Korea Investment CORP Sells 333,294 Shares of Devon Energy Corporation $DVN

Korea Investment CORP lowered its stake in Devon Energy Corporation (NYSE:DVN) by 32.4% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 695,958 shares of the energy company’s stock after selling 333,294 shares during the quarter. Korea Investment CORP’s holdings in Devon Energy were worth $22,138,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in DVN. Assetmark Inc. raised its stake in Devon Energy by 9.6% during the 1st quarter. Assetmark Inc. now owns 9,847 shares of the energy company’s stock worth $368,000 after acquiring an additional 864 shares during the period. Banque Cantonale Vaudoise bought a new stake in shares of Devon Energy during the 1st quarter valued at $26,000. Vestcor Inc raised its position in shares of Devon Energy by 7.6% during the 1st quarter. Vestcor Inc now owns 14,053 shares of the energy company’s stock valued at $526,000 after purchasing an additional 987 shares during the period. Natixis Advisors LLC lifted its stake in shares of Devon Energy by 63.2% during the 1st quarter. Natixis Advisors LLC now owns 253,298 shares of the energy company’s stock valued at $9,473,000 after buying an additional 98,096 shares in the last quarter. Finally, US Bancorp DE lifted its stake in shares of Devon Energy by 6.3% during the 1st quarter. US Bancorp DE now owns 117,743 shares of the energy company’s stock valued at $4,404,000 after buying an additional 7,004 shares in the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Morgan Stanley cut their price target on Devon Energy from $49.00 to $47.00 and set an “overweight” rating for the company in a research note on Tuesday, October 14th. Sanford C. Bernstein increased their target price on Devon Energy from $43.00 to $48.00 and gave the stock an “outperform” rating in a research report on Friday, November 21st. William Blair started coverage on Devon Energy in a research note on Monday, August 25th. They set an “outperform” rating on the stock. Weiss Ratings restated a “sell (d+)” rating on shares of Devon Energy in a research note on Tuesday. Finally, Susquehanna increased their price objective on shares of Devon Energy from $40.00 to $42.00 and gave the company a “positive” rating in a report on Wednesday, November 12th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $43.89.

Devon Energy Price Performance

Shares of Devon Energy stock opened at $37.08 on Friday. The firm has a market cap of $23.26 billion, a PE ratio of 8.31, a PEG ratio of 2.49 and a beta of 1.01. The stock has a 50 day moving average of $34.14 and a 200 day moving average of $33.68. The company has a current ratio of 1.22, a quick ratio of 1.13 and a debt-to-equity ratio of 0.55. Devon Energy Corporation has a 12 month low of $25.89 and a 12 month high of $38.88.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Wednesday, November 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.11. The business had revenue of $0.00 million for the quarter, compared to analysts’ expectations of $4.10 billion. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.During the same period in the prior year, the firm earned $1.10 EPS. On average, research analysts expect that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 30th. Investors of record on Monday, December 15th will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Monday, December 15th. This represents a $0.96 dividend on an annualized basis and a yield of 2.6%. Devon Energy’s dividend payout ratio is presently 22.59%.

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.