Sumitomo Mitsui DS Asset Management Company Ltd Cuts Stake in Devon Energy Co. (NYSE:DVN)

Sumitomo Mitsui DS Asset Management Company Ltd cut its position in Devon Energy Co. (NYSE:DVN - Free Report) by 19.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 79,707 shares of the energy company's stock after selling 18,769 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in Devon Energy were worth $3,611,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in DVN. CWM LLC grew its stake in shares of Devon Energy by 76.3% in the 3rd quarter. CWM LLC now owns 26,064 shares of the energy company's stock valued at $1,243,000 after buying an additional 11,279 shares during the period. Ritholtz Wealth Management acquired a new position in Devon Energy during the 3rd quarter valued at about $368,000. Avior Wealth Management LLC lifted its position in shares of Devon Energy by 4.9% during the 3rd quarter. Avior Wealth Management LLC now owns 4,406 shares of the energy company's stock worth $210,000 after buying an additional 207 shares in the last quarter. Midwest Financial Group LLC lifted its position in shares of Devon Energy by 4.3% during the 3rd quarter. Midwest Financial Group LLC now owns 18,260 shares of the energy company's stock worth $871,000 after buying an additional 760 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. lifted its position in shares of Devon Energy by 19.0% during the 3rd quarter. Newbridge Financial Services Group Inc. now owns 18,660 shares of the energy company's stock worth $890,000 after buying an additional 2,978 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Price Performance

NYSE:DVN traded up $0.44 during midday trading on Tuesday, hitting $52.57. The company had a trading volume of 4,165,537 shares, compared to its average volume of 7,934,932. Devon Energy Co. has a 52-week low of $40.47 and a 52-week high of $55.09. The stock's fifty day moving average price is $48.30 and its 200-day moving average price is $46.05. The company has a market capitalization of $33.38 billion, a PE ratio of 9.02 and a beta of 2.19. The company has a quick ratio of 0.99, a current ratio of 1.07 and a debt-to-equity ratio of 0.46.

Devon Energy (NYSE:DVN - Get Free Report) last announced its earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.02. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The company had revenue of $4.15 billion during the quarter, compared to analyst estimates of $3.88 billion. During the same period in the previous year, the business earned $1.66 earnings per share. The firm's quarterly revenue was down 3.6% compared to the same quarter last year. As a group, research analysts expect that Devon Energy Co. will post 5.14 earnings per share for the current year.

Devon Energy Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were given a $0.44 dividend. The ex-dividend date was Thursday, March 14th. This represents a $1.76 annualized dividend and a yield of 3.35%. Devon Energy's dividend payout ratio (DPR) is presently 15.09%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Susquehanna lifted their target price on shares of Devon Energy from $52.00 to $65.00 and gave the stock a "positive" rating in a research report on Monday. UBS Group lifted their target price on shares of Devon Energy from $48.00 to $57.00 and gave the stock a "neutral" rating in a research report on Wednesday, April 10th. Scotiabank lifted their target price on shares of Devon Energy from $53.00 to $67.00 and gave the stock a "sector outperform" rating in a research report on Thursday, April 11th. JPMorgan Chase & Co. lifted their price target on shares of Devon Energy from $57.00 to $62.00 and gave the stock an "overweight" rating in a report on Monday, April 8th. Finally, Morgan Stanley lifted their price target on shares of Devon Energy from $49.00 to $50.00 and gave the stock an "overweight" rating in a report on Monday, April 15th. Five investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, Devon Energy currently has a consensus rating of "Moderate Buy" and a consensus price target of $58.33.

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.