Devon Energy Corporation (NYSE:DVN) Shares Sold by OVERSEA CHINESE BANKING Corp Ltd

Key Points

• OVERSEA CHINESE BANKING Corp Ltd significantly reduced its stake in Devon Energy by 53.1%, now holding approximately 13,098 shares valued at $483,000.
• Devon Energy's stock is currently trading at $32.12, with a market cap of $20.62 billion, and the stock has experienced a 3.3% decline recently.
• The company reported $1.21 EPS for the last quarter, missing expectations by $0.06, although revenue increased 23.8% year-over-year to $4.45 billion.

OVERSEA CHINESE BANKING Corp Ltd trimmed its stake in Devon Energy Corporation (NYSE:DVN - Free Report) by 53.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 13,098 shares of the energy company's stock after selling 14,833 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd's holdings in Devon Energy were worth $483,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Banque Cantonale Vaudoise purchased a new stake in Devon Energy during the 1st quarter worth about $26,000. Financial Gravity Asset Management Inc. bought a new stake in Devon Energy in the first quarter worth $26,000. Hurley Capital LLC bought a new stake in Devon Energy in the 4th quarter worth $26,000. Rakuten Securities Inc. lifted its holdings in Devon Energy by 94.6% in the first quarter. Rakuten Securities Inc. now owns 833 shares of the energy company's stock worth $31,000 after buying an additional 405 shares during the period. Finally, Accredited Wealth Management LLC purchased a new position in shares of Devon Energy in the 4th quarter valued at approximately $28,000. 69.72% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Wolfe Research upped their price target on shares of Devon Energy from $47.00 to $49.00 and gave the stock an "outperform" rating in a research note on Monday, June 23rd. Jefferies Financial Group lifted their price target on shares of Devon Energy from $31.00 to $33.00 and gave the company a "hold" rating in a report on Monday, July 14th. Tudor, Pickering, Holt & Co. lifted their price objective on shares of Devon Energy from $42.00 to $44.00 in a research report on Thursday, July 3rd. Susquehanna reduced their target price on Devon Energy from $52.00 to $41.00 and set a "positive" rating on the stock in a report on Tuesday, April 22nd. Finally, Morgan Stanley restated an "overweight" rating and issued a $46.00 price target (up previously from $44.00) on shares of Devon Energy in a research report on Tuesday, July 15th. Eleven research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat, Devon Energy presently has an average rating of "Moderate Buy" and a consensus target price of $43.93.

Devon Energy Price Performance

NYSE:DVN traded down $0.12 during trading hours on Thursday, hitting $32.34. 10,846,548 shares of the stock were exchanged, compared to its average volume of 9,114,978. The company has a current ratio of 1.08, a quick ratio of 0.99 and a debt-to-equity ratio of 0.57. The firm's fifty day moving average price is $32.99 and its 200 day moving average price is $33.30. The company has a market cap of $20.76 billion, a P/E ratio of 7.25, a P/E/G ratio of 1.83 and a beta of 1.07. Devon Energy Corporation has a 52-week low of $25.89 and a 52-week high of $46.04.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The energy company reported $0.84 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.83 by $0.01. Devon Energy had a net margin of 16.57% and a return on equity of 18.80%. The company had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.01 billion. During the same period in the prior year, the firm earned $1.41 earnings per share. The business's revenue for the quarter was up 9.4% compared to the same quarter last year. As a group, equities research analysts anticipate that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Monday, September 15th. Devon Energy's payout ratio is presently 21.52%.

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.