quick ratio of 0.67 and a debt-to-equity ratio of 0.24. Devon Energy Corporation has a 12-month low of $31.47 and a 12-month high of $52.71. The firm has a market cap of $52.63 billion, a P/E ratio of 11.36 and a beta of 0.38.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.40 by $0.17. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The business had revenue of $7.42 billion during the quarter, compared to analyst estimates of $6.01 billion. During the same quarter in the previous year, the firm posted $0.84 EPS. The business's revenue for the quarter was up 73.1% compared to the same quarter last year. As a group, equities research analysts predict that Devon Energy Corporation will post 4.99 EPS for the current year.

Devon Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend is Tuesday, September 15th. Devon Energy's dividend payout ratio (DPR) is 30.40%.

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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