Gulf International Bank UK Ltd Has $3.05 Million Position in Devon Energy Co. (NYSE:DVN)

Gulf International Bank UK Ltd boosted its stake in shares of Devon Energy Co. (NYSE:DVN) by 17.4% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 60,704 shares of the energy company’s stock after purchasing an additional 9,000 shares during the quarter. Gulf International Bank UK Ltd’s holdings in Devon Energy were worth $3,046,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in DVN. Pacer Advisors Inc. boosted its position in Devon Energy by 1,279.7% during the fourth quarter. Pacer Advisors Inc. now owns 6,145,605 shares of the energy company’s stock worth $278,396,000 after purchasing an additional 5,700,167 shares during the period. Morgan Stanley boosted its position in Devon Energy by 23.6% during the third 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 during the period. International Assets Investment Management LLC boosted its position in Devon Energy by 3,885.4% during the fourth quarter. International Assets Investment Management LLC now owns 1,695,206 shares of the energy company’s stock worth $76,793,000 after purchasing an additional 1,652,671 shares during the period. Dimensional Fund Advisors LP boosted its position in Devon Energy by 26.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company’s stock worth $320,609,000 after purchasing an additional 1,488,374 shares during the period. Finally, Schroder Investment Management Group boosted its position in shares of Devon Energy by 61.0% in the third quarter. Schroder Investment Management Group now owns 2,673,781 shares of the energy company’s stock valued at $127,539,000 after acquiring an additional 1,013,353 shares during the period. Institutional investors own 69.72% of the company’s stock.

Devon Energy Price Performance

Shares of NYSE:DVN traded down $0.17 during midday trading on Friday, reaching $45.82. The company’s stock had a trading volume of 12,610,903 shares, compared to its average volume of 5,950,909. Devon Energy Co. has a fifty-two week low of $40.47 and a fifty-two week high of $55.09. The company has a market capitalization of $28.96 billion, a P/E ratio of 8.74, a P/E/G ratio of 1.22 and a beta of 2.08. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.04 and a quick ratio of 0.97. The business’s fifty day simple moving average is $49.21 and its 200-day simple moving average is $46.77.

Devon Energy (NYSE:DVN) last announced its earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.10 by $0.06. The company had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.64 billion. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The firm’s quarterly revenue was down 5.9% compared to the same quarter last year. During the same period last year, the company posted $1.46 earnings per share. As a group, equities research analysts expect that Devon Energy Co. will post 5.24 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 1.92%. The ex-dividend date of this dividend is Friday, June 14th. Devon Energy’s dividend payout ratio is 16.79%.

Insider Activity at Devon Energy

In other Devon Energy news, EVP Tana K. Cashion sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the transaction, the executive vice president now owns 104,182 shares in the company, valued at $5,317,449.28. The sale was disclosed in a document filed with the SEC, which is available through this link. 0.73% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on DVN shares. UBS Group increased their price objective on Devon Energy from $48.00 to $57.00 and gave the company a “neutral” rating in a research report on Wednesday, April 10th. Barclays started coverage on Devon Energy in a research report on Wednesday, April 10th. They issued an “equal weight” rating and a $59.00 price objective for the company. Morgan Stanley increased their price objective on Devon Energy from $49.00 to $50.00 and gave the company an “overweight” rating in a research report on Monday, April 15th. Susquehanna raised their target price on Devon Energy from $52.00 to $65.00 and gave the stock a “positive” rating in a research report on Monday, April 22nd. Finally, Wells Fargo & Company raised Devon Energy from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $46.00 to $59.00 in a research report on Monday, April 1st. Four analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $59.24.

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.