California State Teachers Retirement System Decreases Stake in Devon Energy Corporation $DVN

California State Teachers Retirement System cut its holdings in shares of Devon Energy Corporation (NYSE:DVN) by 3.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 689,524 shares of the energy company’s stock after selling 28,315 shares during the period. California State Teachers Retirement System owned approximately 0.11% of Devon Energy worth $34,697,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of DVN. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new position in Devon Energy during the 4th quarter valued at about $25,000. MV Capital Management Inc. bought a new stake in shares of Devon Energy in the fourth quarter worth approximately $29,000. Garton & Associates Financial Advisors LLC bought a new stake in shares of Devon Energy in the fourth quarter worth approximately $29,000. Elyxium Wealth LLC purchased a new position in shares of Devon Energy during the fourth quarter valued at approximately $31,000. Finally, DV Equities LLC purchased a new position in shares of Devon Energy during the fourth quarter valued at approximately $32,000. 69.72% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Raymond James Financial dropped their target price on shares of Devon Energy from $66.00 to $64.00 and set a “strong-buy” rating on the stock in a report on Thursday, July 16th. Barclays increased their price target on Devon Energy from $54.00 to $62.00 and gave the company an “overweight” rating in a report on Tuesday, May 26th. Morgan Stanley dropped their price target on Devon Energy from $66.00 to $63.00 and set an “overweight” rating on the stock in a research note on Friday, June 26th. Royal Bank Of Canada lifted their price objective on Devon Energy from $46.00 to $59.00 and gave the stock a “sector perform” rating in a report on Wednesday, April 8th. Finally, Tudor Pickering raised Devon Energy from a “hold” rating to a “strong-buy” rating in a report on Monday, April 20th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $59.56.

Insider Activity at Devon Energy

In related news, SVP Andrea Alexander sold 18,000 shares of the stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total value of $841,320.00. Following the completion of the sale, the senior vice president directly owned 138,529 shares of the company’s stock, valued at approximately $6,474,845.46. This represents a 11.50% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Adam M. Vela sold 24,342 shares of the firm’s stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $47.21, for a total transaction of $1,149,185.82. Following the sale, the senior vice president owned 130,540 shares in the company, valued at approximately $6,162,793.40. The trade was a 15.72% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 112,371 shares of company stock worth $5,258,059. 4.58% of the stock is owned by company insiders.

Devon Energy Trading Up 2.1%

Shares of DVN stock opened at $45.08 on Friday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.01 and a quick ratio of 0.94. The company has a market cap of $28.01 billion, a price-to-earnings ratio of 12.56 and a beta of 0.38. Devon Energy Corporation has a 1 year low of $31.47 and a 1 year high of $52.71. The firm has a fifty day moving average price of $43.64 and a 200-day moving average price of $44.63.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, May 5th. The energy company reported $1.04 EPS for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.02). The company had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $4.34 billion. Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.Devon Energy’s revenue for the quarter was down 14.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.82 earnings per share. As a group, equities analysts predict that Devon Energy Corporation will post 4.64 earnings per share for the current year.

Devon Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were paid a dividend of $0.32 per share. This is a boost from Devon Energy’s previous quarterly dividend of $0.24. The ex-dividend date was Monday, June 15th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.8%. Devon Energy’s dividend payout ratio is presently 35.65%.

Devon Energy 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.