State of New Jersey Common Pension Fund D Decreases Position in Devon Energy Co. (NYSE:DVN)

State of New Jersey Common Pension Fund D lowered its stake in shares of Devon Energy Co. (NYSE:DVN) by 2.7% in the 4th quarter, HoldingsChannel reports. The firm owned 221,152 shares of the energy company’s stock after selling 6,051 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Devon Energy were worth $7,238,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently modified their holdings of DVN. Philip James Wealth Mangement LLC grew its stake in Devon Energy by 56.1% in the 4th quarter. Philip James Wealth Mangement LLC now owns 28,619 shares of the energy company’s stock valued at $937,000 after buying an additional 10,291 shares in the last quarter. Sierra Ocean LLC purchased a new position in Devon Energy in the 4th quarter valued at approximately $43,000. Valmark Advisers Inc. grew its stake in Devon Energy by 96.3% in the 4th quarter. Valmark Advisers Inc. now owns 10,553 shares of the energy company’s stock valued at $345,000 after buying an additional 5,177 shares in the last quarter. MOKAN Wealth Management Inc. purchased a new position in Devon Energy in the 4th quarter valued at approximately $1,098,000. Finally, Palouse Capital Management Inc. grew its stake in Devon Energy by 1.6% in the 4th quarter. Palouse Capital Management Inc. now owns 76,057 shares of the energy company’s stock valued at $2,489,000 after buying an additional 1,191 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Performance

Devon Energy stock opened at $34.98 on Wednesday. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $22.98 billion, a PE ratio of 6.49, a P/E/G ratio of 1.04 and a beta of 1.98. The firm has a fifty day simple moving average of $34.26 and a two-hundred day simple moving average of $38.41. Devon Energy Co. has a twelve month low of $30.39 and a twelve month high of $55.09.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.16. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. Research analysts expect that Devon Energy Co. will post 4.68 EPS for the current year.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Wolfe Research upgraded shares of Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a research note on Friday, January 3rd. JPMorgan Chase & Co. lowered shares of Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price objective for the company. in a research note on Thursday, December 5th. Citigroup reduced their price target on shares of Devon Energy from $55.00 to $48.00 and set a “buy” rating for the company in a research report on Tuesday, November 26th. Sanford C. Bernstein upgraded shares of Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price target for the company in a research report on Wednesday, January 15th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $50.00 price target on shares of Devon Energy in a research report on Friday, January 10th. Ten research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $49.26.

Devon Energy Company 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.