GF Fund Management CO. LTD. Acquires New Position in Devon Energy Co. (NYSE:DVN)

GF Fund Management CO. LTD. purchased a new position in shares of Devon Energy Co. (NYSE:DVN - Free Report) in the fourth quarter, according to its most recent filing with the SEC. The firm purchased 198,978 shares of the energy company's stock, valued at approximately $6,513,000.

Several other hedge funds have also recently made changes to their positions in the business. Klein Pavlis & Peasley Financial Inc. bought a new position in Devon Energy during the fourth quarter worth $782,000. Resona Asset Management Co. Ltd. acquired a new position in shares of Devon Energy during the fourth quarter valued at about $5,967,000. New York State Teachers Retirement System raised its holdings in shares of Devon Energy by 4.5% during the fourth quarter. New York State Teachers Retirement System now owns 736,351 shares of the energy company's stock valued at $24,101,000 after purchasing an additional 31,520 shares during the period. First Dallas Securities Inc. boosted its position in shares of Devon Energy by 31.9% during the 4th quarter. First Dallas Securities Inc. now owns 52,715 shares of the energy company's stock worth $1,725,000 after purchasing an additional 12,760 shares in the last quarter. Finally, Aviva PLC grew its stake in shares of Devon Energy by 767.3% in the 4th quarter. Aviva PLC now owns 376,999 shares of the energy company's stock valued at $12,339,000 after buying an additional 333,530 shares during the period. 69.72% of the stock is owned by institutional investors.

Devon Energy Stock Performance

Shares of Devon Energy stock traded down $0.61 during trading hours on Friday, hitting $30.50. 3,246,811 shares of the company's stock traded hands, compared to its average volume of 8,634,318. The stock has a market capitalization of $19.59 billion, a price-to-earnings ratio of 6.68, a PEG ratio of 1.20 and a beta of 1.00. Devon Energy Co. has a 12-month low of $25.89 and a 12-month high of $49.35. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01. The company has a fifty day simple moving average of $31.79 and a 200-day simple moving average of $34.11.

Devon Energy (NYSE:DVN - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The energy company reported $1.21 earnings per share for the quarter, missing the consensus estimate of $1.27 by ($0.06). The company had revenue of $4.45 billion for the quarter, compared to the consensus estimate of $4.31 billion. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. Devon Energy's quarterly revenue was up 23.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.16 EPS. Equities research analysts anticipate that Devon Energy Co. will post 4.85 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.15%. The ex-dividend date of this dividend is Friday, June 13th. Devon Energy's dividend payout ratio is currently 21.87%.

Analyst Ratings Changes

Several brokerages have issued reports on DVN. Williams Trading set a $50.00 price target on Devon Energy in a report on Wednesday, March 5th. Truist Financial upped their target price on Devon Energy from $42.00 to $44.00 and gave the stock a "hold" rating in a research report on Thursday, February 20th. Citigroup cut their target price on Devon Energy from $46.00 to $43.00 and set a "buy" rating on the stock in a report on Friday, April 4th. Piper Sandler reduced their price target on shares of Devon Energy from $56.00 to $53.00 and set an "overweight" rating for the company in a research report on Tuesday, May 13th. Finally, Morgan Stanley upped their price objective on shares of Devon Energy from $42.00 to $44.00 and gave the stock an "overweight" rating in a report on Friday, May 23rd. Ten equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $43.71.

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.