OVERSEA CHINESE BANKING Corp Ltd Sells 14,833 Shares of Devon Energy Corporation (NYSE:DVN)

OVERSEA CHINESE BANKING Corp Ltd lessened its stake in Devon Energy Corporation (NYSE:DVN) by 53.1% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,098 shares of the energy company’s stock after selling 14,833 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Devon Energy were worth $483,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the stock. Financial Gravity Asset Management Inc. bought a new stake in Devon Energy during the first quarter worth $26,000. Hurley Capital LLC bought a new stake in Devon Energy during the fourth quarter worth $26,000. Rakuten Securities Inc. lifted its holdings in Devon Energy by 94.6% during the first quarter. Rakuten Securities Inc. now owns 833 shares of the energy company’s stock worth $31,000 after acquiring an additional 405 shares during the period. Accredited Wealth Management LLC bought a new stake in Devon Energy during the fourth quarter worth $28,000. Finally, Hughes Financial Services LLC bought a new stake in Devon Energy during the first quarter worth $38,000. Institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Performance

NYSE:DVN opened at $32.24 on Wednesday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.99 and a current ratio of 1.08. Devon Energy Corporation has a 52-week low of $25.89 and a 52-week high of $49.35. The firm has a market cap of $20.70 billion, a price-to-earnings ratio of 7.34, a PEG ratio of 2.50 and a beta of 1.02. The business’s fifty day moving average is $32.77 and its 200 day moving average is $33.55.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, May 6th. The energy company reported $1.21 EPS for the quarter, missing the consensus estimate of $1.27 by ($0.06). Devon Energy had a return on equity of 21.90% and a net margin of 16.60%. The business had revenue of $4.45 billion for the quarter, compared to analysts’ expectations of $4.31 billion. During the same quarter in the previous year, the firm earned $1.16 earnings per share. Devon Energy’s quarterly revenue was up 23.8% compared to the same quarter last year. Research analysts predict that Devon Energy Corporation will post 4.85 EPS for the current year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 13th were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.98%. The ex-dividend date of this dividend was Friday, June 13th. Devon Energy’s payout ratio is 21.87%.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Siebert Williams Shank lifted their price target on Devon Energy from $47.00 to $52.00 and gave the stock a “buy” rating in a report on Monday, June 23rd. UBS Group lifted their price target on Devon Energy from $35.00 to $37.00 and gave the stock a “neutral” rating in a report on Friday, July 11th. Royal Bank Of Canada decreased their target price on Devon Energy from $49.00 to $40.00 and set a “sector perform” rating for the company in a research report on Monday, April 14th. Morgan Stanley reissued an “overweight” rating and issued a $46.00 target price (up from $44.00) on shares of Devon Energy in a research report on Tuesday. Finally, Raymond James Financial set a $40.00 target price on Devon Energy in a research report on Monday, April 21st. Eleven research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat, Devon Energy currently has an average rating of “Moderate Buy” and a consensus target price of $43.48.

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.