Texas Permanent School Fund Corp Lowers Holdings in Devon Energy Corporation $DVN

Texas Permanent School Fund Corp reduced its stake in shares of Devon Energy Corporation (NYSE:DVN) by 37.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 44,750 shares of the energy company’s stock after selling 26,226 shares during the period. Texas Permanent School Fund Corp’s holdings in Devon Energy were worth $1,423,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of DVN. TD Asset Management Inc grew its position in Devon Energy by 6.4% during the second quarter. TD Asset Management Inc now owns 267,322 shares of the energy company’s stock valued at $8,504,000 after acquiring an additional 16,106 shares during the period. Stephens Inc. AR grew its holdings in shares of Devon Energy by 90.4% during the 2nd quarter. Stephens Inc. AR now owns 72,546 shares of the energy company’s stock worth $2,308,000 after purchasing an additional 34,448 shares during the period. Natixis increased its position in Devon Energy by 101.4% during the 2nd quarter. Natixis now owns 73,902 shares of the energy company’s stock worth $2,351,000 after purchasing an additional 37,211 shares in the last quarter. Scott & Selber Inc. acquired a new stake in Devon Energy during the 2nd quarter worth approximately $2,455,000. Finally, Kwmg LLC raised its holdings in Devon Energy by 10.2% in the second quarter. Kwmg LLC now owns 147,671 shares of the energy company’s stock valued at $4,697,000 after buying an additional 13,616 shares during the period. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Stock Down 0.3%

Shares of Devon Energy stock opened at $36.34 on Wednesday. Devon Energy Corporation has a 1-year low of $25.89 and a 1-year high of $38.88. The company has a market capitalization of $22.79 billion, a PE ratio of 8.55, a P/E/G ratio of 2.76 and a beta of 0.62. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.96 and a quick ratio of 0.87. The business has a 50-day moving average of $34.95 and a 200-day moving average of $34.31.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Wednesday, November 5th. The energy company reported $1.04 EPS for the quarter, topping the consensus estimate of $0.93 by $0.11. Devon Energy had a return on equity of 18.14% and a net margin of 15.56%.The business had revenue of $0.00 million for the quarter, compared to analysts’ expectations of $4.10 billion. During the same quarter in the previous year, the firm posted $1.10 earnings per share. As a group, equities analysts forecast that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 30th. Stockholders of record on Monday, December 15th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Monday, December 15th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.6%. Devon Energy’s dividend payout ratio (DPR) is presently 22.59%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Scotiabank reiterated an “outperform” rating on shares of Devon Energy in a research note on Thursday, October 9th. Susquehanna increased their price target on Devon Energy from $40.00 to $42.00 and gave the company a “positive” rating in a report on Wednesday, November 12th. Argus raised Devon Energy to a “strong-buy” rating in a research report on Wednesday, November 26th. Raymond James Financial upped their target price on Devon Energy from $42.00 to $44.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 3rd. Finally, Siebert Williams Shank lowered their target price on Devon Energy from $52.00 to $46.00 and set a “buy” rating for the company in a research note on Monday, October 13th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $44.86.

About Devon Energy

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.