California Public Employees Retirement System Sells 33,575 Shares of Devon Energy Co. (NYSE:DVN)

California Public Employees Retirement System decreased its stake in shares of Devon Energy Co. (NYSE:DVN) by 2.8% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 1,158,151 shares of the energy company’s stock after selling 33,575 shares during the period. California Public Employees Retirement System owned 0.18% of Devon Energy worth $52,464,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Duality Advisers LP boosted its holdings in shares of Devon Energy by 38.0% during the 4th quarter. Duality Advisers LP now owns 143,268 shares of the energy company’s stock worth $6,490,000 after buying an additional 39,453 shares during the period. MCF Advisors LLC boosted its holdings in shares of Devon Energy by 42.0% during the 4th quarter. MCF Advisors LLC now owns 3,808 shares of the energy company’s stock worth $172,000 after buying an additional 1,127 shares during the period. OLD National Bancorp IN boosted its holdings in shares of Devon Energy by 65.9% during the 4th quarter. OLD National Bancorp IN now owns 7,362 shares of the energy company’s stock worth $333,000 after buying an additional 2,925 shares during the period. Signaturefd LLC boosted its holdings in shares of Devon Energy by 10.2% during the 4th quarter. Signaturefd LLC now owns 15,765 shares of the energy company’s stock worth $714,000 after buying an additional 1,459 shares during the period. Finally, Lindbrook Capital LLC boosted its holdings in shares of Devon Energy by 60.3% during the 4th quarter. Lindbrook Capital LLC now owns 3,072 shares of the energy company’s stock worth $139,000 after buying an additional 1,156 shares during the period. Institutional investors own 69.72% of the company’s stock.

Devon Energy Price Performance

DVN stock opened at $52.62 on Friday. The company has a 50 day simple moving average of $48.70 and a 200 day simple moving average of $46.13. The stock has a market cap of $33.41 billion, a price-to-earnings ratio of 9.02 and a beta of 2.19. Devon Energy Co. has a 1 year low of $40.47 and a 1 year high of $55.09. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.07 and a quick ratio of 0.99.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.02. The business had revenue of $4.15 billion during the quarter, compared to analysts’ expectations of $3.88 billion. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The firm’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same period in the prior year, the company earned $1.66 EPS. Research analysts anticipate that Devon Energy Co. will post 5.25 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were given a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 3.35%. The ex-dividend date of this dividend was Thursday, March 14th. Devon Energy’s dividend payout ratio (DPR) is currently 15.09%.

Analyst Ratings Changes

Several brokerages recently commented on DVN. Scotiabank lifted their target price on shares of Devon Energy from $53.00 to $67.00 and gave the stock a “sector outperform” rating in a report on Thursday, April 11th. Susquehanna boosted their price objective on shares of Devon Energy from $52.00 to $65.00 and gave the company a “positive” rating in a report on Monday. Piper Sandler boosted their price objective on shares of Devon Energy from $59.00 to $60.00 and gave the company an “overweight” rating in a report on Friday, April 19th. Citigroup boosted their price objective on shares of Devon Energy from $55.00 to $62.00 and gave the company a “buy” rating in a report on Thursday, April 11th. Finally, Barclays initiated coverage on shares of Devon Energy in a report on Wednesday, April 10th. They issued an “equal weight” rating and a $59.00 price objective for the company. Five investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $58.33.

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.