The Nippon Life Insurance Co. Boosts Position in Devon Energy Corp. (DVN)

The Nippon Life Insurance Co. Boosts Position in Devon Energy Corp. (DVN)

Nippon Life Insurance Co. increased its position in shares of Devon Energy Corp. (NYSE:DVN) by 0.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 27,258 shares of the energy company’s stock after buying an additional 169 shares during the period. Nippon Life Insurance Co.’s holdings in Devon Energy Corp. were worth $1,202,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in DVN. Tokio Marine Asset Management Co. Ltd. raised its stake in shares of Devon Energy Corp. by 8.7% in the second quarter. Tokio Marine Asset Management Co. Ltd. now owns 15,168 shares of the energy company’s stock worth $550,000 after buying an additional 1,208 shares during the period. Speece Thorson Capital Group Inc. raised its stake in shares of Devon Energy Corp. by 1.3% in the second quarter. Speece Thorson Capital Group Inc. now owns 169,005 shares of the energy company’s stock worth $6,126,000 after buying an additional 2,223 shares during the period. American Century Companies Inc. raised its stake in shares of Devon Energy Corp. by 37.7% in the second quarter. American Century Companies Inc. now owns 5,387,071 shares of the energy company’s stock worth $195,281,000 after buying an additional 1,475,465 shares during the period. Retirement Systems of Alabama raised its stake in shares of Devon Energy Corp. by 49.2% in the second quarter. Retirement Systems of Alabama now owns 390,482 shares of the energy company’s stock worth $14,155,000 after buying an additional 128,792 shares during the period. Finally, Cumberland Partners Ltd acquired a new stake in shares of Devon Energy Corp. during the second quarter worth approximately $254,000. Institutional investors own 76.22% of the company’s stock.

Shares of Devon Energy Corp. (NYSE:DVN) traded down 0.58% during mid-day trading on Thursday, reaching $46.09. The company had a trading volume of 2,602,720 shares. The firm has a 50-day moving average price of $47.20 and a 200-day moving average price of $42.78. Devon Energy Corp. has a 1-year low of $18.07 and a 1-year high of $50.69. The stock’s market capitalization is $24.13 billion.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 31st. Stockholders of record on Wednesday, March 15th will be issued a dividend of $0.06 per share. The ex-dividend date is Monday, March 13th. This represents a $0.24 annualized dividend and a dividend yield of 0.52%. Devon Energy Corp.’s dividend payout ratio (DPR) is -1.28%.

A number of brokerages have commented on DVN. RBC Capital Markets restated a “buy” rating and set a $54.00 price target on shares of Devon Energy Corp. in a research note on Tuesday, January 3rd. Zacks Investment Research lowered shares of Devon Energy Corp. from a “buy” rating to a “hold” rating in a research note on Monday. Jefferies Group lowered shares of Devon Energy Corp. from a “buy” rating to a “hold” rating and set a $48.00 target price for the company. in a research note on Tuesday. Societe Generale lowered shares of Devon Energy Corp. from a “buy” rating to a “hold” rating in a research note on Wednesday, November 30th. Finally, Wells Fargo & Co. lowered shares of Devon Energy Corp. from an “outperform” rating to a “market perform” rating and set a $50.00 target price for the company. in a research note on Wednesday, January 11th. Sixteen analysts have rated the stock with a hold rating, twenty have assigned a buy rating and three have issued a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $43.73.

About Devon Energy Corp.

Devon Energy Corporation (Devon) is an independent energy company engaged in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs). The Company’s operations are concentrated in various North American onshore areas in the United States and Canada. The Company also produces over 1.6 billion cubic feet of natural gas a day and approximately 135 thousand barrels of NGLs per day.

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