OVERSEA CHINESE BANKING Corp Ltd Boosts Position in Devon Energy Co. (NYSE:DVN)

OVERSEA CHINESE BANKING Corp Ltd grew its holdings in shares of Devon Energy Co. (NYSE:DVN) by 217.8% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 27,931 shares of the energy company’s stock after buying an additional 19,142 shares during the period. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Devon Energy were worth $871,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Cromwell Holdings LLC increased its stake in shares of Devon Energy by 98.0% during the fourth quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock valued at $40,000 after buying an additional 598 shares during the period. Sierra Ocean LLC purchased a new stake in Devon Energy in the fourth quarter worth $43,000. True Wealth Design LLC grew its stake in Devon Energy by 3,889.3% in the third quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock worth $44,000 after purchasing an additional 1,089 shares during the period. Activest Wealth Management grew its stake in Devon Energy by 60.4% in the third quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock worth $50,000 after purchasing an additional 480 shares during the period. Finally, Endeavor Private Wealth Inc. purchased a new stake in Devon Energy in the fourth quarter worth $52,000. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Stock Up 2.0 %

DVN stock opened at $36.08 on Thursday. Devon Energy Co. has a fifty-two week low of $30.39 and a fifty-two week high of $55.09. The business’s 50-day moving average is $35.44 and its two-hundred day moving average is $37.13. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04. The company has a market cap of $23.41 billion, a price-to-earnings ratio of 7.91, a P/E/G ratio of 1.20 and a beta of 1.91.

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

Devon Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be issued a $0.24 dividend. This is an increase from Devon Energy’s previous quarterly dividend of $0.22. The ex-dividend date is Friday, March 14th. This represents a $0.96 dividend on an annualized basis and a yield of 2.66%. Devon Energy’s dividend payout ratio is currently 21.05%.

Analysts Set New Price Targets

DVN has been the topic of several recent research reports. Susquehanna upped their price target on Devon Energy from $50.00 to $52.00 and gave the stock a “positive” rating in a research note on Thursday, February 20th. Piper Sandler upped their price target on Devon Energy from $54.00 to $55.00 and gave the stock an “overweight” rating in a research note on Monday, February 24th. StockNews.com raised Devon Energy from a “sell” rating to a “hold” rating in a research note on Friday, January 3rd. Sanford C. Bernstein raised Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 target price on the stock in a research note on Wednesday, January 15th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $50.00 target price on shares of Devon Energy in a research note on Friday, January 10th. Ten research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.46.

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.