Public Sector Pension Investment Board Reduces Position in Devon Energy Corporation (NYSE:DVN)

Public Sector Pension Investment Board cut its position in shares of Devon Energy Corporation (NYSE:DVN) by 59.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 175,599 shares of the energy company’s stock after selling 253,809 shares during the period. Public Sector Pension Investment Board’s holdings in Devon Energy were worth $6,567,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Financial Gravity Asset Management Inc. purchased a new position in shares of Devon Energy during the 1st quarter worth about $26,000. Banque Cantonale Vaudoise purchased a new position in shares of Devon Energy during the 1st quarter worth about $26,000. Accredited Wealth Management LLC purchased a new position in shares of Devon Energy during the 4th quarter worth about $28,000. Rakuten Securities Inc. boosted its stake in shares of Devon Energy by 94.6% during the 1st quarter. Rakuten Securities Inc. now owns 833 shares of the energy company’s stock worth $31,000 after purchasing an additional 405 shares during the period. Finally, SouthState Corp boosted its stake in shares of Devon Energy by 350.5% during the 1st quarter. SouthState Corp now owns 991 shares of the energy company’s stock worth $37,000 after purchasing an additional 771 shares during the period. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Trading Down 0.4%

NYSE DVN opened at $33.70 on Friday. The company has a quick ratio of 1.13, a current ratio of 1.22 and a debt-to-equity ratio of 0.55. The firm has a market cap of $21.39 billion, a PE ratio of 7.56, a price-to-earnings-growth ratio of 1.92 and a beta of 1.07. The company has a 50 day moving average price of $33.25 and a 200 day moving average price of $33.16. Devon Energy Corporation has a 52 week low of $25.89 and a 52 week high of $46.04.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, August 5th. The energy company reported $0.84 EPS for the quarter, topping the consensus estimate of $0.83 by $0.01. The firm had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.01 billion. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. Devon Energy’s revenue was up 9.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.41 EPS. As a group, sell-side analysts forecast that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Monday, September 15th. Devon Energy’s payout ratio is 21.52%.

Analysts Set New Price Targets

A number of research firms recently commented on DVN. Jefferies Financial Group lifted their price target on shares of Devon Energy from $31.00 to $33.00 and gave the stock a “hold” rating in a research note on Monday, July 14th. Siebert Williams Shank boosted their price objective on shares of Devon Energy from $47.00 to $52.00 and gave the company a “buy” rating in a research report on Monday, June 23rd. Piper Sandler lowered their price objective on shares of Devon Energy from $58.00 to $57.00 and set an “overweight” rating for the company in a research report on Thursday. Tudor, Pickering, Holt & Co. boosted their price objective on shares of Devon Energy from $42.00 to $44.00 in a research report on Thursday, July 3rd. Finally, Wall Street Zen raised shares of Devon Energy from a “sell” rating to a “hold” rating in a research report on Thursday, May 15th. Eleven research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $43.93.

Insider Activity at Devon Energy

In related news, Director Kelt Kindick sold 7,685 shares of the business’s stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $33.46, for a total transaction of $257,140.10. Following the completion of the transaction, the director owned 31,801 shares in the company, valued at $1,064,061.46. The trade was a 19.46% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.71% of the stock is currently owned by company insiders.

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.