Devon Energy Co. (NYSE:DVN) Stake Lifted by New York State Teachers Retirement System

New York State Teachers Retirement System increased its position in shares of Devon Energy Co. (NYSE:DVN) by 14.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 704,831 shares of the energy company’s stock after purchasing an additional 87,462 shares during the period. New York State Teachers Retirement System owned 0.11% of Devon Energy worth $27,573,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in DVN. Whittier Trust Co. of Nevada Inc. lifted its holdings in shares of Devon Energy by 7.4% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 3,046 shares of the energy company’s stock valued at $153,000 after buying an additional 209 shares during the period. Annex Advisory Services LLC raised its position in Devon Energy by 0.8% in the second quarter. Annex Advisory Services LLC now owns 27,651 shares of the energy company’s stock worth $1,311,000 after acquiring an additional 223 shares in the last quarter. Versant Capital Management Inc lifted its holdings in Devon Energy by 30.4% in the 2nd quarter. Versant Capital Management Inc now owns 970 shares of the energy company’s stock valued at $46,000 after acquiring an additional 226 shares during the last quarter. Magnolia Capital Advisors LLC boosted its position in shares of Devon Energy by 1.0% during the 1st quarter. Magnolia Capital Advisors LLC now owns 23,316 shares of the energy company’s stock valued at $1,208,000 after purchasing an additional 230 shares in the last quarter. Finally, Archer Investment Corp boosted its position in shares of Devon Energy by 2.8% during the 2nd quarter. Archer Investment Corp now owns 8,535 shares of the energy company’s stock valued at $405,000 after purchasing an additional 235 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently commented on DVN shares. StockNews.com lowered shares of Devon Energy from a “buy” rating to a “hold” rating in a research note on Monday, September 2nd. Wolfe Research assumed coverage on Devon Energy in a research note on Thursday, July 18th. They set a “peer perform” rating for the company. Truist Financial decreased their target price on Devon Energy from $60.00 to $49.00 and set a “buy” rating on the stock in a report on Monday, September 30th. Mizuho reduced their target price on Devon Energy from $53.00 to $51.00 and set an “outperform” rating for the company in a report on Wednesday, October 9th. Finally, Wells Fargo & Company reissued a “sector outperform” rating on shares of Devon Energy in a research note on Friday, October 18th. Nine equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, Devon Energy presently has a consensus rating of “Moderate Buy” and a consensus target price of $52.53.

Devon Energy Trading Up 0.9 %

Shares of NYSE:DVN opened at $38.69 on Friday. The firm has a fifty day moving average of $41.26 and a two-hundred day moving average of $45.48. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.45. Devon Energy Co. has a 12-month low of $37.76 and a 12-month high of $55.09. The firm has a market capitalization of $24.23 billion, a P/E ratio of 7.02, a price-to-earnings-growth ratio of 1.22 and a beta of 2.02.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $3.90 billion. During the same quarter last year, the firm earned $1.18 earnings per share. The business’s revenue for the quarter was up 13.4% on a year-over-year basis. On average, equities analysts expect that Devon Energy Co. will post 4.98 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were paid a $0.22 dividend. The ex-dividend date was Friday, September 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.27%. Devon Energy’s payout ratio is 15.97%.

About Devon Energy

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.