Mitsubishi UFJ Asset Management Co. Ltd. Buys 62,075 Shares of Devon Energy Co. (NYSE:DVN)

Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of Devon Energy Co. (NYSE:DVN - Free Report) by 10.5% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 654,157 shares of the energy company's stock after purchasing an additional 62,075 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.10% of Devon Energy worth $30,621,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Morgan Stanley increased its position in shares of Devon Energy by 23.6% during the third quarter. Morgan Stanley now owns 11,647,104 shares of the energy company's stock worth $555,567,000 after acquiring an additional 2,220,194 shares during the period. Victory Capital Management Inc. raised its holdings in Devon Energy by 0.8% in the fourth quarter. Victory Capital Management Inc. now owns 8,539,335 shares of the energy company's stock valued at $386,832,000 after acquiring an additional 68,339 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Devon Energy by 26.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company's stock worth $320,609,000 after acquiring an additional 1,488,374 shares in the last quarter. Northern Trust Corp raised its position in shares of Devon Energy by 1.2% during the 3rd quarter. Northern Trust Corp now owns 6,774,537 shares of the energy company's stock worth $323,145,000 after acquiring an additional 82,607 shares in the last quarter. Finally, Pacer Advisors Inc. lifted its holdings in shares of Devon Energy by 1,279.7% in the 4th quarter. Pacer Advisors Inc. now owns 6,145,605 shares of the energy company's stock valued at $278,396,000 after purchasing an additional 5,700,167 shares during the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on DVN shares. Mizuho upped their price target on Devon Energy from $57.00 to $61.00 and gave the stock a "buy" rating in a report on Monday. Truist Financial reduced their price objective on shares of Devon Energy from $69.00 to $67.00 and set a "buy" rating for the company in a research note on Friday, May 3rd. Barclays initiated coverage on shares of Devon Energy in a research report on Wednesday, April 10th. They set an "equal weight" rating and a $59.00 target price on the stock. Susquehanna increased their price objective on shares of Devon Energy from $52.00 to $65.00 and gave the stock a "positive" rating in a report on Monday, April 22nd. Finally, Raymond James reduced their target price on Devon Energy from $53.00 to $52.00 and set an "outperform" rating on the stock in a report on Wednesday, January 24th. Four research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $58.83.

Insider Activity at Devon Energy

In other Devon Energy news, EVP Tana K. Cashion sold 20,000 shares of the stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the completion of the transaction, the executive vice president now owns 104,182 shares in the company, valued at $5,317,449.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.63% of the stock is currently owned by insiders.

Devon Energy Price Performance

Shares of DVN stock traded down $0.47 on Thursday, hitting $49.24. 5,289,157 shares of the company's stock were exchanged, compared to its average volume of 7,655,770. Devon Energy Co. has a 12 month low of $40.47 and a 12 month high of $55.09. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.04 and a quick ratio of 0.97. The stock has a market cap of $31.12 billion, a P/E ratio of 9.48 and a beta of 2.15. The company has a 50 day moving average of $50.56 and a 200 day moving average of $46.41.

Devon Energy (NYSE:DVN - Get Free Report) last announced its earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.06. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The firm had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.64 billion. During the same period last year, the firm posted $1.46 EPS. The business's revenue was down 5.9% compared to the same quarter last year. On average, equities research analysts predict that Devon Energy Co. will post 5.24 EPS for the current year.

Devon Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be issued a $0.22 dividend. The ex-dividend date is Friday, June 14th. This represents a $0.88 dividend on an annualized basis and a yield of 1.79%. Devon Energy's payout ratio is currently 16.79%.

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.