Devon Energy Corporation $DVN Shares Sold by Korea Investment CORP

Korea Investment CORP reduced its stake in Devon Energy Corporation (NYSE:DVN) by 16.4% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 582,120 shares of the energy company’s stock after selling 113,838 shares during the quarter. Korea Investment CORP owned approximately 0.09% of Devon Energy worth $20,409,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of DVN. Caldwell Trust Co purchased a new stake in shares of Devon Energy in the second quarter valued at about $25,000. PFS Partners LLC acquired a new stake in Devon Energy during the third quarter worth about $25,000. First Horizon Corp purchased a new position in Devon Energy during the third quarter worth about $26,000. Accredited Wealth Management LLC raised its stake in Devon Energy by 61.6% during the third quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company’s stock worth $28,000 after purchasing an additional 308 shares during the period. Finally, Ameriflex Group Inc. boosted its holdings in Devon Energy by 702.0% in the 3rd quarter. Ameriflex Group Inc. now owns 802 shares of the energy company’s stock valued at $28,000 after purchasing an additional 702 shares during the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Price Performance

Shares of DVN opened at $43.69 on Wednesday. The firm has a 50-day simple moving average of $40.75 and a two-hundred day simple moving average of $37.03. The stock has a market cap of $27.09 billion, a PE ratio of 10.48, a P/E/G ratio of 4.54 and a beta of 0.56. Devon Energy Corporation has a 1-year low of $25.89 and a 1-year high of $46.15. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.98 and a quick ratio of 0.90.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, February 17th. The energy company reported $0.82 EPS for the quarter, topping the consensus estimate of $0.81 by $0.01. The firm had revenue of $17.19 billion for the quarter, compared to analyst estimates of $3.67 billion. Devon Energy had a net margin of 15.37% and a return on equity of 16.28%. The business’s revenue for the quarter was down 6.4% compared to the same quarter last year. During the same period in the prior year, the business posted $1.10 EPS. As a group, analysts forecast that Devon Energy Corporation will post 4.85 EPS for the current year.

Devon Energy Dividend Announcement

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

Analyst Ratings Changes

Several research firms have recently weighed in on DVN. Morgan Stanley dropped their price target on shares of Devon Energy from $48.00 to $46.00 and set an “overweight” rating for the company in a research note on Friday, January 23rd. Johnson Rice decreased their price objective on Devon Energy from $70.00 to $62.00 and set a “buy” rating on the stock in a report on Friday, December 5th. Scotiabank decreased their price objective on Devon Energy from $45.00 to $41.00 and set a “sector perform” rating on the stock in a report on Monday, February 23rd. Raymond James Financial increased their price objective on Devon Energy from $44.00 to $52.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 11th. Finally, Siebert Williams Shank raised their target price on Devon Energy from $46.00 to $50.00 and gave the stock a “buy” rating in a research note on Monday, January 26th. Twenty-three research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $48.54.

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.