Sumitomo Mitsui Trust Group Inc. Sells 90,591 Shares of Devon Energy Corporation (NYSE:DVN)

Sumitomo Mitsui Trust Group Inc. reduced its position in Devon Energy Corporation (NYSE:DVN - Free Report) by 5.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,473,764 shares of the energy company's stock after selling 90,591 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.23% of Devon Energy worth $55,119,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of Devon Energy by 7.3% in the fourth quarter. Vanguard Group Inc. now owns 80,682,170 shares of the energy company's stock valued at $2,640,727,000 after purchasing an additional 5,465,692 shares during the period. Geode Capital Management LLC grew its stake in Devon Energy by 6.5% in the 4th quarter. Geode Capital Management LLC now owns 16,931,275 shares of the energy company's stock valued at $552,830,000 after buying an additional 1,038,305 shares in the last quarter. Fuller & Thaler Asset Management Inc. grew its stake in Devon Energy by 42.8% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 10,395,225 shares of the energy company's stock valued at $340,236,000 after buying an additional 3,114,656 shares in the last quarter. Victory Capital Management Inc. raised its holdings in Devon Energy by 2.3% during the 4th quarter. Victory Capital Management Inc. now owns 10,203,812 shares of the energy company's stock valued at $333,971,000 after acquiring an additional 232,469 shares during the period. Finally, Invesco Ltd. raised its holdings in Devon Energy by 32.8% during the 4th quarter. Invesco Ltd. now owns 9,461,719 shares of the energy company's stock valued at $309,682,000 after acquiring an additional 2,335,473 shares during the period. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Price Performance

Shares of NYSE DVN traded up $0.70 during trading hours on Wednesday, reaching $33.35. 6,846,651 shares of the stock traded hands, compared to its average volume of 8,834,705. The company's 50-day simple moving average is $32.29 and its two-hundred day simple moving average is $33.39. The company has a market capitalization of $21.41 billion, a P/E ratio of 7.60, a price-to-earnings-growth ratio of 2.37 and a beta of 1.02. Devon Energy Corporation has a 52-week low of $25.89 and a 52-week high of $49.35. The company has a quick ratio of 0.99, a current ratio of 1.08 and a debt-to-equity ratio of 0.57.

Devon Energy (NYSE:DVN - Get Free Report) last issued its earnings results on Tuesday, May 6th. The energy company reported $1.21 EPS for the quarter, missing analysts' consensus estimates of $1.27 by ($0.06). The business had revenue of $4.45 billion during the quarter, compared to analysts' expectations of $4.31 billion. Devon Energy had a return on equity of 21.90% and a net margin of 16.60%. Devon Energy's revenue for the quarter was up 23.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.16 EPS. Equities research analysts forecast that Devon Energy Corporation will post 4.85 EPS for the current year.

Devon Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were issued a $0.24 dividend. The ex-dividend date of this dividend was Friday, June 13th. This represents a $0.96 annualized dividend and a dividend yield of 2.88%. Devon Energy's dividend payout ratio is currently 21.87%.

Analyst Upgrades and Downgrades

DVN has been the subject of several recent research reports. Mizuho reduced their price target on Devon Energy from $46.00 to $43.00 and set an "outperform" rating for the company in a research report on Tuesday, May 13th. The Goldman Sachs Group lifted their target price on Devon Energy from $38.00 to $43.00 and gave the company a "buy" rating in a report on Thursday, May 15th. Raymond James Financial set a $40.00 price target on Devon Energy in a research report on Monday, April 21st. Citigroup cut their price objective on shares of Devon Energy from $46.00 to $43.00 and set a "buy" rating for the company in a research report on Friday, April 4th. Finally, UBS Group reduced their price objective on shares of Devon Energy from $41.00 to $35.00 and set a "neutral" rating for the company in a research note on Monday, April 7th. Ten equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Devon Energy presently has an average rating of "Moderate Buy" and a consensus price target of $43.50.

About Devon Energy

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.