New York State Teachers Retirement System Trims Stock Holdings in Devon Energy Corporation $DVN

New York State Teachers Retirement System cut its stake in shares of Devon Energy Corporation (NYSE:DVN) by 6.2% in the third quarter, Holdings Channel.com reports. The fund owned 613,449 shares of the energy company’s stock after selling 40,326 shares during the period. New York State Teachers Retirement System’s holdings in Devon Energy were worth $21,508,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. AQR Capital Management LLC lifted its position in shares of Devon Energy by 78.7% during the 2nd quarter. AQR Capital Management LLC now owns 6,360,499 shares of the energy company’s stock worth $202,327,000 after buying an additional 2,802,137 shares during the last quarter. Adage Capital Partners GP L.L.C. raised its stake in Devon Energy by 83.9% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 4,568,092 shares of the energy company’s stock worth $145,311,000 after acquiring an additional 2,083,600 shares in the last quarter. Sourcerock Group LLC lifted its position in Devon Energy by 2,132.3% in the second quarter. Sourcerock Group LLC now owns 1,751,276 shares of the energy company’s stock valued at $55,708,000 after acquiring an additional 1,672,824 shares during the last quarter. Prudential Financial Inc. grew its holdings in shares of Devon Energy by 93.4% during the second quarter. Prudential Financial Inc. now owns 1,506,329 shares of the energy company’s stock worth $47,916,000 after purchasing an additional 727,532 shares during the last quarter. Finally, American Century Companies Inc. increased its position in shares of Devon Energy by 44.6% during the second quarter. American Century Companies Inc. now owns 1,638,065 shares of the energy company’s stock worth $52,107,000 after purchasing an additional 505,382 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have commented on the company. Scotiabank reaffirmed an “outperform” rating on shares of Devon Energy in a research report on Thursday, October 9th. BMO Capital Markets reduced their price target on shares of Devon Energy from $50.00 to $48.00 and set an “outperform” rating for the company in a research report on Monday, December 15th. The Goldman Sachs Group raised their price objective on shares of Devon Energy from $40.00 to $42.00 and gave the stock a “buy” rating in a research report on Thursday, November 13th. Morgan Stanley upped their target price on shares of Devon Energy from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Thursday, December 11th. Finally, JPMorgan Chase & Co. raised Devon Energy from a “neutral” rating to an “overweight” rating and lowered their price target for the stock from $49.00 to $44.00 in a report on Monday, December 8th. Two research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $44.62.

Devon Energy Trading Down 0.1%

Shares of DVN stock opened at $35.72 on Tuesday. The business’s fifty day moving average price is $36.02 and its 200 day moving average price is $34.56. The firm has a market capitalization of $22.41 billion, a PE ratio of 8.41, a P/E/G ratio of 2.93 and a beta of 0.60. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.96 and a quick ratio of 0.87. Devon Energy Corporation has a 1-year low of $25.89 and a 1-year high of $38.88.

Devon Energy (NYSE:DVN) last issued its 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. The company had revenue of $0.00 million for the quarter, compared to analyst estimates of $4.10 billion. Devon Energy had a net margin of 15.56% and a return on equity of 18.14%. During the same period in the previous year, the firm earned $1.10 EPS. As a group, sell-side analysts forecast that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 30th. Shareholders of record on Monday, December 15th were issued a $0.24 dividend. The ex-dividend date of this dividend was Monday, December 15th. This represents a $0.96 dividend on an annualized basis and a yield of 2.7%. Devon Energy’s dividend payout ratio (DPR) is 22.59%.

Devon Energy Company Profile

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.