Devon Energy Corporation $DVN Shares Acquired by Korea Investment CORP

Key Points

• Korea Investment CORP increased its stake in Devon Energy by 23.7% during the first quarter, owning approximately 1,029,252 shares worth $38.5 million at the end of the quarter.
• Multiple hedge funds, including Vanguard Group Inc. and Victory Capital Management Inc., also increased their positions in Devon Energy, indicating strong institutional interest with over 69.72% of shares held by hedge funds and institutional investors.
• Devon Energy announced a quarterly dividend of $0.24 per share, with a dividend yield of 2.9%, which will be paid on September 30th to investors of record by September 15th.

Korea Investment CORP boosted its stake in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 23.7% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 1,029,252 shares of the energy company's stock after buying an additional 197,512 shares during the period. Korea Investment CORP owned approximately 0.16% of Devon Energy worth $38,494,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of DVN. Fuller & Thaler Asset Management Inc. increased its stake in Devon Energy by 42.8% in the fourth 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 during the period. Vanguard Group Inc. increased its stake in Devon Energy by 2.6% in the first quarter. Vanguard Group Inc. now owns 82,780,738 shares of the energy company's stock worth $3,096,000,000 after purchasing an additional 2,098,568 shares during the period. Nuveen LLC purchased a new stake in Devon Energy in the first quarter worth $69,975,000. Assenagon Asset Management S.A. increased its stake in Devon Energy by 530.3% in the first quarter. Assenagon Asset Management S.A. now owns 2,067,465 shares of the energy company's stock worth $77,323,000 after purchasing an additional 1,739,436 shares during the period. Finally, Adage Capital Partners GP L.L.C. increased its stake in Devon Energy by 345.9% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 2,163,792 shares of the energy company's stock worth $70,821,000 after purchasing an additional 1,678,500 shares during the period. Hedge funds and other institutional investors own 69.72% of the company's stock.

Insider Buying and Selling

In related news, Director Kelt Kindick sold 7,685 shares of the stock in a transaction on Monday, August 11th. The stock was sold at an average price of $33.46, for a total value of $257,140.10. Following the completion of the transaction, the director directly owned 31,801 shares of the company's stock, valued at approximately $1,064,061.46. This represents a 19.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.73% of the company's stock.

Devon Energy Stock Performance

Shares of Devon Energy stock traded up $0.2650 on Monday, reaching $35.4250. 1,722,671 shares of the stock were exchanged, compared to its average volume of 8,915,186. The company has a quick ratio of 1.13, a current ratio of 1.22 and a debt-to-equity ratio of 0.55. Devon Energy Corporation has a twelve month low of $25.89 and a twelve month high of $46.04. The firm has a market capitalization of $22.49 billion, a price-to-earnings ratio of 7.95, a PEG ratio of 2.00 and a beta of 1.07. The business has a 50 day moving average price of $33.25 and a two-hundred day moving average price of $33.13.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The energy company reported $0.84 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.83 by $0.01. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.The company had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.01 billion. During the same period in the previous year, the company posted $1.41 earnings per share. Devon Energy's revenue for the quarter was up 9.4% on a year-over-year basis. Analysts anticipate that Devon Energy Corporation will post 4.85 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Monday, September 15th. Devon Energy's dividend payout ratio is currently 21.52%.

Wall Street Analyst Weigh In

DVN has been the topic of a number of recent analyst reports. Barclays increased their target price on Devon Energy from $40.00 to $42.00 and gave the stock an "equal weight" rating in a research note on Wednesday, August 6th. Mizuho cut their price target on Devon Energy from $46.00 to $43.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 13th. Raymond James Financial restated an "outperform" rating and set a $45.00 price target (up previously from $40.00) on shares of Devon Energy in a research note on Tuesday, July 22nd. Tudor, Pickering, Holt & Co. raised their price target on Devon Energy from $42.00 to $44.00 in a research note on Thursday, July 3rd. Finally, Scotiabank restated an "outperform" rating on shares of Devon Energy in a research note on Friday, July 11th. Sixteen equities research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat, Devon Energy has an average rating of "Moderate Buy" and a consensus price target of $44.15.

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.