Nippon Life Global Investors Americas Inc. Makes New Investment in Devon Energy Corporation $DVN

Key Points

• Nippon Life Global Investors Americas acquired 28,203 Devon Energy shares worth approximately $1.165 million during the second quarter. Institutional investors collectively own 69.72% of DVN’s outstanding stock.
• Devon Energy reported quarterly earnings of $1.57 per share, exceeding estimates of $1.40, while revenue rose 73.1% year over year to $7.42 billion.
• The company announced a quarterly dividend of $0.32 per share, equivalent to a 2.8% annualized yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $59.60, versus a recent share price of $45.83.

Nippon Life Global Investors Americas Inc. bought a new stake in Devon Energy Corporation (NYSE:DVN - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 28,203 shares of the energy company's stock, valued at approximately $1,165,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. LSV Asset Management boosted its stake in Devon Energy by 79.6% during the 4th quarter. LSV Asset Management now owns 799,587 shares of the energy company's stock valued at $29,289,000 after acquiring an additional 354,500 shares during the last quarter. Morningstar Investment Management LLC acquired a new position in Devon Energy during the 4th quarter worth $2,089,000. Kimmeridge Energy Management Company LLC increased its position in shares of Devon Energy by 56.5% in the 4th quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company's stock worth $324,204,000 after purchasing an additional 3,195,862 shares during the last quarter. Illinois Municipal Retirement Fund increased its position in shares of Devon Energy by 15.5% in the 1st quarter. Illinois Municipal Retirement Fund now owns 194,773 shares of the energy company's stock worth $9,801,000 after purchasing an additional 26,209 shares during the last quarter. Finally, NewEdge Wealth LLC raised its stake in shares of Devon Energy by 20.0% in the 1st quarter. NewEdge Wealth LLC now owns 479,681 shares of the energy company's stock valued at $24,138,000 after purchasing an additional 80,000 shares in the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Devon Energy news, SVP Andrea Alexander sold 18,000 shares of the business's 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 approximately $6,474,845.46. The trade was a 11.50% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 4.58% of the company's stock.

Devon Energy Trading Down 0.1%

NYSE:DVN opened at $45.83 on Monday. The stock has a market cap of $50.41 billion, a price-to-earnings ratio of 10.89 and a beta of 0.38. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.67 and a current ratio of 0.72. Devon Energy Corporation has a 1 year low of $31.47 and a 1 year high of $52.71. The business has a fifty day moving average of $43.40 and a 200-day moving average of $45.18.

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

Devon Energy Dividend Announcement

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

Analyst Ratings Changes

Several equities analysts have recently commented on DVN shares. Mizuho increased their price target on shares of Devon Energy from $62.00 to $68.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 27th. JPMorgan Chase & Co. reduced their target price on Devon Energy from $62.00 to $55.00 and set an "overweight" rating on the stock in a report on Wednesday, July 8th. Susquehanna increased their target price on Devon Energy from $57.00 to $63.00 and gave the stock a "positive" rating in a report on Tuesday, July 21st. Jefferies Financial Group lifted their target price on Devon Energy from $62.00 to $63.00 and gave the stock a "buy" rating in a research report on Monday, May 18th. Finally, Citigroup boosted their price target on Devon Energy from $60.00 to $65.00 and gave the company a "buy" rating in a report on Wednesday, May 20th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $59.60.

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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