Nomura Asset Management Co. Ltd. Sells 27,848 Shares of Devon Energy Corporation $DVN

Key Points

• Nomura Asset Management cut its Devon Energy stake by 10.7% in the fourth quarter, selling 27,848 shares and leaving it with 233,625 shares worth about $8.56 million.
• Devon Energy reported quarterly earnings of $1.04 per share, slightly below estimates, while revenue also missed expectations at $3.81 billion and fell 14.5% year over year.
• The company raised its quarterly dividend to $0.32 per share from $0.24, and analysts remain broadly positive with a consensus Moderate Buy rating and an average price target of $57.89.

Nomura Asset Management Co. Ltd. lessened its stake in Devon Energy Corporation (NYSE:DVN - Free Report) by 10.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 233,625 shares of the energy company's stock after selling 27,848 shares during the period. Nomura Asset Management Co. Ltd.'s holdings in Devon Energy were worth $8,558,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of DVN. AQR Capital Management LLC raised its position in Devon Energy by 78.7% during the 2nd quarter. AQR Capital Management LLC now owns 6,360,499 shares of the energy company's stock valued at $202,327,000 after purchasing an additional 2,802,137 shares during the last quarter. Sourcerock Group LLC raised its position in Devon Energy by 2,132.3% during the 2nd quarter. Sourcerock Group LLC now owns 1,751,276 shares of the energy company's stock valued at $55,708,000 after purchasing an additional 1,672,824 shares during the last quarter. SG Americas Securities LLC raised its position in Devon Energy by 446.7% during the 4th quarter. SG Americas Securities LLC now owns 1,236,301 shares of the energy company's stock valued at $45,286,000 after purchasing an additional 1,010,170 shares during the last quarter. MUFG Securities EMEA plc raised its position in Devon Energy by 7,667.4% during the 4th quarter. MUFG Securities EMEA plc now owns 943,817 shares of the energy company's stock valued at $34,572,000 after purchasing an additional 931,666 shares during the last quarter. Finally, Wellington Management Group LLP raised its position in Devon Energy by 704.3% during the 3rd quarter. Wellington Management Group LLP now owns 975,114 shares of the energy company's stock valued at $34,187,000 after purchasing an additional 853,875 shares during the last quarter. Institutional investors own 69.72% of the company's stock.

Insider Buying and Selling

In related news, SVP Adam M. Vela sold 24,342 shares of the firm's stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $47.21, for a total transaction of $1,149,185.82. Following the completion of the transaction, the senior vice president owned 130,540 shares of the company's stock, valued at $6,162,793.40. This trade represents a 15.72% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of the firm's stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $46.66, for a total value of $3,267,553.14. Following the transaction, the executive vice president directly owned 428,452 shares of the company's stock, valued at approximately $19,991,570.32. This trade represents a 14.05% decrease in their position. The disclosure for this sale is available in the SEC filing. 4.58% of the stock is owned by company insiders.

Devon Energy Trading Up 0.2%

DVN opened at $46.31 on Thursday. The stock has a market cap of $28.78 billion, a PE ratio of 12.90 and a beta of 0.37. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 0.48. The business has a 50 day moving average of $47.81 and a 200-day moving average of $42.67. Devon Energy Corporation has a 52 week low of $31.32 and a 52 week high of $52.71.

Devon Energy (NYSE:DVN - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 earnings per share for the quarter, missing analysts' consensus estimates of $1.06 by ($0.02). Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The company had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $4.34 billion. During the same period last year, the business earned $0.82 EPS. The firm's quarterly revenue was down 14.5% on a year-over-year basis. Equities research analysts predict that Devon Energy Corporation will post 4.43 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be given a dividend of $0.32 per share. This is a boost from Devon Energy's previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Monday, June 15th. This represents a $1.28 dividend on an annualized basis and a yield of 2.8%. Devon Energy's dividend payout ratio is 26.74%.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Evercore assumed coverage on Devon Energy in a research report on Friday, May 15th. They set an "in-line" rating and a $54.00 price target for the company. Susquehanna upped their price target on Devon Energy from $52.00 to $57.00 and gave the company a "positive" rating in a research report on Tuesday, April 21st. Sanford C. Bernstein upped their price target on Devon Energy from $42.00 to $59.00 and gave the company an "outperform" rating in a research report on Monday, April 13th. Argus upped their price target on Devon Energy from $41.00 to $51.00 and gave the company a "buy" rating in a research report on Thursday, February 26th. Finally, Raymond James Financial raised Devon Energy from an "outperform" rating to a "strong-buy" rating and set a $72.00 price target for the company in a research report on Tuesday, May 5th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $57.89.

Trending Headlines about Devon Energy

Here are the key news stories impacting Devon Energy this week:

• Positive Sentiment: Barclays reiterated its Buy rating on Devon Energy, reinforcing the view that analysts still see upside in the stock. Barclays Sticks to Its Buy Rating for Devon Energy (DVN)
• Positive Sentiment: Unusual options activity showed investors buying far more call contracts than normal, suggesting some traders are positioning for a move higher in DVN.
• Positive Sentiment: A note on Devon’s stock becoming a trending name on Zacks adds to the recent increase in investor attention and speculation around the shares. Devon Energy Corporation (DVN) Is a Trending Stock: Facts to Know Before Betting on It
• Neutral Sentiment: Capital One trimmed its price target on Devon Energy to $61 from $63, but kept an Overweight rating, leaving the broader bullish view intact. Capital One adjusts price target on Devon Energy to 61 from 63, maintains overweight rating
• Neutral Sentiment: Coverage about Devon’s Marcellus assets highlights market speculation around the company’s portfolio, but does not point to a confirmed corporate action yet. Why Is Devon Energy Corporation NYSE: DVN Drawing Attention Amid Marcellus Asset Speculation?
• Negative Sentiment: Yahoo Finance reported insider selling of about $4.7 million in Devon stock, which can sometimes signal caution about near-term prospects. Devon Energy Insiders Sell US$4.7m Of Stock, Possibly Signalling Caution

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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