Mitsubishi UFJ Trust & Banking Corp Has $21.96 Million Holdings in Devon Energy Co. (NYSE:DVN)

Mitsubishi UFJ Trust & Banking Corp lessened its stake in Devon Energy Co. (NYSE:DVN) by 11.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 436,998 shares of the energy company’s stock after selling 58,386 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp owned approximately 0.07% of Devon Energy worth $21,964,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in DVN. Creekmur Asset Management LLC acquired a new stake in Devon Energy during the 4th quarter valued at $791,000. Wahed Invest LLC lifted its holdings in Devon Energy by 6.3% during the 4th quarter. Wahed Invest LLC now owns 10,944 shares of the energy company’s stock valued at $496,000 after purchasing an additional 648 shares during the last quarter. DekaBank Deutsche Girozentrale lifted its holdings in Devon Energy by 39.0% during the 4th quarter. DekaBank Deutsche Girozentrale now owns 197,726 shares of the energy company’s stock valued at $9,008,000 after purchasing an additional 55,459 shares during the last quarter. Tradewinds Capital Management LLC acquired a new stake in Devon Energy during the 1st quarter valued at $30,000. Finally, L. Roy Papp & Associates LLP acquired a new stake in Devon Energy during the 4th quarter valued at $287,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on DVN. Morgan Stanley raised their price target on Devon Energy from $52.00 to $54.00 and gave the company an “overweight” rating in a report on Tuesday, July 9th. Susquehanna reissued a “positive” rating and set a $65.00 target price on shares of Devon Energy in a report on Tuesday, July 9th. BMO Capital Markets raised Devon Energy to a “strong-buy” rating in a report on Wednesday, July 3rd. Royal Bank of Canada reissued a “sector perform” rating and set a $57.00 target price on shares of Devon Energy in a report on Tuesday, July 9th. Finally, StockNews.com downgraded Devon Energy from a “buy” rating to a “hold” rating in a report on Thursday. Six equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $59.25.

Devon Energy Price Performance

Devon Energy stock traded down $0.72 during midday trading on Friday, reaching $47.74. The company’s stock had a trading volume of 4,995,468 shares, compared to its average volume of 6,307,960. Devon Energy Co. has a 52 week low of $40.47 and a 52 week high of $55.09. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 0.46. The business has a 50-day moving average price of $47.54 and a 200-day moving average price of $47.11. The stock has a market cap of $30.17 billion, a PE ratio of 9.11, a price-to-earnings-growth ratio of 1.23 and a beta of 2.07.

Devon Energy (NYSE:DVN) last released its earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.10 by $0.06. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The firm had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.64 billion. During the same quarter in the previous year, the business posted $1.46 earnings per share. The business’s revenue for the quarter was down 5.9% on a year-over-year basis. On average, sell-side analysts predict that Devon Energy Co. will post 5.4 EPS for the current year.

Devon Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 1.84%. The ex-dividend date of this dividend was Friday, June 14th. Devon Energy’s dividend payout ratio is presently 16.79%.

Insider Buying and Selling at Devon Energy

In other Devon Energy news, EVP Tana K. Cashion sold 20,000 shares of Devon Energy stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total value of $1,020,800.00. Following the transaction, the executive vice president now owns 104,182 shares in the company, valued at $5,317,449.28. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.73% of the company’s stock.

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.