Teachers Retirement System of The State of Kentucky Cuts Stock Holdings in Devon Energy Co. (NYSE:DVN)

Teachers Retirement System of The State of Kentucky lessened its position in Devon Energy Co. (NYSE:DVN) by 1.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 317,438 shares of the energy company’s stock after selling 3,856 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in Devon Energy were worth $12,417,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in DVN. V Square Quantitative Management LLC grew its position in shares of Devon Energy by 15.6% in the second quarter. V Square Quantitative Management LLC now owns 6,041 shares of the energy company’s stock valued at $286,000 after purchasing an additional 813 shares in the last quarter. ORG Partners LLC increased its position in Devon Energy by 738.3% during the second quarter. ORG Partners LLC now owns 1,534 shares of the energy company’s stock worth $73,000 after purchasing an additional 1,351 shares during the last quarter. Envestnet Portfolio Solutions Inc. raised its stake in Devon Energy by 5.9% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 6,018 shares of the energy company’s stock worth $285,000 after purchasing an additional 335 shares during the period. Triad Wealth Partners LLC acquired a new position in Devon Energy in the 2nd quarter valued at about $27,000. Finally, Royal Fund Management LLC raised its position in shares of Devon Energy by 9.0% during the 2nd quarter. Royal Fund Management LLC now owns 50,085 shares of the energy company’s stock valued at $2,375,000 after buying an additional 4,123 shares during the period. 69.72% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Piper Sandler raised their price objective on Devon Energy from $56.00 to $57.00 and gave the stock an “overweight” rating in a research report on Monday, November 18th. JPMorgan Chase & Co. lowered shares of Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price objective on the stock. in a report on Thursday, December 5th. Morgan Stanley dropped their target price on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a report on Monday, September 16th. Wells Fargo & Company decreased their price target on Devon Energy from $50.00 to $49.00 and set an “overweight” rating on the stock in a research note on Thursday, November 7th. Finally, Scotiabank cut their price objective on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Devon Energy has a consensus rating of “Hold” and an average target price of $50.75.

Devon Energy Stock Up 0.1 %

DVN opened at $34.77 on Thursday. The business has a 50 day moving average price of $39.07 and a two-hundred day moving average price of $42.78. Devon Energy Co. has a 52 week low of $34.53 and a 52 week high of $55.09. The company has a market cap of $22.84 billion, a PE ratio of 6.45, a P/E/G ratio of 1.11 and a beta of 1.99. 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 issued its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.01. The firm had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The company’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same period last year, the company earned $1.65 earnings per share. As a group, research analysts anticipate that Devon Energy Co. will post 4.79 EPS for the current year.

Devon Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, December 13th will be issued a dividend of $0.22 per share. The ex-dividend date is Friday, December 13th. This represents a $0.88 annualized dividend and a yield of 2.53%. Devon Energy’s dividend payout ratio is currently 16.33%.

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.