Utah Retirement Systems reduced its position in Devon Energy Corp (NYSE:DVN) by 2.3% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 94,470 shares of the energy company’s stock after selling 2,200 shares during the quarter. Utah Retirement Systems’ holdings in Devon Energy were worth $3,773,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also recently added to or reduced their stakes in the business. Northwestern Mutual Wealth Management Co. increased its position in Devon Energy by 18.9% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 8,696 shares of the energy company’s stock worth $382,000 after buying an additional 1,382 shares during the last quarter. Aperio Group LLC increased its position in Devon Energy by 0.7% in the third quarter. Aperio Group LLC now owns 220,582 shares of the energy company’s stock worth $8,810,000 after buying an additional 1,574 shares during the last quarter. Financial Architects Inc increased its position in Devon Energy by 168.5% in the second quarter. Financial Architects Inc now owns 2,709 shares of the energy company’s stock worth $119,000 after buying an additional 1,700 shares during the last quarter. Dupont Capital Management Corp increased its position in Devon Energy by 37.6% in the second quarter. Dupont Capital Management Corp now owns 6,413 shares of the energy company’s stock worth $282,000 after buying an additional 1,753 shares during the last quarter. Finally, Hartford Investment Management Co. increased its position in Devon Energy by 2.7% in the third quarter. Hartford Investment Management Co. now owns 66,688 shares of the energy company’s stock worth $2,664,000 after buying an additional 1,759 shares during the last quarter. 82.99% of the stock is owned by institutional investors and hedge funds.
A number of equities analysts have recently commented on the company. Jefferies Financial Group set a $52.00 price target on Devon Energy and gave the stock a “buy” rating in a report on Friday, August 10th. Barclays initiated coverage on Devon Energy in a report on Wednesday, August 29th. They issued an “overweight” rating and a $49.00 price target for the company. Morgan Stanley dropped their price objective on Devon Energy from $45.00 to $44.00 and set a “hold” rating for the company in a research note on Wednesday, September 26th. Johnson Rice raised Devon Energy from an “accumulate” rating to a “buy” rating in a research note on Wednesday, August 15th. Finally, KLR Group reissued a “buy” rating and set a $60.00 price objective on shares of Devon Energy in a research note on Monday, August 20th. Ten investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $47.22.
DVN opened at $28.67 on Friday. The stock has a market capitalization of $13.19 billion, a PE ratio of 45.51, a P/E/G ratio of 1.43 and a beta of 2.26. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.65. Devon Energy Corp has a 12 month low of $25.87 and a 12 month high of $46.54.
Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, November 6th. The energy company reported $0.63 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.42 by $0.21. The firm had revenue of $2.58 billion for the quarter, compared to the consensus estimate of $2.61 billion. Devon Energy had a return on equity of 6.40% and a net margin of 16.62%. The company’s quarterly revenue was up 33.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.46 earnings per share. On average, analysts predict that Devon Energy Corp will post 1.57 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Friday, March 15th will be issued a $0.08 dividend. The ex-dividend date of this dividend is Thursday, March 14th. This represents a $0.32 annualized dividend and a dividend yield of 1.12%. Devon Energy’s dividend payout ratio is currently 50.79%.
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About Devon Energy
Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States and Canada. It operates approximately 14,600 gross wells. The company also offers gathering, transmission, processing, storage, fractionation, and marketing to upstream oil and natural gas producers; and owns natural gas pipelines, plants and treatment facilities.
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