MUFG Securities EMEA plc Makes New $9.95 Million Investment in Devon Energy Corporation (NYSE:DVN)

Key Points

• MUFG Securities EMEA plc has acquired a new stake in Devon Energy Corporation, purchasing 265,999 shares worth approximately $9,948,000.
• Devon Energy reported earnings of $0.84 per share for its recent quarter, exceeding analysts’ estimates, with revenues up by 9.4% compared to the previous year.
• The company announced a quarterly dividend of $0.24 per share, with a dividend yield of 2.9%, indicating a generous payout ratio of 21.52%.

MUFG Securities EMEA plc purchased a new stake in shares of Devon Energy Corporation (NYSE:DVN - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 265,999 shares of the energy company's stock, valued at approximately $9,948,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Banque Cantonale Vaudoise bought a new position in Devon Energy in the 1st quarter worth $26,000. Financial Gravity Asset Management Inc. bought a new position in shares of Devon Energy during the first quarter valued at approximately $26,000. Rakuten Securities Inc. lifted its position in Devon Energy by 94.6% during the first quarter. Rakuten Securities Inc. now owns 833 shares of the energy company's stock valued at $31,000 after acquiring an additional 405 shares during the last quarter. Accredited Wealth Management LLC acquired a new stake in shares of Devon Energy during the fourth quarter worth $28,000. Finally, Hughes Financial Services LLC acquired a new position in Devon Energy during the first quarter valued at $38,000. Hedge funds and other institutional investors own 69.72% of the company's stock.

Insider Transactions at Devon Energy

In related news, Director Kelt Kindick sold 7,685 shares of the 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 completion of the sale, the director owned 31,801 shares of the company's stock, valued at approximately $1,064,061.46. This trade represents a 19.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.73% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on DVN. BMO Capital Markets boosted their target price on shares of Devon Energy from $48.00 to $51.00 and gave the stock an "outperform" rating in a research note on Monday, July 14th. Wolfe Research boosted their target price on shares of Devon Energy from $47.00 to $49.00 and gave the company an "outperform" rating in a report on Monday, June 23rd. Raymond James Financial restated an "outperform" rating and issued a $45.00 price objective (up from $40.00) on shares of Devon Energy in a report on Tuesday, July 22nd. Morgan Stanley restated an "overweight" rating and issued a $46.00 price objective (up from $44.00) on shares of Devon Energy in a report on Tuesday, July 15th. Finally, Siebert Williams Shank increased their target price on shares of Devon Energy from $47.00 to $52.00 and gave the stock a "buy" rating in a report on Monday, June 23rd. Eleven investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $43.93.

Devon Energy Stock Down 1.2%

Shares of DVN traded down $0.41 during trading hours on Monday, hitting $32.87. The company had a trading volume of 8,541,333 shares, compared to its average volume of 8,007,348. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.13 and a current ratio of 1.22. Devon Energy Corporation has a 52-week low of $25.89 and a 52-week high of $46.04. The stock has a market capitalization of $20.86 billion, a price-to-earnings ratio of 7.37, a P/E/G ratio of 1.89 and a beta of 1.07. The firm has a fifty day moving average price of $33.11 and a 200-day moving average price of $33.17.

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

Devon Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be given a dividend of $0.24 per share. The ex-dividend date is Monday, September 15th. This represents a $0.96 dividend on an annualized basis and a yield of 2.9%. Devon Energy's dividend payout ratio is currently 21.52%.

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.