Korea Investment CORP Lowers Stock Holdings in Devon Energy Corporation $DVN

Korea Investment CORP reduced its position in Devon Energy Corporation (NYSE:DVN) by 16.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 582,120 shares of the energy company’s stock after selling 113,838 shares during the quarter. Korea Investment CORP’s holdings in Devon Energy were worth $20,409,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Allianz Asset Management GmbH lifted its stake in Devon Energy by 4.3% in the third quarter. Allianz Asset Management GmbH now owns 833,155 shares of the energy company’s stock worth $29,210,000 after acquiring an additional 33,974 shares during the last quarter. Greatmark Investment Partners Inc. increased its position in shares of Devon Energy by 5.6% in the 3rd quarter. Greatmark Investment Partners Inc. now owns 571,925 shares of the energy company’s stock valued at $20,052,000 after purchasing an additional 30,435 shares during the last quarter. Canada Post Corp Registered Pension Plan increased its position in shares of Devon Energy by 298.1% in the 3rd quarter. Canada Post Corp Registered Pension Plan now owns 42,351 shares of the energy company’s stock valued at $1,585,000 after purchasing an additional 31,713 shares during the last quarter. Victory Capital Management Inc. raised its holdings in shares of Devon Energy by 5.0% in the 3rd quarter. Victory Capital Management Inc. now owns 11,845,958 shares of the energy company’s stock valued at $415,319,000 after purchasing an additional 560,652 shares in the last quarter. Finally, Natixis raised its holdings in shares of Devon Energy by 101.4% in the 2nd quarter. Natixis now owns 73,902 shares of the energy company’s stock valued at $2,351,000 after purchasing an additional 37,211 shares in the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently commented on DVN. Johnson Rice lowered their target price on shares of Devon Energy from $70.00 to $62.00 and set a “buy” rating for the company in a research note on Friday, December 5th. Mizuho set a $51.00 price target on Devon Energy in a research note on Tuesday, February 3rd. JPMorgan Chase & Co. decreased their price target on Devon Energy from $44.00 to $41.00 and set an “overweight” rating for the company in a report on Thursday, January 15th. Scotiabank lowered their price objective on Devon Energy from $45.00 to $41.00 and set a “sector perform” rating for the company in a research report on Monday, February 23rd. Finally, Sanford C. Bernstein dropped their price objective on Devon Energy from $48.00 to $42.00 and set an “outperform” rating on the stock in a report on Monday, January 5th. Twenty-three analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $48.54.

Devon Energy Trading Down 2.5%

NYSE DVN opened at $43.69 on Wednesday. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.98 and a quick ratio of 0.90. The firm’s fifty day moving average price is $40.75 and its 200 day moving average price is $37.03. The company has a market capitalization of $27.09 billion, a price-to-earnings ratio of 10.48, a price-to-earnings-growth ratio of 4.54 and a beta of 0.56. Devon Energy Corporation has a 12 month low of $25.89 and a 12 month high of $46.15.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, February 17th. The energy company reported $0.82 EPS for the quarter, topping the consensus estimate of $0.81 by $0.01. Devon Energy had a net margin of 15.37% and a return on equity of 16.28%. The firm had revenue of $17.19 billion for the quarter, compared to analyst estimates of $3.67 billion. During the same period last year, the business earned $1.10 EPS. Devon Energy’s revenue for the quarter was down 6.4% compared to the same quarter last year. On average, sell-side analysts expect that Devon Energy Corporation will post 4.85 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th will be issued a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.96 annualized dividend and a dividend yield of 2.2%. Devon Energy’s dividend payout ratio (DPR) is presently 23.02%.

Devon Energy Profile

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.