98,578 Shares in Devon Energy Co. (NYSE:DVN) Purchased by Cullen Investment Group LTD.

Cullen Investment Group LTD. acquired a new stake in Devon Energy Co. (NYSE:DVN - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 98,578 shares of the energy company's stock, valued at approximately $4,466,000.

A number of other institutional investors have also modified their holdings of DVN. Geode Capital Management LLC grew its stake in Devon Energy by 6.2% during the 1st quarter. Geode Capital Management LLC now owns 14,145,039 shares of the energy company's stock worth $715,360,000 after purchasing an additional 823,626 shares in the last quarter. Morgan Stanley grew its stake in Devon Energy by 23.6% during the 3rd quarter. Morgan Stanley now owns 11,647,104 shares of the energy company's stock worth $555,567,000 after purchasing an additional 2,220,194 shares in the last quarter. Victory Capital Management Inc. grew its stake in Devon Energy by 5.1% during the 3rd quarter. Victory Capital Management Inc. now owns 8,470,996 shares of the energy company's stock worth $404,067,000 after purchasing an additional 411,777 shares in the last quarter. Raymond James & Associates grew its stake in Devon Energy by 5.0% during the 3rd quarter. Raymond James & Associates now owns 8,429,670 shares of the energy company's stock worth $402,095,000 after purchasing an additional 402,055 shares in the last quarter. Finally, Northern Trust Corp grew its stake in Devon Energy by 1.4% during the 1st quarter. Northern Trust Corp now owns 7,371,571 shares of the energy company's stock worth $435,881,000 after purchasing an additional 99,059 shares in the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Stock Performance

DVN traded down $0.74 on Monday, hitting $52.68. 7,823,357 shares of the company traded hands, compared to its average volume of 8,124,310. The company has a 50 day moving average of $46.84 and a 200-day moving average of $45.72. The company has a quick ratio of 0.99, a current ratio of 1.07 and a debt-to-equity ratio of 0.46. The stock has a market capitalization of $33.45 billion, a PE ratio of 9.08 and a beta of 2.19. Devon Energy Co. has a 12-month low of $40.47 and a 12-month high of $56.19.

Devon Energy (NYSE:DVN - Get Free Report) last posted its quarterly earnings data on Tuesday, February 27th. The energy company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.39 by $0.02. The firm had revenue of $4.15 billion during the quarter, compared to the consensus estimate of $3.88 billion. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The firm's revenue was down 3.6% compared to the same quarter last year. During the same period in the prior year, the business earned $1.66 EPS. Sell-side analysts anticipate that Devon Energy Co. will post 5.02 earnings per share for the current year.

Devon Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were given a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 3.34%. The ex-dividend date was Thursday, March 14th. Devon Energy's payout ratio is 15.09%.

Analyst Ratings Changes

Several research firms have recently issued reports on DVN. Scotiabank upped their price objective on Devon Energy from $53.00 to $67.00 and gave the stock a "sector outperform" rating in a research report on Thursday. Truist Financial lowered their price objective on Devon Energy from $69.00 to $66.00 and set a "buy" rating for the company in a research report on Friday, April 5th. Morgan Stanley upped their price objective on Devon Energy from $49.00 to $50.00 and gave the stock an "overweight" rating in a research report on Monday. Royal Bank of Canada reaffirmed a "sector perform" rating and set a $55.00 price objective on shares of Devon Energy in a research report on Thursday, March 7th. Finally, Mizuho lowered their price objective on Devon Energy from $54.00 to $53.00 and set a "buy" rating for the company in a research report on Thursday, January 11th. Five research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $57.89.

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.