Cullen Investment Group LTD. Has $2.38 Million Holdings in Devon Energy Co. (NYSE:DVN)

Cullen Investment Group LTD. lessened its position in Devon Energy Co. (NYSE:DVN) by 41.4% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 72,578 shares of the energy company’s stock after selling 51,327 shares during the period. Cullen Investment Group LTD.’s holdings in Devon Energy were worth $2,375,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of the company. Geode Capital Management LLC increased its position in shares of Devon Energy by 1.3% in the third quarter. Geode Capital Management LLC now owns 15,892,970 shares of the energy company’s stock valued at $619,747,000 after acquiring an additional 206,884 shares during the last quarter. EnCap Energy Capital Fund XI L.P. acquired a new stake in shares of Devon Energy during the third quarter valued at about $461,857,000. Pacer Advisors Inc. increased its position in Devon Energy by 16.9% during the 3rd quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock valued at $453,446,000 after purchasing an additional 1,677,652 shares during the period. EnCap Partners GP LLC bought a new stake in shares of Devon Energy during the 3rd quarter valued at about $408,653,000. Finally, Victory Capital Management Inc. grew its position in Devon Energy by 3.8% in the 3rd quarter. Victory Capital Management Inc. now owns 9,971,343 shares of the energy company’s stock valued at $390,079,000 after purchasing an additional 361,968 shares during the period. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Stock Performance

Shares of NYSE:DVN opened at $36.84 on Tuesday. Devon Energy Co. has a 1 year low of $30.39 and a 1 year high of $55.09. The firm has a market capitalization of $24.20 billion, a PE ratio of 6.83, a P/E/G ratio of 1.07 and a beta of 2.00. The business’s 50 day moving average price is $35.58 and its 200-day moving average price is $40.49. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.01. The business had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.72 billion. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The company’s revenue was up 4.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.65 EPS. As a group, equities research analysts expect that Devon Energy Co. will post 4.79 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.39%. The ex-dividend date of this dividend was Friday, December 13th. Devon Energy’s dividend payout ratio (DPR) is currently 16.33%.

Analyst Upgrades and Downgrades

Several research firms recently commented on DVN. Mizuho cut their price objective on shares of Devon Energy from $51.00 to $47.00 and set an “outperform” rating for the company in a report on Monday, December 16th. BMO Capital Markets reduced their price objective on shares of Devon Energy from $52.00 to $48.00 and set an “outperform” rating for the company in a research note on Friday, October 4th. TD Cowen reduced their price objective on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a research report on Tuesday, November 5th. Citigroup lowered their target price on shares of Devon Energy from $55.00 to $48.00 and set a “buy” rating for the company in a research note on Tuesday, November 26th. Finally, Truist Financial dropped their price objective on shares of Devon Energy from $43.00 to $42.00 and set a “hold” rating on the stock in a report on Monday. Eleven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $49.43.

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.