Sumitomo Mitsui DS Asset Management Company Ltd Purchases 18,924 Shares of Devon Energy Corporation $DVN

Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in Devon Energy Corporation (NYSE:DVN) by 12.1% in the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 175,839 shares of the energy company’s stock after purchasing an additional 18,924 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Devon Energy were worth $8,096,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Premier Financial Group bought a new stake in Devon Energy during the 2nd quarter valued at $25,000. JFS Wealth Advisors LLC grew its position in shares of Devon Energy by 56.6% during the 2nd quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company’s stock worth $28,000 after buying an additional 245 shares in the last quarter. Parvin Asset Management LLC bought a new position in shares of Devon Energy during the 2nd quarter worth $28,000. KERR FINANCIAL PLANNING Corp bought a new position in shares of Devon Energy during the 2nd quarter worth $29,000. Finally, GoalVest Advisory LLC bought a new position in shares of Devon Energy during the 2nd quarter worth $30,000. Institutional investors own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

DVN has been the topic of several research reports. Susquehanna raised their price target on Devon Energy from $57.00 to $63.00 and gave the company a “positive” rating in a research note on Tuesday, July 21st. Barclays upped their price objective on shares of Devon Energy from $58.00 to $60.00 and gave the stock an “overweight” rating in a research note on Friday, October 9th. UBS Group increased their target price on shares of Devon Energy from $63.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, October 7th. Raymond James Financial increased their target price on shares of Devon Energy from $64.00 to $67.00 and gave the stock a “strong-buy” rating in a report on Monday, September 14th. Finally, Weiss Ratings raised shares of Devon Energy from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, October 8th. Two analysts have rated the stock with a Strong Buy rating, twenty-five have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $60.72.

Devon Energy News Summary

Here are the key news stories impacting Devon Energy this week:

• Positive Sentiment: Scotiabank initiated coverage of Devon Energy with a Sector Outperform rating, adding a new bullish view that could support investor sentiment. Scotiabank initiates coverage of Devon Energy with a sector outperform rating
• Positive Sentiment: Unusual options activity provided a bullish signal: investors acquired 38,111 call options, approximately 46% above average daily call volume. Call buying can indicate expectations for additional upside, although it does not guarantee future performance.
• Positive Sentiment: Zacks highlighted Devon Energy as a strong momentum stock, while its average brokerage recommendation remains equivalent to a Buy. The shares were also trading above their 50-day and 200-day moving averages, reinforcing the constructive technical backdrop. What Makes Devon Energy a Strong Momentum Stock
• Neutral Sentiment: Devon Energy was among the most heavily searched stocks on Zacks, signaling heightened investor interest but not necessarily a change in the company’s fundamentals or valuation. Investors Heavily Search Devon Energy
• Negative Sentiment: The stock declined despite an overall market uptick, suggesting short-term underperformance and possible profit-taking after a strong run toward its 52-week high. Devon Energy Stock Falls Amid Market Uptick
• Negative Sentiment: A Seeking Alpha analysis argued that investors should sell Devon Energy in favor of Permian Resources, creating a contrasting valuation and stock-selection argument that may weigh on sentiment. Sell Devon Energy to Buy Permian Resources

Insiders Place Their Bets

In related news, CEO Clay Gaspar acquired 3,913 shares of the firm’s stock in a transaction that occurred on Monday, September 14th. The stock was purchased at an average cost of $51.08 per share, for a total transaction of $199,876.04. Following the purchase, the chief executive officer directly owned 619,152 shares of the company’s stock, valued at $31,626,284.16. This trade represents a 0.64% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Robert Ferrall Lowe III sold 6,756 shares of the firm’s stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $50.95, for a total value of $344,218.20. Following the sale, the executive vice president directly owned 72,720 shares in the company, valued at approximately $3,705,084. The trade was a 8.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 4.58% of the company’s stock.

Devon Energy Stock Performance

Shares of NYSE:DVN opened at $49.83 on Thursday. The firm has a 50 day moving average of $48.37 and a 200 day moving average of $46.30. The company has a quick ratio of 0.67, a current ratio of 0.72 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $54.81 billion, a price-to-earnings ratio of 11.84, a price-to-earnings-growth ratio of 1.33 and a beta of 0.49. Devon Energy Corporation has a 52 week low of $31.65 and a 52 week high of $52.71.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.40 by $0.17. The business had revenue of $7.42 billion for the quarter, compared to analysts’ expectations of $6.01 billion. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%. The business’s revenue for the quarter was up 73.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.84 EPS. On average, sell-side analysts predict that Devon Energy Corporation will post 5.39 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th were given a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend was Tuesday, September 15th. Devon Energy’s payout ratio is presently 30.40%.

Devon Energy Company Profile

Devon Energy Corporation (NYSE:DVN) is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company focuses on onshore operations in the United States and markets the hydrocarbons produced from its assets to customers across the energy sector.

Devon’s portfolio has historically included major U.S. resource plays such as the Delaware Basin in the Permian Basin, the Eagle Ford, the Anadarko Basin, the Williston Basin and the Powder River Basin.