Daiwa Securities Group Inc. Has $2.74 Million Position in Devon Energy Co. (NYSE:DVN)

Daiwa Securities Group Inc. cut its stake in Devon Energy Co. (NYSE:DVN) by 9.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 83,793 shares of the energy company’s stock after selling 8,907 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Devon Energy were worth $2,743,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of DVN. EnCap Energy Capital Fund XI L.P. bought a new position in Devon Energy in the 3rd quarter valued at about $461,857,000. EnCap Partners GP LLC bought a new position in shares of Devon Energy during the third quarter worth approximately $408,653,000. EnCap Energy Capital Fund X L.P. bought a new position in shares of Devon Energy during the third quarter worth approximately $230,928,000. Raymond James Financial Inc. acquired a new stake in Devon Energy during the 4th quarter worth approximately $154,170,000. Finally, Pacer Advisors Inc. boosted its stake in Devon Energy by 16.9% in the 3rd quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock valued at $453,446,000 after purchasing an additional 1,677,652 shares during the period. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Stock Performance

Shares of Devon Energy stock opened at $33.79 on Friday. The company’s 50 day moving average price is $35.36 and its two-hundred day moving average price is $37.47. The firm has a market capitalization of $21.93 billion, a P/E ratio of 7.41, a P/E/G ratio of 1.20 and a beta of 1.91. Devon Energy Co. has a fifty-two week low of $30.39 and a fifty-two week high of $55.09. 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 (NYSE:DVN) last released its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.16. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The company had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.25 billion. On average, equities analysts forecast that Devon Energy Co. will post 4.85 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be paid a $0.24 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.96 annualized dividend and a dividend yield of 2.84%. This is an increase from Devon Energy’s previous quarterly dividend of $0.22. Devon Energy’s dividend payout ratio is currently 21.05%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Williams Trading set a $50.00 price objective on Devon Energy in a research report on Wednesday, March 5th. Benchmark reaffirmed a “buy” rating and set a $44.00 price target on shares of Devon Energy in a research report on Thursday, February 20th. Wolfe Research raised shares of Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a report on Friday, January 3rd. Cowen cut shares of Devon Energy to a “hold” rating and lowered their target price for the stock from $46.00 to $45.00 in a report on Tuesday, February 18th. Finally, Citigroup cut Devon Energy from a “buy” rating to a “reduce” rating in a research note on Wednesday, March 5th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $48.54.

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.