Devon Energy Co. (NYSE:DVN) Shares Sold by California Public Employees Retirement System

California Public Employees Retirement System trimmed its holdings in shares of Devon Energy Co. (NYSE:DVN - Free Report) by 11.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 986,723 shares of the energy company's stock after selling 125,531 shares during the quarter. California Public Employees Retirement System owned 0.15% of Devon Energy worth $32,295,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in DVN. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Devon Energy by 8.4% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,319,188 shares of the energy company's stock valued at $43,177,000 after purchasing an additional 101,696 shares during the period. MV Capital Management Inc. lifted its holdings in shares of Devon Energy by 105.2% in the 4th quarter. MV Capital Management Inc. now owns 2,959 shares of the energy company's stock worth $97,000 after buying an additional 1,517 shares during the period. Allianz SE purchased a new stake in shares of Devon Energy in the 4th quarter worth $849,000. Allstate Corp bought a new position in shares of Devon Energy during the 4th quarter worth $571,000. Finally, DnB Asset Management AS raised its holdings in shares of Devon Energy by 6.1% in the fourth quarter. DnB Asset Management AS now owns 125,396 shares of the energy company's stock valued at $4,104,000 after acquiring an additional 7,170 shares in the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Stock Performance

Shares of DVN traded down $3.87 during trading hours on Friday, reaching $29.30. 23,066,739 shares of the company traded hands, compared to its average volume of 8,198,942. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. The business has a fifty day moving average price of $35.22 and a 200-day moving average price of $36.67. Devon Energy Co. has a 12-month low of $29.06 and a 12-month high of $55.09. The stock has a market capitalization of $19.01 billion, a P/E ratio of 6.42, a P/E/G ratio of 1.20 and a beta of 1.50.

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Devon Energy (NYSE:DVN - Get Free Report) last posted its quarterly earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.16. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The business had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.25 billion. Equities analysts anticipate that Devon Energy Co. will post 4.85 EPS for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 3.28%. The ex-dividend date of this dividend was Friday, March 14th. This is an increase from Devon Energy's previous quarterly dividend of $0.22. Devon Energy's dividend payout ratio is 21.05%.

Analysts Set New Price Targets

Several research analysts have issued reports on DVN shares. Raymond James dropped their target price on shares of Devon Energy from $54.00 to $46.00 and set an "outperform" rating on the stock in a report on Monday, March 10th. Barclays increased their price objective on shares of Devon Energy from $43.00 to $44.00 and gave the company an "equal weight" rating in a research note on Thursday, February 20th. Wells Fargo & Company reduced their price objective on shares of Devon Energy from $49.00 to $43.00 and set an "overweight" rating for the company in a research note on Tuesday, December 17th. Piper Sandler increased their target price on Devon Energy from $54.00 to $55.00 and gave the company an "overweight" rating in a research report on Monday, February 24th. Finally, Susquehanna boosted their price target on Devon Energy from $50.00 to $52.00 and gave the stock a "positive" rating in a research report on Thursday, February 20th. Ten research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $48.17.

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.