Resona Asset Management Co. Ltd. Increases Stock Position in Devon Energy Corporation $DVN

Key Points

• Resona Asset Management Co. Ltd. increased its holdings in Devon Energy by 4.6% in the first quarter, acquiring an additional 8,429 shares, bringing its total to 191,987 shares valued at $7.16 million.
• Devon Energy recently reported earnings of $0.84 per share, surpassing estimates, with quarterly revenues reaching $4.28 billion, reflecting a 9.4% increase year-over-year.
• The company declared a quarterly dividend of $0.24, set to be paid on September 30th, which results in an annualized yield of 2.8%.

Resona Asset Management Co. Ltd. increased its holdings in Devon Energy Corporation (NYSE:DVN - Free Report) by 4.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 191,987 shares of the energy company's stock after purchasing an additional 8,429 shares during the quarter. Resona Asset Management Co. Ltd.'s holdings in Devon Energy were worth $7,161,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the stock. Banque Cantonale Vaudoise acquired a new position in Devon Energy in the first quarter valued at approximately $26,000. Financial Gravity Asset Management Inc. bought a new position in shares of Devon Energy in the first quarter valued at approximately $26,000. Rakuten Securities Inc. boosted its position in shares of 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 buying an additional 405 shares during the last quarter. Accredited Wealth Management LLC bought a new stake in Devon Energy during the fourth quarter worth $28,000. Finally, SouthState Corp lifted its stake in Devon Energy by 350.5% during the 1st quarter. SouthState Corp now owns 991 shares of the energy company's stock valued at $37,000 after acquiring an additional 771 shares in the last quarter. 69.72% of the stock is owned by institutional investors.

Insider Buying and Selling at Devon Energy

In other news, Director Kelt Kindick sold 7,685 shares of the firm's 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 transaction, the director owned 31,801 shares in the company, valued at $1,064,061.46. This trade represents a 19.46% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.73% of the company's stock.

Analyst Ratings Changes

DVN has been the subject of a number of research reports. Susquehanna reduced their target price on shares of Devon Energy from $52.00 to $41.00 and set a "positive" rating for the company in a research report on Tuesday, April 22nd. Wells Fargo & Company raised their target price on Devon Energy from $42.00 to $43.00 and gave the stock an "overweight" rating in a research report on Tuesday, August 12th. Piper Sandler dropped their price target on Devon Energy from $58.00 to $57.00 and set an "overweight" rating on the stock in a research report on Thursday, August 14th. Scotiabank reissued an "outperform" rating on shares of Devon Energy in a report on Friday, July 11th. Finally, Jefferies Financial Group upped their price target on shares of Devon Energy from $31.00 to $33.00 and gave the stock a "hold" rating in a report on Monday, July 14th. Fifteen analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $44.04.

Devon Energy Trading Up 0.7%

NYSE:DVN traded up $0.2230 during midday trading on Tuesday, reaching $33.7730. 2,367,636 shares of the stock traded hands, compared to its average volume of 8,965,750. The stock has a market capitalization of $21.44 billion, a P/E ratio of 7.56, a PEG ratio of 1.92 and a beta of 1.07. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.13 and a current ratio of 1.22. The company has a fifty day moving average of $33.27 and a 200 day moving average of $33.13. Devon Energy Corporation has a 12 month low of $25.89 and a 12 month high of $46.04.

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

Devon Energy Dividend Announcement

The company also recently disclosed 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. This represents a $0.96 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Monday, September 15th. Devon Energy's payout ratio is presently 21.52%.

Devon Energy 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.