Commonwealth of Pennsylvania Public School Empls Retrmt SYS Cuts Stake in Devon Energy Corporation $DVN

Commonwealth of Pennsylvania Public School Empls Retrmt SYS lowered its holdings in shares of Devon Energy Corporation (NYSE:DVN) by 18.1% during the 1st quarter, Holdings Channel.com reports. The firm owned 119,486 shares of the energy company’s stock after selling 26,427 shares during the quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Devon Energy were worth $6,013,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in DVN. Wedge Capital Management L L P NC purchased a new stake in Devon Energy during the 4th quarter valued at about $9,931,000. Investors Research Corp increased its stake in Devon Energy by 13,787.5% in the 4th quarter. Investors Research Corp now owns 27,775 shares of the energy company’s stock worth $1,017,000 after purchasing an additional 27,575 shares during the period. Philip James Wealth Mangement LLC increased its stake in Devon Energy by 43.8% in the 4th quarter. Philip James Wealth Mangement LLC now owns 161,368 shares of the energy company’s stock worth $5,911,000 after purchasing an additional 49,115 shares during the period. Morningstar Investment Management LLC bought a new stake in Devon Energy in the fourth quarter valued at approximately $2,089,000. Finally, LSV Asset Management lifted its position in Devon Energy by 79.6% in the fourth quarter. LSV Asset Management now owns 799,587 shares of the energy company’s stock valued at $29,289,000 after purchasing an additional 354,500 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Price Performance

DVN opened at $43.43 on Wednesday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.94 and a current ratio of 1.01. Devon Energy Corporation has a 52-week low of $31.45 and a 52-week high of $52.71. The stock has a market capitalization of $26.98 billion, a PE ratio of 12.10 and a beta of 0.38. The stock’s 50 day moving average price is $44.53 and its 200-day moving average price is $43.97.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, May 5th. The energy company reported $1.04 EPS for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.02). Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The business had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $4.34 billion. During the same quarter in the prior year, the company earned $0.82 EPS. Devon Energy’s revenue was down 14.5% compared to the same quarter last year. On average, equities research analysts predict that Devon Energy Corporation will post 4.72 EPS for the current year.

Devon Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were issued a $0.32 dividend. This is a boost from Devon Energy’s previous quarterly dividend of $0.24. The ex-dividend date was Monday, June 15th. This represents a $1.28 annualized dividend and a yield of 2.9%. Devon Energy’s dividend payout ratio (DPR) is currently 35.65%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Wall Street Zen lowered Devon Energy from a “buy” rating to a “hold” rating in a research note on Sunday, June 21st. BMO Capital Markets reiterated an “outperform” rating on shares of Devon Energy in a report on Wednesday, June 10th. Wolfe Research set a $67.00 price target on shares of Devon Energy and gave the company an “outperform” rating in a report on Monday, June 22nd. Sanford C. Bernstein increased their price target on shares of Devon Energy from $42.00 to $59.00 and gave the company an “outperform” rating in a research report on Monday, April 13th. Finally, Morgan Stanley cut their price target on shares of Devon Energy from $66.00 to $63.00 and set an “overweight” rating on the stock in a report on Friday, June 26th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $59.56.

Insiders Place Their Bets

In other news, SVP Adam M. Vela sold 24,342 shares of the firm’s stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $47.21, for a total value of $1,149,185.82. Following the completion of the sale, the senior vice president directly owned 130,540 shares of the company’s stock, valued at approximately $6,162,793.40. This trade represents a 15.72% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of Devon Energy stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $46.66, for a total transaction of $3,267,553.14. Following the sale, the executive vice president directly owned 428,452 shares in the company, valued at $19,991,570.32. The trade was a 14.05% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 112,371 shares of company stock worth $5,258,059. 4.58% of the stock is currently owned by corporate insiders.

Devon Energy Profile

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.