Sumitomo Life Insurance Co. Cuts Stock Position in Devon Energy Co. (NYSE:DVN)

Sumitomo Life Insurance Co. lessened its position in Devon Energy Co. (NYSE:DVN) by 4.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 19,665 shares of the energy company’s stock after selling 1,020 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in Devon Energy were worth $891,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Capital Advisors Inc. OK raised its holdings in shares of Devon Energy by 9.5% in the 4th quarter. Capital Advisors Inc. OK now owns 827,196 shares of the energy company’s stock valued at $37,472,000 after buying an additional 71,717 shares during the period. Altus Wealth Group LLC purchased a new stake in Devon Energy during the 4th quarter worth about $327,000. Louisiana State Employees Retirement System purchased a new stake in Devon Energy during the 4th quarter worth about $1,753,000. Lauer Wealth LLC purchased a new stake in Devon Energy during the 4th quarter worth about $263,000. Finally, Baystate Wealth Management LLC increased its holdings in Devon Energy by 36.3% during the 4th quarter. Baystate Wealth Management LLC now owns 1,142 shares of the energy company’s stock worth $52,000 after purchasing an additional 304 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Performance

Shares of NYSE:DVN opened at $52.68 on Tuesday. The firm has a market capitalization of $33.45 billion, a PE ratio of 9.04 and a beta of 2.19. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.07 and a quick ratio of 0.99. The business has a 50-day moving average of $47.08 and a two-hundred day moving average of $45.74. Devon Energy Co. has a 12 month low of $40.47 and a 12 month high of $56.19.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating 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 business had revenue of $4.15 billion during the quarter, compared to analyst estimates of $3.88 billion. During the same quarter last year, the firm earned $1.66 earnings per share. The company’s revenue for the quarter was down 3.6% compared to the same quarter last year. As a group, research analysts forecast that Devon Energy Co. will post 5.02 earnings per share for the current year.

Devon Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were paid a dividend of $0.44 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.76 dividend on an annualized basis and a yield of 3.34%. Devon Energy’s dividend payout ratio (DPR) is presently 15.09%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Piper Sandler decreased their target price on Devon Energy from $61.00 to $59.00 and set an “overweight” rating for the company in a research note on Wednesday, January 24th. Morgan Stanley boosted their price objective on Devon Energy from $49.00 to $50.00 and gave the company an “overweight” rating in a research note on Monday. Barclays began coverage on Devon Energy in a research note on Wednesday, April 10th. They issued an “equal weight” rating and a $59.00 price objective for the company. Mizuho dropped their target price on Devon Energy from $54.00 to $53.00 and set a “buy” rating on the stock in a report on Thursday, January 11th. Finally, Wells Fargo & Company raised Devon Energy from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $46.00 to $59.00 in a report on Monday, April 1st. Five analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $57.89.

About Devon Energy

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.