Public Sector Pension Investment Board Sells 700 Shares of Devon Energy Co. (NYSE:DVN)

Public Sector Pension Investment Board lessened its stake in shares of Devon Energy Co. (NYSE:DVN) by 0.6% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 109,296 shares of the energy company’s stock after selling 700 shares during the period. Public Sector Pension Investment Board’s holdings in Devon Energy were worth $4,276,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Triad Wealth Partners LLC purchased a new stake in Devon Energy during the 2nd quarter valued at about $27,000. 1620 Investment Advisors Inc. purchased a new stake in shares of Devon Energy during the second quarter valued at approximately $34,000. Capital Performance Advisors LLP bought a new stake in shares of Devon Energy during the third quarter valued at approximately $35,000. PSI Advisors LLC raised its holdings in Devon Energy by 66.7% in the 2nd quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock worth $36,000 after acquiring an additional 300 shares during the last quarter. Finally, Future Financial Wealth Managment LLC bought a new position in Devon Energy in the 3rd quarter valued at approximately $39,000. 69.72% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

DVN has been the subject of several recent analyst reports. Scotiabank decreased their price target on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. BMO Capital Markets lowered their target price on shares of Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a research note on Friday, October 4th. Benchmark reiterated a “hold” rating on shares of Devon Energy in a research note on Tuesday, October 15th. Morgan Stanley lowered their price objective on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating on the stock in a research report on Monday, September 16th. Finally, TD Cowen cut their target price on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a research report on Tuesday, November 5th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, Devon Energy has an average rating of “Hold” and a consensus price target of $51.15.

Devon Energy Price Performance

NYSE:DVN opened at $37.61 on Tuesday. The business’s 50-day simple moving average is $39.68 and its two-hundred day simple moving average is $43.47. Devon Energy Co. has a 52 week low of $37.15 and a 52 week high of $55.09. The stock has a market cap of $24.71 billion, a PE ratio of 6.98, a P/E/G ratio of 1.20 and a beta of 2.03. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61.

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

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.34%. Devon Energy’s dividend payout ratio is currently 16.33%.

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.