Mitsubishi UFJ Trust & Banking Corp Increases Holdings in Devon Energy Corporation $DVN

Key Points

• Mitsubishi UFJ Trust & Banking increased its Devon Energy stake by 55.5% in the second quarter, acquiring 272,638 additional shares for a total holding of 764,087 shares valued at approximately $31.6 million. Institutional investors collectively own 69.72% of DVN.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $59.60. Price targets range from $53 to $68, despite Zacks Research downgrading the stock to “hold.”
• Devon Energy exceeded quarterly expectations, reporting $1.57 in earnings per share and $7.42 billion in revenue, up 73.1% year over year. The company also declared a quarterly dividend of $0.32 per share, representing a 2.8% annualized yield.

Mitsubishi UFJ Trust & Banking Corp raised its stake in Devon Energy Corporation (NYSE:DVN - Free Report) by 55.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 764,087 shares of the energy company's stock after acquiring an additional 272,638 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp owned approximately 0.12% of Devon Energy worth $31,572,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new stake in shares of Devon Energy during the 4th quarter worth approximately $25,000. JFS Wealth Advisors LLC lifted its stake in Devon Energy by 56.6% in the second quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company's stock valued at $28,000 after purchasing an additional 245 shares during the last quarter. MV Capital Management Inc. purchased a new position in Devon Energy in the fourth quarter valued at approximately $29,000. KERR FINANCIAL PLANNING Corp bought a new position in Devon Energy during the second quarter valued at $29,000. Finally, Garton & Associates Financial Advisors LLC bought a new position in Devon Energy during the fourth quarter valued at $29,000. 69.72% of the stock is owned by institutional investors.

Analysts Set New Price Targets

DVN has been the topic of several research reports. Zacks Research lowered Devon Energy from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, May 27th. Raymond James Financial dropped their price target on Devon Energy from $66.00 to $64.00 and set a "strong-buy" rating on the stock in a research report on Thursday, July 16th. Argus increased their price target on Devon Energy from $51.00 to $53.00 and gave the stock a "buy" rating in a research note on Wednesday, June 10th. Mizuho lifted their price objective on Devon Energy from $62.00 to $68.00 and gave the stock an "outperform" rating in a report on Wednesday, May 27th. Finally, BMO Capital Markets restated an "outperform" rating on shares of Devon Energy in a research note on Wednesday, June 10th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $59.60.

Insider Buying and Selling at Devon Energy

In other news, SVP Andrea Alexander sold 18,000 shares of the stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total value of $841,320.00. Following the sale, the senior vice president directly owned 138,529 shares of the company's stock, valued at approximately $6,474,845.46. This represents a 11.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 4.58% of the stock is currently owned by corporate insiders.

Devon Energy Trading Down 0.1%

Shares of DVN stock opened at $45.83 on Monday. The stock has a market capitalization of $50.41 billion, a price-to-earnings ratio of 10.89 and a beta of 0.38. The company's fifty day simple moving average is $43.40 and its two-hundred day simple moving average is $45.18. Devon Energy Corporation has a 1 year low of $31.47 and a 1 year high of $52.71. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.72 and a quick ratio of 0.67.

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

Devon Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be given a dividend of $0.32 per share. The ex-dividend date is Tuesday, September 15th. This represents a $1.28 annualized dividend and a dividend yield of 2.8%. Devon Energy's dividend payout ratio is currently 30.40%.

Devon Energy Profile

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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