Cullen Investment Group LTD. Sells 51,327 Shares of Devon Energy Co. (NYSE:DVN)

Cullen Investment Group LTD. cut its holdings in shares of Devon Energy Co. (NYSE:DVN - Free Report) by 41.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 72,578 shares of the energy company's stock after selling 51,327 shares during the quarter. Cullen Investment Group LTD.'s holdings in Devon Energy were worth $2,375,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in DVN. Capital Performance Advisors LLP bought a new stake in Devon Energy during the 3rd quarter valued at approximately $35,000. Future Financial Wealth Managment LLC bought a new stake in shares of Devon Energy during the third quarter valued at approximately $39,000. True Wealth Design LLC lifted its holdings in shares of 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 buying an additional 1,089 shares in the last quarter. Hazlett Burt & Watson Inc. boosted its position in shares of Devon Energy by 29.8% during the third quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company's stock worth $49,000 after acquiring an additional 290 shares during the last quarter. Finally, Activest Wealth Management grew its stake in Devon Energy by 60.4% during the third quarter. Activest Wealth Management now owns 1,275 shares of the energy company's stock valued at $50,000 after acquiring an additional 480 shares in the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Stock Up 1.2 %

NYSE DVN traded up $0.45 on Tuesday, reaching $37.22. 9,391,945 shares of the stock traded hands, compared to its average volume of 11,178,057. Devon Energy Co. has a 12 month low of $30.39 and a 12 month high of $55.09. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11. The company has a fifty day moving average price of $35.58 and a 200-day moving average price of $40.49. The company has a market cap of $24.45 billion, a price-to-earnings ratio of 6.91, a PEG ratio of 1.07 and a beta of 2.00.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, topping analysts' consensus estimates of $1.09 by $0.01. The company had revenue of $4.02 billion during the quarter, compared to analyst estimates of $3.72 billion. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The firm's revenue for the quarter was up 4.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.65 earnings per share. As a group, research analysts forecast that Devon Energy Co. will post 4.79 EPS for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Friday, December 13th were paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.36%. The ex-dividend date was Friday, December 13th. Devon Energy's dividend payout ratio (DPR) is 16.33%.

Wall Street Analyst Weigh In

Several brokerages have commented on DVN. Citigroup decreased their price target on shares of Devon Energy from $55.00 to $48.00 and set a "buy" rating on the stock in a research note on Tuesday, November 26th. Benchmark upgraded Devon Energy from a "hold" rating to a "buy" rating and set a $44.00 price target for the company in a report on Tuesday. UBS Group decreased their price objective on Devon Energy from $53.00 to $47.00 and set a "neutral" rating on the stock in a report on Wednesday, September 18th. Barclays cut their target price on shares of Devon Energy from $55.00 to $46.00 and set an "equal weight" rating for the company in a report on Thursday, October 3rd. Finally, JPMorgan Chase & Co. cut shares of Devon Energy from an "overweight" rating to a "neutral" rating and set a $43.00 price target on the stock. in a research report on Thursday, December 5th. Ten investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $49.18.

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.