Nikko Asset Management Americas Inc. Has $1.01 Million Holdings in Devon Energy Corporation (NYSE:DVN)

Nikko Asset Management Americas Inc. increased its holdings in Devon Energy Corporation (NYSE:DVN) by 1.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 27,068 shares of the energy company’s stock after acquiring an additional 487 shares during the period. Nikko Asset Management Americas Inc.’s holdings in Devon Energy were worth $1,012,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Geode Capital Management LLC raised its stake in shares of Devon Energy by 6.5% in the fourth quarter. Geode Capital Management LLC now owns 16,931,275 shares of the energy company’s stock worth $552,830,000 after purchasing an additional 1,038,305 shares during the last quarter. Victory Capital Management Inc. grew its holdings in Devon Energy by 12.9% during the first quarter. Victory Capital Management Inc. now owns 11,518,862 shares of the energy company’s stock worth $430,805,000 after buying an additional 1,315,050 shares in the last quarter. Fuller & Thaler Asset Management Inc. grew its holdings in Devon Energy by 42.8% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 10,395,225 shares of the energy company’s stock worth $340,236,000 after buying an additional 3,114,656 shares in the last quarter. Invesco Ltd. raised its position in Devon Energy by 32.8% in the 4th quarter. Invesco Ltd. now owns 9,461,719 shares of the energy company’s stock valued at $309,682,000 after buying an additional 2,335,473 shares during the last quarter. Finally, Northern Trust Corp lifted its stake in Devon Energy by 2.4% during the 4th quarter. Northern Trust Corp now owns 6,260,735 shares of the energy company’s stock valued at $204,914,000 after acquiring an additional 144,789 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Performance

Shares of DVN stock opened at $32.95 on Friday. The firm’s 50 day moving average is $32.75 and its 200 day moving average is $33.50. The stock has a market capitalization of $21.15 billion, a P/E ratio of 7.50, a PEG ratio of 1.87 and a beta of 1.02. Devon Energy Corporation has a 12 month low of $25.89 and a 12 month high of $47.44. The company has a current ratio of 1.08, a quick ratio of 0.99 and a debt-to-equity ratio of 0.57.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, May 6th. The energy company reported $1.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.27 by ($0.06). Devon Energy had a return on equity of 21.90% and a net margin of 16.60%. The company had revenue of $4.45 billion for the quarter, compared to analysts’ expectations of $4.31 billion. During the same quarter in the prior year, the company earned $1.16 EPS. The company’s revenue was up 23.8% on a year-over-year basis. On average, sell-side analysts anticipate that Devon Energy Corporation will post 4.85 earnings per share for the current year.

Devon Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 13th were paid a $0.24 dividend. The ex-dividend date of this dividend was Friday, June 13th. This represents a $0.96 annualized dividend and a yield of 2.91%. Devon Energy’s dividend payout ratio is currently 21.87%.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Bank of America reduced their target price on shares of Devon Energy from $52.00 to $42.00 and set a “buy” rating for the company in a research note on Tuesday, April 29th. The Goldman Sachs Group upped their price objective on shares of Devon Energy from $38.00 to $43.00 and gave the stock a “buy” rating in a research report on Thursday, May 15th. JPMorgan Chase & Co. increased their price objective on shares of Devon Energy from $40.00 to $42.00 and gave the company a “neutral” rating in a research note on Tuesday, July 8th. Wolfe Research boosted their target price on Devon Energy from $47.00 to $49.00 and gave the stock an “outperform” rating in a research note on Monday, June 23rd. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $58.00 target price (up from $53.00) on shares of Devon Energy in a report on Thursday, July 17th. Eleven equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $43.85.

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.