State Board of Administration of Florida Retirement System trimmed its holdings in Devon Energy Corp (NYSE:DVN) by 1.7% in the third quarter, Holdings Channel reports. The institutional investor owned 716,617 shares of the energy company’s stock after selling 12,030 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in Devon Energy were worth $28,622,000 at the end of the most recent reporting period.
Several other institutional investors have also added to or reduced their stakes in the stock. Abacus Planning Group Inc. bought a new position in shares of Devon Energy in the third quarter valued at about $398,000. Robeco Institutional Asset Management B.V. raised its holdings in shares of Devon Energy by 118.5% in the third quarter. Robeco Institutional Asset Management B.V. now owns 74,819 shares of the energy company’s stock valued at $2,990,000 after buying an additional 40,584 shares during the last quarter. Round Table Services LLC bought a new position in shares of Devon Energy in the third quarter valued at about $205,000. Assenagon Asset Management S.A. bought a new position in shares of Devon Energy in the third quarter valued at about $7,217,000. Finally, NN Investment Partners Holdings N.V. raised its holdings in shares of Devon Energy by 31.4% in the third quarter. NN Investment Partners Holdings N.V. now owns 220,372 shares of the energy company’s stock valued at $8,802,000 after buying an additional 52,619 shares during the last quarter. 83.77% of the stock is owned by institutional investors and hedge funds.
DVN has been the subject of a number of research analyst reports. BMO Capital Markets reaffirmed a “buy” rating and issued a $50.00 price target on shares of Devon Energy in a report on Tuesday, August 7th. UBS Group upgraded Devon Energy from a “neutral” rating to a “buy” rating and set a $53.00 price objective for the company in a research report on Monday, August 6th. Jefferies Financial Group set a $52.00 price objective on Devon Energy and gave the stock a “buy” rating in a research report on Friday, August 10th. Stephens set a $52.00 price objective on Devon Energy and gave the stock a “buy” rating in a research report on Wednesday, July 25th. Finally, Mizuho initiated coverage on Devon Energy in a research report on Monday, July 23rd. They issued a “buy” rating and a $59.00 price objective for the company. Six analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $49.65.
In other news, Director Robert H. Henry sold 5,600 shares of the business’s stock in a transaction dated Tuesday, August 21st. The stock was sold at an average price of $42.14, for a total transaction of $235,984.00. Following the completion of the transaction, the director now directly owns 9,704 shares in the company, valued at approximately $408,926.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.55% of the stock is currently owned by insiders.
Devon Energy stock opened at $32.93 on Wednesday. The stock has a market cap of $16.42 billion, a PE ratio of 52.27, a P/E/G ratio of 1.40 and a beta of 2.27. Devon Energy Corp has a 1 year low of $29.83 and a 1 year high of $46.54. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.65 and a quick ratio of 1.65.
Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, November 6th. The energy company reported $0.63 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.42 by $0.21. The company had revenue of $2.58 billion during the quarter, compared to analyst estimates of $2.61 billion. Devon Energy had a positive return on equity of 5.52% and a negative net margin of 1.60%. The company’s revenue for the quarter was up 33.4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.46 EPS. Equities analysts forecast that Devon Energy Corp will post 1.49 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 28th. Stockholders of record on Friday, December 14th will be given a dividend of $0.08 per share. The ex-dividend date is Thursday, December 13th. This represents a $0.32 annualized dividend and a dividend yield of 0.97%. Devon Energy’s payout ratio is currently 50.79%.
Devon Energy Profile
Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States and Canada. It operates approximately 14,600 gross wells. The company also offers gathering, transmission, processing, storage, fractionation, and marketing to upstream oil and natural gas producers; and owns natural gas pipelines, plants and treatment facilities.
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