Devon Energy Co. (NYSE:DVN) Position Lessened by California Public Employees Retirement System

California Public Employees Retirement System lowered its stake in shares of Devon Energy Co. (NYSE:DVN) by 11.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 986,723 shares of the energy company’s stock after selling 125,531 shares during the quarter. California Public Employees Retirement System owned approximately 0.15% of Devon Energy worth $32,295,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of Devon Energy by 7.3% in the 4th quarter. Vanguard Group Inc. now owns 80,682,170 shares of the energy company’s stock worth $2,640,727,000 after acquiring an additional 5,465,692 shares during the period. Raymond James Financial Inc. bought a new position in Devon Energy in the 4th quarter worth about $154,170,000. Wealth Enhancement Advisory Services LLC increased its stake in shares of Devon Energy by 90.8% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 2,724,407 shares of the energy company’s stock valued at $89,170,000 after purchasing an additional 1,296,590 shares during the period. KBC Group NV raised its holdings in shares of Devon Energy by 1,015.7% during the fourth quarter. KBC Group NV now owns 812,027 shares of the energy company’s stock valued at $26,577,000 after buying an additional 739,247 shares during the last quarter. Finally, Franklin Resources Inc. boosted its position in shares of Devon Energy by 90.1% during the third quarter. Franklin Resources Inc. now owns 1,363,090 shares of the energy company’s stock worth $58,435,000 after buying an additional 646,045 shares during the period. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Trading Up 0.9 %

Shares of NYSE:DVN opened at $37.92 on Thursday. The firm has a fifty day moving average of $35.42 and a two-hundred day moving average of $36.82. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. Devon Energy Co. has a 12-month low of $30.39 and a 12-month high of $55.09. The firm has a market capitalization of $24.61 billion, a P/E ratio of 8.32, a price-to-earnings-growth ratio of 1.20 and a beta of 1.91.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.16. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The firm had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.25 billion. On average, equities analysts expect that Devon Energy Co. will post 4.85 EPS for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.53%. The ex-dividend date of this dividend was Friday, March 14th. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. Devon Energy’s dividend payout ratio (DPR) is presently 21.05%.

Analysts Set New Price Targets

A number of research analysts have issued reports on DVN shares. Sanford C. Bernstein upgraded 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. Truist Financial upped their price objective on shares of Devon Energy from $42.00 to $44.00 and gave the stock a “hold” rating in a report on Thursday, February 20th. StockNews.com raised shares of Devon Energy from a “sell” rating to a “hold” rating in a research note on Friday, January 3rd. Cowen lowered shares of Devon Energy to a “hold” rating and reduced their price target for the stock from $46.00 to $45.00 in a research note on Tuesday, February 18th. Finally, Piper Sandler raised their price objective on shares of Devon Energy from $54.00 to $55.00 and gave the company an “overweight” rating in a research note on Monday, February 24th. Ten equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $48.29.

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.