Oregon Public Employees Retirement Fund Reduces Holdings in Devon Energy Co. (NYSE:DVN)

Oregon Public Employees Retirement Fund lowered its position in Devon Energy Co. (NYSE:DVN) by 0.9% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 54,259 shares of the energy company’s stock after selling 493 shares during the quarter. Oregon Public Employees Retirement Fund’s holdings in Devon Energy were worth $2,572,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Natixis Advisors L.P. grew its stake in Devon Energy by 31.7% during the 4th quarter. Natixis Advisors L.P. now owns 220,708 shares of the energy company’s stock valued at $9,998,000 after purchasing an additional 53,096 shares in the last quarter. Axxcess Wealth Management LLC grew its position in shares of Devon Energy by 36.1% during the fourth quarter. Axxcess Wealth Management LLC now owns 6,800 shares of the energy company’s stock worth $308,000 after buying an additional 1,804 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Devon Energy by 3.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,539,574 shares of the energy company’s stock worth $160,338,000 after buying an additional 123,158 shares in the last quarter. Cullen Frost Bankers Inc. raised its holdings in Devon Energy by 5.1% in the fourth quarter. Cullen Frost Bankers Inc. now owns 5,587 shares of the energy company’s stock valued at $253,000 after acquiring an additional 271 shares in the last quarter. Finally, Wealthspire Advisors LLC acquired a new stake in Devon Energy in the fourth quarter valued at $208,000. 69.72% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently weighed in on DVN. StockNews.com downgraded shares of Devon Energy from a “buy” rating to a “hold” rating in a research report on Monday. Morgan Stanley upped their price objective on Devon Energy from $52.00 to $54.00 and gave the company an “overweight” rating in a research note on Tuesday, July 9th. Wolfe Research assumed coverage on Devon Energy in a research report on Thursday, July 18th. They issued a “peer perform” rating for the company. Bank of America restated a “buy” rating and set a $64.00 price objective on shares of Devon Energy in a research note on Friday, June 14th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $57.00 target price on shares of Devon Energy in a research note on Tuesday. Six research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $58.63.

Devon Energy Price Performance

NYSE DVN opened at $42.08 on Friday. The company has a 50-day moving average price of $45.52 and a two-hundred day moving average price of $47.55. The stock has a market cap of $26.59 billion, a price-to-earnings ratio of 8.03, a price-to-earnings-growth ratio of 1.26 and a beta of 2.03. The company has a current ratio of 1.11, a quick ratio of 1.03 and a debt-to-equity ratio of 0.45. Devon Energy Co. has a 52 week low of $40.47 and a 52 week high of $55.09.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.26 by $0.15. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The firm had revenue of $3.92 billion for the quarter, compared to analysts’ expectations of $3.90 billion. During the same period last year, the firm earned $1.18 EPS. The firm’s revenue was up 13.4% compared to the same quarter last year. Analysts forecast that Devon Energy Co. will post 5.37 EPS for the current year.

Devon Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.09%. The ex-dividend date of this dividend is Friday, September 13th. Devon Energy’s payout ratio is currently 16.79%.

Devon Energy Company 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.