Mitsubishi UFJ Asset Management Co. Ltd. Has $41.58 Million Stake in Devon Energy Co. (NYSE:DVN)

Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of Devon Energy Co. (NYSE:DVN) by 15.5% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,225,582 shares of the energy company’s stock after purchasing an additional 164,336 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.19% of Devon Energy worth $41,584,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the business. Cromwell Holdings LLC raised its stake in Devon Energy by 98.0% in the fourth quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock valued at $40,000 after purchasing an additional 598 shares in the last quarter. Sierra Ocean LLC acquired a new position in shares of Devon Energy in the 4th quarter valued at approximately $43,000. True Wealth Design LLC lifted its stake in shares of Devon Energy by 3,889.3% in the 3rd quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock valued at $44,000 after acquiring an additional 1,089 shares during the last quarter. Endeavor Private Wealth Inc. acquired a new stake in shares of Devon Energy during the fourth quarter valued at about $52,000. Finally, Thompson Investment Management Inc. grew its stake in shares of Devon Energy by 60.0% in the fourth quarter. Thompson Investment Management Inc. now owns 1,600 shares of the energy company’s stock worth $52,000 after purchasing an additional 600 shares during the last quarter. 69.72% of the stock is owned by institutional investors.

Devon Energy Stock Down 0.3 %

Shares of NYSE DVN opened at $36.79 on Friday. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01. Devon Energy Co. has a 1 year low of $30.39 and a 1 year high of $55.09. The stock 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. The company has a 50-day moving average price of $35.38 and a 200-day moving average price of $36.87.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.16. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The firm had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.25 billion. On average, equities research analysts forecast 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 $0.24 dividend. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a yield of 2.61%. The ex-dividend date is Friday, March 14th. Devon Energy’s dividend payout ratio is presently 21.05%.

Analyst Ratings Changes

A number of equities research analysts have commented on DVN shares. Citigroup reduced their price target on Devon Energy from $48.00 to $46.00 and set a “buy” rating on the stock in a research report on Monday, March 17th. Piper Sandler raised their price target on shares of Devon Energy from $54.00 to $55.00 and gave the stock an “overweight” rating in a report on Monday, February 24th. Morgan Stanley set a $47.00 price objective on shares of Devon Energy and gave the company an “overweight” rating in a research note on Wednesday. Williams Trading set a $50.00 target price on shares of Devon Energy in a research note on Wednesday, March 5th. Finally, Wells Fargo & Company cut their price target on shares of Devon Energy from $49.00 to $43.00 and set an “overweight” rating on the stock in a research report on Tuesday, December 17th. Ten analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price 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.