Public Employees Retirement System of Ohio Invests $14.77 Million in Devon Energy Corporation $DVN

Public Employees Retirement System of Ohio acquired a new stake in Devon Energy Corporation (NYSE:DVN) in the 2nd quarter, Holdings Channel reports. The fund acquired 357,415 shares of the energy company’s stock, valued at approximately $14,768,000.

A number of other institutional investors also recently bought and sold shares of DVN. One68 Global Capital LLC acquired a new position in Devon Energy during the 2nd quarter valued at approximately $455,000. Strive Financial Group LLC grew its holdings in shares of Devon Energy by 166.8% during the second quarter. Strive Financial Group LLC now owns 1,014 shares of the energy company’s stock valued at $42,000 after buying an additional 634 shares during the last quarter. Parvin Asset Management LLC acquired a new position in shares of Devon Energy in the 2nd quarter valued at $28,000. Proficio Capital Partners LLC acquired a new position in shares of Devon Energy in the 2nd quarter valued at $320,000. Finally, Pure Financial Advisors LLC purchased a new position in Devon Energy in the 2nd quarter worth $208,000. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Trading Up 0.1%

DVN stock opened at $47.42 on Monday. The company has a quick ratio of 0.67, a current ratio of 0.72 and a debt-to-equity ratio of 0.24. Devon Energy Corporation has a 52-week low of $31.47 and a 52-week high of $52.71. The company’s 50-day simple moving average is $44.19 and its 200-day simple moving average is $45.64. The firm has a market cap of $52.16 billion, a P/E ratio of 11.26, a PEG ratio of 1.30 and a beta of 0.38.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share for the quarter, topping 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 business had revenue of $7.42 billion during the quarter, compared to the consensus estimate of $6.01 billion. During the same period in the prior year, the company posted $0.84 EPS. The business’s quarterly revenue was up 73.1% on a year-over-year basis. As a group, equities analysts forecast that Devon Energy Corporation will post 5.2 EPS for the current fiscal year.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Tuesday, September 15th. Devon Energy’s dividend payout ratio (DPR) is presently 30.40%.

Insider Transactions at Devon Energy

In other news, SVP Andrea Alexander sold 18,000 shares of Devon Energy stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total value of $841,320.00. Following the sale, the senior vice president owned 138,529 shares in the company, valued at $6,474,845.46. This trade represents a 11.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 4.58% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several analysts have weighed in on the company. Argus reiterated a “buy” rating and set a $45.85 price target on shares of Devon Energy in a research note on Monday, August 17th. Citigroup raised their price objective on Devon Energy from $60.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, May 20th. The Goldman Sachs Group decreased their target price on Devon Energy from $54.00 to $53.00 and set a “buy” rating for the company in a report on Tuesday, June 30th. Wall Street Zen upgraded Devon Energy from a “hold” rating to a “buy” rating in a research report on Saturday, August 15th. Finally, Weiss Ratings downgraded shares of Devon Energy from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, August 25th. Two analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $59.15.

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.