Commonwealth of Pennsylvania Public School Empls Retrmt SYS Increases Stock Position in Devon Energy Corporation $DVN

Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its position in shares of Devon Energy Corporation (NYSE:DVN) by 113.1% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 254,656 shares of the energy company’s stock after acquiring an additional 135,170 shares during the quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Devon Energy were worth $10,522,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Pacer Advisors Inc. raised its stake in Devon Energy by 2,108.0% during the 4th quarter. Pacer Advisors Inc. now owns 6,386,921 shares of the energy company’s stock valued at $233,953,000 after purchasing an additional 6,097,658 shares during the period. Panagora Asset Management Inc. boosted its stake in shares of Devon Energy by 42,376.5% during the 4th quarter. Panagora Asset Management Inc. now owns 3,609,228 shares of the energy company’s stock worth $132,206,000 after purchasing an additional 3,600,731 shares during the period. Kimmeridge Energy Management Company LLC boosted its stake in shares of Devon Energy by 56.5% during the 4th quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company’s stock worth $324,204,000 after purchasing an additional 3,195,862 shares during the period. AQR Capital Management LLC lifted its holdings in 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 valued at $202,327,000 after buying an additional 2,802,137 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its position in shares of Devon Energy by 92.2% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 5,180,682 shares of the energy company’s stock worth $260,692,000 after buying an additional 2,485,603 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on DVN. Tudor Pickering upgraded shares of Devon Energy from a “hold” rating to a “strong-buy” rating in a report on Monday, April 20th. Wall Street Zen raised shares of Devon Energy from a “hold” rating to a “buy” rating in a research report on Saturday. Barclays boosted their price objective on shares of Devon Energy from $54.00 to $62.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 26th. Argus lifted their price target on shares of Devon Energy from $51.00 to $53.00 and gave the stock a “buy” rating in a report on Wednesday, June 10th. Finally, BMO Capital Markets reiterated an “outperform” rating on shares of Devon Energy in a report on Wednesday, June 10th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $59.60.

Devon Energy Stock Up 3.2%

Shares of DVN opened at $45.83 on Friday. Devon Energy Corporation has a one year low of $31.47 and a one year high of $52.71. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.67 and a current ratio of 0.72. The stock has a market capitalization of $50.41 billion, a price-to-earnings ratio of 10.89 and a beta of 0.38. The stock has a 50 day moving average price of $43.40 and a 200 day moving average price of $45.14.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share for the quarter, beating the consensus estimate of $1.40 by $0.17. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The company had revenue of $7.42 billion during the quarter, compared to the consensus estimate of $6.01 billion. During the same period in the previous year, the company posted $0.84 EPS. Devon Energy’s revenue was up 73.1% compared to the same quarter last year. Equities research analysts forecast that Devon Energy Corporation will post 4.99 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be given a $0.32 dividend. The ex-dividend date of this dividend is Tuesday, September 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 30.40%.

Insider Transactions at Devon Energy

In other Devon Energy news, SVP Andrea Alexander sold 18,000 shares of Devon Energy stock in a transaction 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 transaction, the senior vice president directly owned 138,529 shares in the company, valued at approximately $6,474,845.46. The trade was a 11.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 4.58% of the stock is owned by corporate insiders.

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.