Sumitomo Mitsui Trust Holdings Inc. Acquires 118,346 Shares of Devon Energy Co. (NYSE:DVN)

Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in Devon Energy Co. (NYSE:DVN) by 6.9% in the fourth quarter, HoldingsChannel reports. The fund owned 1,825,364 shares of the energy company’s stock after buying an additional 118,346 shares during the period. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Devon Energy were worth $82,689,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Canada Pension Plan Investment Board bought a new stake in Devon Energy during the 1st quarter valued at $26,000. Fortis Capital Advisors LLC bought a new stake in Devon Energy during the 4th quarter valued at $31,000. KB Financial Partners LLC bought a new stake in Devon Energy during the 1st quarter valued at $26,000. Coppell Advisory Solutions LLC bought a new stake in Devon Energy during the 2nd quarter valued at $25,000. Finally, Annis Gardner Whiting Capital Advisors LLC bought a new stake in Devon Energy during the 3rd quarter valued at $27,000. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Stock Performance

Shares of Devon Energy stock opened at $51.67 on Thursday. The stock has a market cap of $32.81 billion, a price-to-earnings ratio of 8.86 and a beta of 2.19. The firm’s 50-day moving average is $47.51 and its 200 day moving average is $45.82. Devon Energy Co. has a 1 year low of $40.47 and a 1 year high of $55.46. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.07 and a quick ratio of 0.99.

Devon Energy (NYSE:DVN) last announced its quarterly 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. The company had revenue of $4.15 billion for the quarter, compared to analysts’ expectations of $3.88 billion. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. Devon Energy’s revenue was down 3.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.66 EPS. Sell-side analysts anticipate that Devon Energy Co. will post 5.02 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The business also recently announced 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. This represents a $1.76 annualized dividend and a yield of 3.41%. The ex-dividend date of this dividend was Thursday, March 14th. Devon Energy’s dividend payout ratio is currently 15.09%.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. Citigroup upped their price target on shares of Devon Energy from $55.00 to $62.00 and gave the company a “buy” rating in a report on Thursday, April 11th. Wells Fargo & Company upgraded shares of Devon Energy from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $46.00 to $59.00 in a report on Monday, April 1st. Morgan Stanley boosted their price objective on shares of Devon Energy from $49.00 to $50.00 and gave the company an “overweight” rating in a research report on Monday. UBS Group boosted their price objective on shares of Devon Energy from $48.00 to $57.00 and gave the company a “neutral” rating in a research report on Wednesday, April 10th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $55.00 price objective on shares of Devon Energy in a research report on Thursday, March 7th. Five investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $57.89.

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.