Rakuten Securities Inc. Makes New Investment in Devon Energy Co. (NYSE:DVN)

Rakuten Securities Inc. acquired a new stake in Devon Energy Co. (NYSE:DVN) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 1,642 shares of the energy company’s stock, valued at approximately $74,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Coppell Advisory Solutions LLC purchased a new position in Devon Energy during the second quarter worth approximately $25,000. Canada Pension Plan Investment Board acquired a new position in shares of Devon Energy during the 1st quarter valued at $26,000. KB Financial Partners LLC acquired a new stake in Devon Energy in the 1st quarter valued at $26,000. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in shares of Devon Energy in the third quarter worth about $27,000. Finally, Sound Income Strategies LLC grew its stake in shares of Devon Energy by 60.7% in the fourth quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock valued at $31,000 after buying an additional 255 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently commented on DVN. Citigroup boosted their price target on Devon Energy from $55.00 to $62.00 and gave the stock a “buy” rating in a research note on Thursday, April 11th. JPMorgan Chase & Co. boosted their price objective on Devon Energy from $57.00 to $62.00 and gave the company an “overweight” rating in a research report on Monday, April 8th. Scotiabank increased their target price on Devon Energy from $53.00 to $67.00 and gave the stock a “sector outperform” rating in a research report on Thursday, April 11th. Barclays started coverage on shares of Devon Energy in a research report on Wednesday, April 10th. They set an “equal weight” rating and a $59.00 price target for the company. Finally, Raymond James decreased their target price on shares of Devon Energy from $53.00 to $52.00 and set an “outperform” rating for the company in a research report on Wednesday, January 24th. Five analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $57.89.

Devon Energy Stock Performance

DVN stock opened at $51.67 on Thursday. The company has a market capitalization of $32.81 billion, a price-to-earnings ratio of 8.86 and a beta of 2.19. The firm has a 50 day moving average of $47.51 and a two-hundred day moving average of $45.82. The company has a quick ratio of 0.99, a current ratio of 1.07 and a debt-to-equity ratio of 0.46. Devon Energy Co. has a 12 month low of $40.47 and a 12 month high of $55.46.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.02. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The firm had revenue of $4.15 billion during the quarter, compared to analysts’ expectations of $3.88 billion. During the same quarter in the prior year, the business earned $1.66 earnings per share. The company’s revenue was down 3.6% on a year-over-year basis. As a group, equities analysts anticipate that Devon Energy Co. will post 5.14 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were paid a $0.44 dividend. The ex-dividend date was Thursday, March 14th. This represents a $1.76 dividend on an annualized basis and a yield of 3.41%. Devon Energy’s payout ratio is presently 15.09%.

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.