New Mexico Educational Retirement Board Acquires 29,034 Shares of Devon Energy Corporation $DVN

New Mexico Educational Retirement Board increased its stake in Devon Energy Corporation (NYSE:DVN) by 99.8% during the second quarter, according to its most recent filing with the SEC. The fund owned 58,119 shares of the energy company’s stock after buying an additional 29,034 shares during the quarter. New Mexico Educational Retirement Board’s holdings in Devon Energy were worth $2,401,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the stock. Royal London Asset Management Ltd. increased its holdings in Devon Energy by 520.1% during the second quarter. Royal London Asset Management Ltd. now owns 1,684,956 shares of the energy company’s stock worth $69,622,000 after buying an additional 1,413,234 shares during the last quarter. Mufg Securities Americas Inc. lifted its stake in Devon Energy by 102.3% in the second quarter. Mufg Securities Americas Inc. now owns 34,725 shares of the energy company’s stock valued at $1,435,000 after purchasing an additional 17,562 shares during the last quarter. Van ECK Associates Corp lifted its position in shares of Devon Energy by 23.0% during the 2nd quarter. Van ECK Associates Corp now owns 188,254 shares of the energy company’s stock valued at $7,779,000 after buying an additional 35,191 shares during the last quarter. Nissay Asset Management Corp Japan lifted its holdings in Devon Energy by 93.0% during the second quarter. Nissay Asset Management Corp Japan now owns 150,117 shares of the energy company’s stock valued at $6,203,000 after purchasing an additional 72,340 shares during the last quarter. Finally, Field & Main Bank bought a new position in Devon Energy in the 2nd quarter worth approximately $31,000. Institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Performance

Shares of DVN opened at $47.42 on Friday. Devon Energy Corporation has a 52 week low of $31.47 and a 52 week high of $52.71. The stock has a market cap of $52.16 billion, a P/E ratio of 11.26, a P/E/G ratio of 1.30 and a beta of 0.38. The business’s 50 day moving average price is $44.19 and its 200-day moving average price is $45.62. The company has a quick ratio of 0.67, a current ratio of 0.72 and a debt-to-equity ratio of 0.24.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, beating analysts’ consensus estimates of $1.40 by $0.17. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The firm had revenue of $7.42 billion for the quarter, compared to analysts’ expectations of $6.01 billion. During the same quarter in the prior year, the company posted $0.84 earnings per share. The business’s revenue for the quarter was up 73.1% on a year-over-year basis. Equities research analysts anticipate that Devon Energy Corporation will post 5.2 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be given a dividend of $0.32 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.7%. Devon Energy’s payout ratio is presently 30.40%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Barclays cut their price objective on shares of Devon Energy from $62.00 to $58.00 and set an “overweight” rating for the company in a research report on Monday, August 17th. Jefferies Financial Group lifted their target price on shares of Devon Energy from $62.00 to $63.00 and gave the company a “buy” rating in a research report on Monday, May 18th. Citigroup upped their target price on shares of Devon Energy from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, May 20th. UBS Group reduced their price target on shares of Devon Energy from $58.00 to $54.00 and set a “buy” rating on the stock in a research report on Wednesday, July 15th. Finally, BMO Capital Markets reiterated an “outperform” rating on shares of Devon Energy in a report on Wednesday, June 10th. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $59.15.

Insider Activity at Devon Energy

In other Devon Energy news, SVP Andrea Alexander sold 18,000 shares of the company’s stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total value of $841,320.00. Following the completion of the sale, the senior vice president owned 138,529 shares in the company, valued at $6,474,845.46. This represents a 11.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 4.58% of the stock is owned by company 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.