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

Teachers Retirement System of The State of Kentucky lessened its stake in shares of Devon Energy Co. (NYSE:DVN) by 6.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 54,580 shares of the energy company’s stock after selling 3,487 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in Devon Energy were worth $2,473,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. DekaBank Deutsche Girozentrale grew its stake in Devon Energy by 39.0% during the 4th quarter. DekaBank Deutsche Girozentrale now owns 197,726 shares of the energy company’s stock worth $9,008,000 after buying an additional 55,459 shares during the last quarter. L. Roy Papp & Associates LLP acquired a new position in shares of Devon Energy in the 4th quarter valued at $287,000. Principal Securities Inc. purchased a new stake in Devon Energy in the 4th quarter valued at $702,000. Panagora Asset Management Inc. boosted its stake in Devon Energy by 151.3% during the 4th quarter. Panagora Asset Management Inc. now owns 65,522 shares of the energy company’s stock worth $2,968,000 after purchasing an additional 39,449 shares during the period. Finally, TrinityPoint Wealth LLC purchased a new position in Devon Energy during the 4th quarter worth $2,068,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Insiders Place Their Bets

In related news, EVP Tana K. Cashion sold 20,000 shares of the stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the sale, the executive vice president now owns 104,182 shares of the company’s stock, valued at $5,317,449.28. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.73% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on DVN. JPMorgan Chase & Co. upped their target price on shares of Devon Energy from $57.00 to $62.00 and gave the company an “overweight” rating in a report on Monday, April 8th. Mizuho increased their price objective on Devon Energy from $57.00 to $61.00 and gave the stock a “buy” rating in a research report on Monday, May 13th. Citigroup boosted their target price on Devon Energy from $55.00 to $62.00 and gave the company a “buy” rating in a report on Thursday, April 11th. UBS Group increased their price target on Devon Energy from $48.00 to $57.00 and gave the stock a “neutral” rating in a report on Wednesday, April 10th. Finally, Truist Financial dropped their price objective on shares of Devon Energy from $69.00 to $67.00 and set a “buy” rating on the stock in a research note on Friday, May 3rd. Four equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $59.24.

Devon Energy Trading Up 0.7 %

NYSE:DVN opened at $45.99 on Friday. Devon Energy Co. has a 52-week low of $40.47 and a 52-week high of $55.09. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 0.46. The stock has a fifty day simple moving average of $49.36 and a 200-day simple moving average of $46.76. The company has a market capitalization of $29.07 billion, a PE ratio of 8.78, a price-to-earnings-growth ratio of 1.21 and a beta of 2.08.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.06. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The company had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.64 billion. During the same quarter in the prior year, the firm earned $1.46 earnings per share. The company’s revenue for the quarter was down 5.9% compared to the same quarter last year. On average, equities research analysts expect that Devon Energy Co. will post 5.24 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 1.91%. The ex-dividend date of this dividend is Friday, June 14th. Devon Energy’s dividend payout ratio (DPR) is presently 16.79%.

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.