Korea Investment CORP Boosts Position in Devon Energy Co. (NYSE:DVN)

Korea Investment CORP lifted its holdings in shares of Devon Energy Co. (NYSE:DVN) by 5.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 831,740 shares of the energy company’s stock after acquiring an additional 46,327 shares during the quarter. Korea Investment CORP’s holdings in Devon Energy were worth $27,223,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in DVN. Mitsubishi UFJ Trust & Banking Corp raised its holdings in Devon Energy by 7.7% in the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 758,054 shares of the energy company’s stock worth $24,811,000 after purchasing an additional 54,349 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Devon Energy by 7.3% during the fourth quarter. Vanguard Group Inc. now owns 80,682,170 shares of the energy company’s stock valued at $2,640,727,000 after buying an additional 5,465,692 shares during the period. Fox Run Management L.L.C. bought a new position in Devon Energy in the fourth quarter worth about $2,525,000. KLP Kapitalforvaltning AS bought a new stake in Devon Energy during the 4th quarter valued at approximately $6,952,000. Finally, AXQ Capital LP purchased a new position in shares of Devon Energy during the 4th quarter worth approximately $1,493,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Trading Down 0.3 %

Devon Energy stock opened at $36.79 on Friday. Devon Energy Co. has a 52-week low of $30.39 and a 52-week high of $55.09. The company has a market cap of $23.87 billion, a P/E ratio of 8.07, a P/E/G ratio of 1.20 and a beta of 1.91. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. The business has a 50-day simple moving average of $35.38 and a two-hundred day simple moving average of $36.89.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, February 18th. The energy company reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.16. The business had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.25 billion. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. Analysts predict that Devon Energy Co. will post 4.85 EPS for the current year.

Devon Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, March 14th. This is an increase from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a yield of 2.61%. Devon Energy’s payout ratio is 21.05%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Piper Sandler raised their target price on Devon Energy from $54.00 to $55.00 and gave the company an “overweight” rating in a research note on Monday, February 24th. Susquehanna boosted their target price on shares of Devon Energy from $50.00 to $52.00 and gave the company a “positive” rating in a report on Thursday, February 20th. Benchmark reiterated a “buy” rating and issued a $44.00 price target on shares of Devon Energy in a research note on Thursday, February 20th. Barclays boosted their price objective on shares of Devon Energy from $43.00 to $44.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 20th. Finally, StockNews.com raised shares of Devon Energy from a “sell” rating to a “hold” rating in a research note on Friday, January 3rd. Ten research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $48.29.

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.