GF Fund Management CO. LTD. Cuts Stock Position in Devon Energy Corporation (NYSE:DVN)

GF Fund Management CO. LTD. decreased its position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 3.8% during the first quarter, according to its most recent filing with the SEC. The firm owned 191,396 shares of the energy company's stock after selling 7,582 shares during the period. GF Fund Management CO. LTD.'s holdings in Devon Energy were worth $7,158,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in DVN. Vanguard Group Inc. boosted its position in shares of Devon Energy by 7.3% in the 4th quarter. Vanguard Group Inc. now owns 80,682,170 shares of the energy company's stock worth $2,640,727,000 after purchasing an additional 5,465,692 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Devon Energy by 6.5% in the 4th quarter. Geode Capital Management LLC now owns 16,931,275 shares of the energy company's stock worth $552,830,000 after purchasing an additional 1,038,305 shares in the last quarter. Fuller & Thaler Asset Management Inc. boosted its position in shares of Devon Energy by 42.8% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 10,395,225 shares of the energy company's stock worth $340,236,000 after purchasing an additional 3,114,656 shares in the last quarter. Invesco Ltd. boosted its position in shares of Devon Energy by 32.8% in the 4th quarter. Invesco Ltd. now owns 9,461,719 shares of the energy company's stock worth $309,682,000 after purchasing an additional 2,335,473 shares in the last quarter. Finally, Northern Trust Corp boosted its position in shares of Devon Energy by 2.4% in the 4th quarter. Northern Trust Corp now owns 6,260,735 shares of the energy company's stock worth $204,914,000 after purchasing an additional 144,789 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company's stock.

Devon Energy Stock Performance

Shares of NYSE:DVN traded down $0.56 during midday trading on Monday, hitting $32.68. The company had a trading volume of 2,085,219 shares, compared to its average volume of 8,832,416. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.08 and a quick ratio of 0.99. The company has a market cap of $20.98 billion, a price-to-earnings ratio of 7.43, a PEG ratio of 2.49 and a beta of 1.02. Devon Energy Corporation has a 12-month low of $25.89 and a 12-month high of $49.35. The company has a fifty day moving average of $32.40 and a two-hundred day moving average of $33.44.

Devon Energy (NYSE:DVN - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The energy company reported $1.21 EPS for the quarter, missing the consensus estimate of $1.27 by ($0.06). The company had revenue of $4.45 billion during the quarter, compared to analysts' expectations of $4.31 billion. Devon Energy had a return on equity of 21.90% and a net margin of 16.60%. The company's revenue for the quarter was up 23.8% on a year-over-year basis. During the same quarter last year, the company earned $1.16 earnings per share. On average, equities research analysts expect that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were paid a $0.24 dividend. The ex-dividend date was Friday, June 13th. This represents a $0.96 annualized dividend and a dividend yield of 2.94%. Devon Energy's dividend payout ratio (DPR) is 21.87%.

Analysts Set New Price Targets

Several research firms recently issued reports on DVN. JPMorgan Chase & Co. lowered their price objective on Devon Energy from $48.00 to $42.00 and set a "neutral" rating on the stock in a research report on Thursday, March 13th. Bank of America lowered their price objective on Devon Energy from $52.00 to $42.00 and set a "buy" rating on the stock in a research report on Tuesday, April 29th. Scotiabank lowered their price objective on Devon Energy from $45.00 to $35.00 and set a "sector outperform" rating on the stock in a research report on Friday, April 11th. Piper Sandler lowered their price objective on Devon Energy from $56.00 to $53.00 and set an "overweight" rating on the stock in a research report on Tuesday, May 13th. Finally, Royal Bank Of Canada lowered their price objective on Devon Energy from $49.00 to $40.00 and set a "sector perform" rating on the stock in a research report on Monday, April 14th. Ten investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $43.50.

Devon Energy Company 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.