Nomura Asset Management Co. Ltd. Increases Position in Devon Energy Co. (NYSE:DVN)

Nomura Asset Management Co. Ltd. increased its stake in shares of Devon Energy Co. (NYSE:DVN) by 2.1% in the fourth quarter, HoldingsChannel reports. The firm owned 290,270 shares of the energy company’s stock after buying an additional 5,936 shares during the period. Nomura Asset Management Co. Ltd.’s holdings in Devon Energy were worth $9,501,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in DVN. Vanguard Group Inc. grew its position in shares of Devon Energy by 7.3% in the 4th quarter. Vanguard Group Inc. now owns 80,682,170 shares of the energy company’s stock worth $2,640,727,000 after buying an additional 5,465,692 shares during the last quarter. Geode Capital Management LLC boosted its stake in Devon Energy by 1.3% in the third quarter. Geode Capital Management LLC now owns 15,892,970 shares of the energy company’s stock valued at $619,747,000 after acquiring an additional 206,884 shares in the last quarter. EnCap Energy Capital Fund XI L.P. purchased a new position in Devon Energy in the third quarter worth $461,857,000. EnCap Partners GP LLC acquired a new position in shares of Devon Energy during the third quarter worth $408,653,000. Finally, Victory Capital Management Inc. lifted its holdings in shares of 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 purchasing an additional 232,469 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Performance

Shares of DVN stock opened at $36.79 on Monday. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57. Devon Energy Co. has a 12-month low of $30.39 and a 12-month high of $55.09. The business’s 50 day moving average is $35.38 and its two-hundred day moving average is $36.84. The company has a market capitalization of $23.87 billion, a P/E ratio of 8.07, a P/E/G ratio of 1.20 and a beta of 1.91.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.16. The firm had revenue of $4.40 billion for the quarter, compared to analysts’ expectations of $4.25 billion. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. Analysts expect that Devon Energy Co. will post 4.85 EPS for the current fiscal year.

Devon Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.61%. The ex-dividend date of this dividend is Friday, March 14th. This is an increase from Devon Energy’s previous quarterly dividend of $0.22. Devon Energy’s dividend payout ratio is 21.05%.

Wall Street Analyst Weigh In

DVN has been the topic of several research analyst reports. Benchmark restated a “buy” rating and set a $44.00 target price on shares of Devon Energy in a research note on Thursday, February 20th. Sanford C. Bernstein upgraded shares of Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price objective on the stock in a report on Wednesday, January 15th. Barclays lifted their target price on shares of Devon Energy from $43.00 to $44.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 20th. Piper Sandler upped their price target on shares of Devon Energy from $54.00 to $55.00 and gave the company an “overweight” rating in a research note on Monday, February 24th. Finally, Raymond James lowered their price objective on shares of Devon Energy from $54.00 to $46.00 and set an “outperform” rating for the company in a research note on Monday, March 10th. Ten research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $48.29.

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.