Cullen Investment Group LTD. Sells 45,117 Shares of Devon Energy Co. (NYSE:DVN)

Cullen Investment Group LTD. decreased its holdings in shares of Devon Energy Co. (NYSE:DVN - Free Report) by 62.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 27,461 shares of the energy company's stock after selling 45,117 shares during the quarter. Cullen Investment Group LTD.'s holdings in Devon Energy were worth $1,027,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of DVN. Klein Pavlis & Peasley Financial Inc. acquired a new position in shares of Devon Energy in the fourth quarter valued at approximately $782,000. Resona Asset Management Co. Ltd. acquired a new position in shares of Devon Energy in the fourth quarter valued at approximately $5,967,000. New York State Teachers Retirement System increased its stake in shares of Devon Energy by 4.5% in 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 buying an additional 31,520 shares during the period. First Dallas Securities Inc. increased its stake in shares of Devon Energy by 31.9% in the fourth quarter. First Dallas Securities Inc. now owns 52,715 shares of the energy company's stock valued at $1,725,000 after buying an additional 12,760 shares during the period. Finally, Aviva PLC increased its stake in shares of Devon Energy by 767.3% in the fourth 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. Institutional investors and hedge funds own 69.72% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on DVN. Wells Fargo & Company upped their price objective on Devon Energy from $44.00 to $46.00 and gave the company an "overweight" rating in a research note on Wednesday, May 14th. Wall Street Zen raised Devon Energy from a "sell" rating to a "hold" rating in a research note on Thursday, May 15th. Citigroup lowered their price objective on Devon Energy from $46.00 to $43.00 and set a "buy" rating for the company in a research note on Friday, April 4th. Benchmark reiterated a "buy" rating and issued a $44.00 target price on shares of Devon Energy in a report on Thursday, February 20th. Finally, JPMorgan Chase & Co. reduced their target price on Devon Energy from $48.00 to $42.00 and set a "neutral" rating on the stock in a report on Thursday, March 13th. Ten equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $43.71.

Devon Energy Trading Down 2.7%

Shares of Devon Energy stock traded down $0.83 on Friday, reaching $30.28. 18,138,161 shares of the company's stock were exchanged, compared to its average volume of 8,676,989. Devon Energy Co. has a 52 week low of $25.89 and a 52 week high of $49.35. The firm's 50-day moving average is $31.65 and its two-hundred day moving average is $34.01. 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 company has a market capitalization of $19.44 billion, a P/E ratio of 6.64, a price-to-earnings-growth ratio of 1.20 and a beta of 1.00.

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

Devon Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 3.17%. The ex-dividend date is Friday, June 13th. Devon Energy's payout ratio is currently 21.87%.

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.