Daiwa Securities Group Inc. Grows Holdings in Devon Energy Co. (NYSE:DVN)

Daiwa Securities Group Inc. lifted its position in shares of Devon Energy Co. (NYSE:DVN) by 18.2% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 92,700 shares of the energy company’s stock after buying an additional 14,272 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Devon Energy were worth $3,627,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Larson Financial Group LLC increased its stake in Devon Energy by 5.1% in the third quarter. Larson Financial Group LLC now owns 47,879 shares of the energy company’s stock valued at $1,873,000 after purchasing an additional 2,329 shares during the last quarter. StoneX Group Inc. increased its stake in shares of Devon Energy by 3.1% during the 3rd quarter. StoneX Group Inc. now owns 21,865 shares of the energy company’s stock valued at $855,000 after acquiring an additional 659 shares during the last quarter. Pitcairn Co. lifted its holdings in shares of Devon Energy by 99.0% during the 3rd quarter. Pitcairn Co. now owns 42,383 shares of the energy company’s stock worth $1,658,000 after acquiring an additional 21,083 shares during the period. Algert Global LLC boosted its position in shares of Devon Energy by 15.5% in the third quarter. Algert Global LLC now owns 11,229 shares of the energy company’s stock worth $439,000 after acquiring an additional 1,510 shares during the last quarter. Finally, Cerity Partners LLC grew its holdings in Devon Energy by 97.7% in the third quarter. Cerity Partners LLC now owns 208,596 shares of the energy company’s stock valued at $8,160,000 after purchasing an additional 103,094 shares during the period. Institutional investors and hedge funds own 69.72% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on DVN. StockNews.com lowered shares of Devon Energy from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Royal Bank of Canada reissued a “sector perform” rating and set a $57.00 price target on shares of Devon Energy in a research report on Tuesday, September 3rd. Morgan Stanley cut their price objective on Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a report on Monday, September 16th. JPMorgan Chase & Co. decreased their target price on Devon Energy from $64.00 to $51.00 and set an “overweight” rating for the company in a report on Thursday, September 12th. Finally, Barclays cut their price target on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $51.15.

Devon Energy Stock Up 0.3 %

NYSE:DVN opened at $37.83 on Thursday. The firm has a market capitalization of $24.85 billion, a PE ratio of 7.02, a price-to-earnings-growth ratio of 1.21 and a beta of 2.03. Devon Energy Co. has a 52 week low of $37.28 and a 52 week high of $55.09. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. The stock has a 50 day moving average of $39.85 and a 200-day moving average of $43.73.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The firm had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same period last year, the company earned $1.65 earnings per share. The firm’s revenue for the quarter was up 4.9% on a year-over-year basis. Analysts predict that Devon Energy Co. will post 4.79 EPS for the current year.

Devon Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be issued a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.33%. Devon Energy’s dividend payout ratio (DPR) is presently 16.33%.

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.