Devon Energy Co. (NYSE:DVN) Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. decreased its holdings in shares of Devon Energy Co. (NYSE:DVN) by 0.2% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,642,763 shares of the energy company’s stock after selling 3,374 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.26% of Devon Energy worth $64,265,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Vanguard Group Inc. grew its holdings in Devon Energy by 3.5% during the first quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock worth $3,836,615,000 after acquiring an additional 2,559,039 shares during the period. Pacer Advisors Inc. grew its stake in shares of Devon Energy by 16.8% during the 2nd quarter. Pacer Advisors Inc. now owns 9,913,516 shares of the energy company’s stock worth $469,901,000 after purchasing an additional 1,428,776 shares during the period. Raymond James & Associates increased its holdings in shares of Devon Energy by 1.5% in the 2nd quarter. Raymond James & Associates now owns 9,183,778 shares of the energy company’s stock valued at $435,311,000 after purchasing an additional 138,919 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Devon Energy by 16.7% in the second quarter. Dimensional Fund Advisors LP now owns 8,793,217 shares of the energy company’s stock valued at $416,779,000 after purchasing an additional 1,255,543 shares during the period. Finally, Thrivent Financial for Lutherans boosted its holdings in Devon Energy by 15.9% during the second quarter. Thrivent Financial for Lutherans now owns 5,094,017 shares of the energy company’s stock worth $241,456,000 after buying an additional 699,743 shares in the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently issued reports on DVN. StockNews.com downgraded shares of Devon Energy from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. BMO Capital Markets reduced their price objective on Devon Energy from $52.00 to $48.00 and set an “outperform” rating for the company in a report on Friday, October 4th. Morgan Stanley lowered their target price on Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a report on Monday, September 16th. Wolfe Research began coverage on Devon Energy in a research note on Thursday, July 18th. They set a “peer perform” rating for the company. Finally, UBS Group lowered their price objective on shares of Devon Energy from $53.00 to $47.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 18th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, Devon Energy has a consensus rating of “Hold” and a consensus target price of $51.80.

Devon Energy Price Performance

Shares of NYSE:DVN opened at $39.36 on Friday. The company has a market cap of $25.86 billion, a P/E ratio of 7.30, a P/E/G ratio of 1.19 and a beta of 2.03. The business has a fifty day simple moving average of $40.15 and a 200-day simple moving average of $44.52. Devon Energy Co. has a 52 week low of $37.76 and a 52 week high of $55.09. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating the consensus estimate of $1.09 by $0.01. The company had revenue of $4.02 billion during the quarter, compared to analysts’ expectations of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The firm’s revenue was up 4.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.65 EPS. Equities research analysts forecast that Devon Energy Co. will post 4.86 EPS for the current year.

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.24%. The ex-dividend date of this dividend is Friday, December 13th. Devon Energy’s dividend payout ratio is currently 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.