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

Sumitomo Mitsui Trust Holdings Inc. increased its stake in shares of Devon Energy Co. (NYSE:DVN) by 6.9% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm 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. owned 0.28% of Devon Energy worth $82,689,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Canada Pension Plan Investment Board bought a new stake in shares of Devon Energy during the 1st quarter worth about $26,000. Fortis Capital Advisors LLC bought a new stake in shares of Devon Energy during the 4th quarter worth about $31,000. KB Financial Partners LLC bought a new stake in shares of Devon Energy during the 1st quarter worth about $26,000. Coppell Advisory Solutions LLC bought a new stake in shares of Devon Energy during the 2nd quarter worth about $25,000. Finally, Annis Gardner Whiting Capital Advisors LLC bought a new stake in shares of Devon Energy during the 3rd quarter worth about $27,000. Institutional investors own 69.72% of the company’s stock.

Devon Energy Price Performance

DVN stock opened at $51.67 on Thursday. The company has a 50 day simple moving average of $47.51 and a 200 day simple moving average of $45.82. The stock has a market cap of $32.81 billion, a price-to-earnings ratio of 8.86 and a beta of 2.19. 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 posted its earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.39 by $0.02. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The firm had revenue of $4.15 billion for the quarter, compared to analyst estimates of $3.88 billion. During the same period in the previous year, the firm posted $1.66 EPS. The company’s revenue for the quarter was down 3.6% compared to the same quarter last year. Research analysts anticipate that Devon Energy Co. will post 5.02 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were issued a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a yield of 3.41%. The ex-dividend date was Thursday, March 14th. Devon Energy’s payout ratio is 15.09%.

Analyst Ratings Changes

Several analysts have weighed in on DVN shares. Royal Bank of Canada reiterated a “sector perform” rating and issued a $55.00 price objective on shares of Devon Energy in a research note on Thursday, March 7th. Mizuho dropped their price objective on shares of Devon Energy from $54.00 to $53.00 and set a “buy” rating for the company in a research note on Thursday, January 11th. Scotiabank lifted their price objective on shares of Devon Energy from $53.00 to $67.00 and gave the stock a “sector outperform” rating in a research note on Thursday, April 11th. Raymond James dropped their price objective on shares of Devon Energy from $53.00 to $52.00 and set an “outperform” rating for the company in a research note on Wednesday, January 24th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Devon Energy from $57.00 to $62.00 and gave the stock an “overweight” rating in a research note on Monday, April 8th. Five research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, Devon Energy presently 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.