Devon Energy Co. (NYSE:DVN) Stake Lessened by Kentucky Retirement Systems

Kentucky Retirement Systems decreased its position in shares of Devon Energy Co. (NYSE:DVN) by 2.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 47,625 shares of the energy company’s stock after selling 1,032 shares during the period. Kentucky Retirement Systems’ holdings in Devon Energy were worth $2,257,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Devon Energy by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock worth $3,836,615,000 after buying an additional 2,559,039 shares in the last quarter. Raymond James & Associates raised its position in Devon Energy by 1.5% in the second quarter. Raymond James & Associates now owns 9,183,778 shares of the energy company’s stock worth $435,311,000 after acquiring an additional 138,919 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Devon Energy by 16.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 8,793,217 shares of the energy company’s stock valued at $416,779,000 after acquiring an additional 1,255,543 shares during the last quarter. Raymond James Financial Services Advisors Inc. boosted its position in shares of Devon Energy by 3.8% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 4,699,410 shares of the energy company’s stock valued at $222,752,000 after purchasing an additional 169,923 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of Devon Energy by 0.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 4,680,448 shares of the energy company’s stock worth $221,853,000 after purchasing an additional 18,443 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Trading Down 0.5 %

Shares of NYSE:DVN opened at $40.78 on Friday. The firm has a fifty day moving average of $44.17 and a two-hundred day moving average of $47.30. 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 $39.02 and a 12-month high of $55.09. The firm has a market capitalization of $25.77 billion, a P/E ratio of 7.78, a price-to-earnings-growth ratio of 1.13 and a beta of 2.03.

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 5.36 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.16%. The ex-dividend date of this dividend is Friday, September 13th. Devon Energy’s payout ratio is presently 16.79%.

Analyst Upgrades and Downgrades

DVN has been the subject of a number of research reports. Scotiabank reduced their target price on shares of Devon Energy from $67.00 to $60.00 and set a “sector outperform” rating for the company in a report on Friday, July 12th. Wells Fargo & Company decreased their target price on Devon Energy from $57.00 to $55.00 and set an “overweight” rating on the stock in a report on Wednesday, August 14th. Bank of America reaffirmed a “buy” rating and set a $64.00 target price on shares of Devon Energy in a research report on Friday, June 14th. Wolfe Research started coverage on Devon Energy in a research report on Thursday, July 18th. They issued a “peer perform” rating for the company. Finally, Truist Financial cut their price objective on Devon Energy from $67.00 to $64.00 and set a “buy” rating on the stock in a report on Tuesday, July 9th. Six research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $57.00.

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.