Public Employees Retirement System of Ohio Decreases Position in Devon Energy Corporation $DVN

Public Employees Retirement System of Ohio lowered its position in shares of Devon Energy Corporation (NYSE:DVN) by 2.2% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 193,066 shares of the energy company’s stock after selling 4,391 shares during the period. Public Employees Retirement System of Ohio’s holdings in Devon Energy were worth $6,141,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Opal Wealth Advisors LLC acquired a new stake in shares of Devon Energy during the second quarter worth approximately $25,000. Financial Gravity Asset Management Inc. acquired a new position in shares of Devon Energy in the 1st quarter worth approximately $26,000. Banque Cantonale Vaudoise bought a new stake in Devon Energy during the first quarter valued at $26,000. Rakuten Securities Inc. raised its stake in Devon Energy by 94.6% during the first quarter. Rakuten Securities Inc. now owns 833 shares of the energy company’s stock worth $31,000 after acquiring an additional 405 shares during the period. Finally, SouthState Corp boosted its position in Devon Energy by 350.5% during the 1st quarter. SouthState Corp now owns 991 shares of the energy company’s stock valued at $37,000 after purchasing an additional 771 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Insiders Place Their Bets

In other Devon Energy news, Director Kelt Kindick sold 7,685 shares of the firm’s stock in a transaction on Monday, August 11th. The shares were sold at an average price of $33.46, for a total value of $257,140.10. Following the sale, the director directly owned 31,801 shares in the company, valued at $1,064,061.46. This trade represents a 19.46% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.73% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on DVN shares. Wolfe Research raised their price target on shares of Devon Energy from $47.00 to $49.00 and gave the company an “outperform” rating in a research note on Monday, June 23rd. William Blair began coverage on Devon Energy in a report on Monday, August 25th. They set an “outperform” rating on the stock. Piper Sandler decreased their price target on Devon Energy from $58.00 to $57.00 and set an “overweight” rating for the company in a research note on Thursday, August 14th. JPMorgan Chase & Co. upped their price target on Devon Energy from $40.00 to $42.00 and gave the company a “neutral” rating in a report on Tuesday, July 8th. Finally, BMO Capital Markets raised their target price on shares of Devon Energy from $48.00 to $51.00 and gave the stock an “outperform” rating in a report on Monday, July 14th. Sixteen investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $44.04.

Devon Energy Stock Performance

DVN opened at $36.97 on Monday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.13 and a current ratio of 1.22. The company has a market cap of $23.47 billion, a PE ratio of 8.29, a price-to-earnings-growth ratio of 2.14 and a beta of 1.09. The stock has a 50-day moving average of $34.23 and a 200-day moving average of $33.15. Devon Energy Corporation has a 52-week low of $25.89 and a 52-week high of $43.29.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, August 5th. The energy company reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.01. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.The firm had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.01 billion. During the same period in the previous year, the company earned $1.41 EPS. The company’s revenue for the quarter was up 9.4% on a year-over-year basis. As a group, equities research analysts forecast that Devon Energy Corporation will post 4.85 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be issued a dividend of $0.24 per share. The ex-dividend date is Monday, September 15th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.6%. Devon Energy’s payout ratio is 21.52%.

Devon Energy Profile

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.