OVERSEA CHINESE BANKING Corp Ltd Makes New Investment in Devon Energy Co. (NYSE:DVN)

OVERSEA CHINESE BANKING Corp Ltd bought a new position in Devon Energy Co. (NYSE:DVN) in the 3rd quarter, Holdings Channel reports. The firm bought 8,789 shares of the energy company’s stock, valued at approximately $333,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in DVN. William B. Walkup & Associates Inc. bought a new position in Devon Energy during the 2nd quarter worth about $1,026,000. Gordian Capital Singapore Pte Ltd bought a new position in shares of Devon Energy during the second quarter valued at approximately $711,000. New York State Teachers Retirement System increased its holdings in Devon Energy by 14.2% during the third quarter. New York State Teachers Retirement System now owns 704,831 shares of the energy company’s stock valued at $27,573,000 after buying an additional 87,462 shares during the period. CWM LLC raised its stake in Devon Energy by 73.4% in the third quarter. CWM LLC now owns 38,969 shares of the energy company’s stock worth $1,524,000 after buying an additional 16,490 shares in the last quarter. Finally, J.W. Cole Advisors Inc. lifted its holdings in Devon Energy by 11.9% during the third quarter. J.W. Cole Advisors Inc. now owns 120,800 shares of the energy company’s stock worth $4,726,000 after buying an additional 12,882 shares during the period. Institutional investors own 69.72% of the company’s stock.

Analyst Ratings Changes

DVN has been the subject of several recent research reports. Wells Fargo & Company reduced their price target on Devon Energy from $50.00 to $49.00 and set an “overweight” rating for the company in a research report on Thursday, November 7th. Morgan Stanley decreased their price target on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a research report on Monday, September 16th. Sanford C. Bernstein cut their price objective on shares of Devon Energy from $48.00 to $43.00 and set a “market perform” rating on the stock in a research report on Wednesday, July 17th. Susquehanna decreased their target price on shares of Devon Energy from $63.00 to $62.00 and set a “positive” rating for the company in a research report on Friday, October 18th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $57.00 price target on shares of Devon Energy in a report on Tuesday, September 3rd. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $51.80.

Devon Energy Trading Up 2.0 %

NYSE DVN opened at $39.10 on Thursday. The company has a fifty day moving average of $40.20 and a 200 day moving average of $44.55. The company has a market capitalization of $25.68 billion, a PE ratio of 7.25, a P/E/G ratio of 1.19 and a beta of 2.03. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. Devon Energy Co. has a 1 year low of $37.76 and a 1 year high of $55.09.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. The firm had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The company’s revenue was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.65 earnings per share. Research analysts forecast that Devon Energy Co. will post 4.86 earnings per share for the current year.

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.25%. The ex-dividend date is Friday, December 13th. Devon Energy’s dividend payout ratio is currently 16.33%.

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.