OVERSEA CHINESE BANKING Corp Ltd Buys 19,142 Shares of Devon Energy Co. (NYSE:DVN)

OVERSEA CHINESE BANKING Corp Ltd lifted its stake in Devon Energy Co. (NYSE:DVN) by 217.8% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 27,931 shares of the energy company’s stock after buying an additional 19,142 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Devon Energy were worth $871,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Legacy Investment Solutions LLC bought a new position in shares of Devon Energy in the third quarter worth about $8,002,000. Bridgewater Associates LP purchased a new stake in shares of Devon Energy during the third quarter worth about $9,426,000. Petrus Trust Company LTA grew its position in shares of Devon Energy by 394.7% during the third quarter. Petrus Trust Company LTA now owns 21,827 shares of the energy company’s stock worth $854,000 after purchasing an additional 17,415 shares in the last quarter. Klein Pavlis & Peasley Financial Inc. purchased a new stake in shares of Devon Energy during the fourth quarter worth about $782,000. Finally, Fortem Financial Group LLC purchased a new stake in shares of Devon Energy during the third quarter worth about $583,000. Institutional investors own 69.72% of the company’s stock.

Devon Energy Price Performance

Shares of DVN stock opened at $36.08 on Thursday. Devon Energy Co. has a 52-week low of $30.39 and a 52-week high of $55.09. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04. The firm has a market capitalization of $23.41 billion, a P/E ratio of 7.91, a P/E/G ratio of 1.20 and a beta of 1.91. The stock has a 50 day moving average price of $35.44 and a 200 day moving average price of $37.13.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.16. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The firm had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.25 billion. As a group, sell-side analysts predict that Devon Energy Co. will post 4.85 earnings per share for the current year.

Devon Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be paid a dividend of $0.24 per share. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.66%. The ex-dividend date of this dividend is Friday, March 14th. Devon Energy’s dividend payout ratio (DPR) is currently 21.05%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on DVN shares. Piper Sandler increased their target price on Devon Energy from $54.00 to $55.00 and gave the stock an “overweight” rating in a research report on Monday, February 24th. Raymond James cut their target price on Devon Energy from $54.00 to $46.00 and set an “outperform” rating for the company in a research report on Monday, March 10th. Susquehanna increased their target price on Devon Energy from $50.00 to $52.00 and gave the stock a “positive” rating in a research report on Thursday, February 20th. Wells Fargo & Company cut their price target on Devon Energy from $49.00 to $43.00 and set an “overweight” rating for the company in a report on Tuesday, December 17th. Finally, Wolfe Research upgraded Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price target for the company in a report on Friday, January 3rd. Ten investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $48.46.

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.