OVERSEA CHINESE BANKING Corp Ltd Acquires New Position in Devon Energy Co. (NYSE:DVN)

OVERSEA CHINESE BANKING Corp Ltd bought a new position in shares of Devon Energy Co. (NYSE:DVN) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 8,789 shares of the energy company’s stock, valued at approximately $333,000.

Other large investors have also added to or reduced their stakes in the company. Triad Wealth Partners LLC bought a new stake in shares of Devon Energy during the 2nd quarter valued at $27,000. 1620 Investment Advisors Inc. purchased a new stake in Devon Energy in the 2nd quarter worth $34,000. PSI Advisors LLC raised its holdings in Devon Energy by 66.7% during the second quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock valued at $36,000 after acquiring an additional 300 shares during the period. LRI Investments LLC purchased a new position in shares of Devon Energy in the first quarter valued at about $39,000. Finally, Capital Performance Advisors LLP bought a new position in shares of Devon Energy in the third quarter worth about $35,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Up 2.0 %

Shares of NYSE DVN opened at $39.10 on Thursday. The company has a market cap of $25.68 billion, a P/E ratio of 7.25, a PEG ratio of 1.19 and a beta of 2.03. The firm has a 50-day simple moving average of $40.20 and a two-hundred day simple moving average of $44.55. Devon Energy Co. has a 1 year low of $37.76 and a 1 year high of $55.09. 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 posted its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The company had revenue of $4.02 billion during the quarter, compared to analysts’ expectations of $3.72 billion. During the same quarter in the previous year, the business earned $1.65 EPS. Devon Energy’s revenue was up 4.9% compared to the same quarter last year. Research analysts anticipate that Devon Energy Co. will post 4.86 earnings per share for the current year.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be issued a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.25%. Devon Energy’s payout ratio is 16.33%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Wolfe Research began coverage on Devon Energy in a research note on Thursday, July 18th. They set a “peer perform” rating on the stock. Morgan Stanley lowered their target price on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a report on Monday, September 16th. Scotiabank reduced their price target on shares of Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. Barclays dropped their price objective on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a report on Thursday, October 3rd. Finally, Sanford C. Bernstein decreased their target price on Devon Energy from $48.00 to $43.00 and set a “market perform” rating on the stock in a research report on Wednesday, July 17th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $51.80.

Devon Energy Profile

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.