Mirae Asset Global Investments Co. Ltd. Buys New Stake in Devon Energy Corporation $DVN

Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Devon Energy Corporation (NYSE:DVN) during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 1,330,176 shares of the energy company’s stock, valued at approximately $61,241,000. Mirae Asset Global Investments Co. Ltd. owned 0.12% of Devon Energy at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in DVN. Vise Technologies Inc. raised its position in shares of Devon Energy by 15.1% during the third quarter. Vise Technologies Inc. now owns 71,401 shares of the energy company’s stock worth $3,287,000 after purchasing an additional 9,355 shares during the period. Grandfield & Dodd LLC increased its holdings in shares of Devon Energy by 0.7% in the third quarter. Grandfield & Dodd LLC now owns 356,690 shares of the energy company’s stock valued at $16,422,000 after purchasing an additional 2,580 shares in the last quarter. Unison Advisors LLC boosted its stake in Devon Energy by 0.8% in the third quarter. Unison Advisors LLC now owns 95,945 shares of the energy company’s stock valued at $4,417,000 after acquiring an additional 719 shares during the last quarter. Intrua Financial LLC increased its stake in Devon Energy by 12.2% in the third quarter. Intrua Financial LLC now owns 6,252 shares of the energy company’s stock valued at $288,000 after purchasing an additional 680 shares in the last quarter. Finally, Aprio Wealth Management LLC lifted its holdings in Devon Energy by 14.5% during the third quarter. Aprio Wealth Management LLC now owns 10,328 shares of the energy company’s stock worth $476,000 after acquiring an additional 1,309 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.

Devon Energy Price Performance

Shares of DVN stock opened at $52.21 on Monday. The company has a market capitalization of $57.43 billion, a PE ratio of 12.40, a price-to-earnings-growth ratio of 1.36 and a beta of 0.43. Devon Energy Corporation has a 12 month low of $31.91 and a 12 month high of $52.71. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.72 and a quick ratio of 0.67. The firm’s 50-day moving average is $48.90 and its two-hundred day moving average is $45.83.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, beating analysts’ consensus estimates of $1.40 by $0.17. The company had revenue of $7.42 billion for the quarter, compared to the consensus estimate of $6.01 billion. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%. The company’s revenue for the quarter was up 73.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.84 earnings per share. Analysts predict that Devon Energy Corporation will post 5.49 earnings per share for the current year.

Devon Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th were issued a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 2.5%. The ex-dividend date was Tuesday, September 15th. Devon Energy’s dividend payout ratio is currently 30.40%.

Insider Activity

In other news, EVP Robert Ferrall Lowe III sold 6,756 shares of the business’s stock in a transaction on Monday, September 14th. The shares were sold at an average price of $50.95, for a total transaction of $344,218.20. Following the transaction, the executive vice president directly owned 72,720 shares of the company’s stock, valued at approximately $3,705,084. The trade was a 8.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Clay M. Gaspar bought 3,913 shares of the company’s stock in a transaction dated Monday, September 14th. The shares were acquired at an average cost of $51.08 per share, for a total transaction of $199,876.04. Following the completion of the transaction, the chief executive officer owned 619,152 shares of the company’s stock, valued at approximately $31,626,284.16. The trade was a 0.64% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 4.58% of the company’s stock.

Analyst Upgrades and Downgrades

DVN has been the subject of several recent analyst reports. Weiss Ratings raised Devon Energy from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, October 8th. Truist Financial dropped their price target on Devon Energy from $65.00 to $61.00 and set a “buy” rating on the stock in a report on Wednesday, October 7th. Wall Street Zen raised Devon Energy from a “hold” rating to a “buy” rating in a research report on Saturday, October 3rd. Susquehanna boosted their price objective on Devon Energy from $57.00 to $63.00 and gave the stock a “positive” rating in a research report on Tuesday, July 21st. Finally, Seaport Research Partners began coverage on Devon Energy in a research note on Thursday, September 3rd. They issued a “buy” rating and a $65.00 price objective for the company. Two analysts have rated the stock with a Strong Buy rating, twenty-five have given a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Devon Energy presently has a consensus rating of “Moderate Buy” and an average price target of $60.72.

About Devon Energy

Devon Energy Corporation (NYSE:DVN) is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company focuses on onshore operations in the United States and markets the hydrocarbons produced from its assets to customers across the energy sector.

Devon’s portfolio has historically included major U.S. resource plays such as the Delaware Basin in the Permian Basin, the Eagle Ford, the Anadarko Basin, the Williston Basin and the Powder River Basin.