Teachers Retirement System of The State of Kentucky Reduces Stock Position in Devon Energy Co. (NYSE:DVN)

Teachers Retirement System of The State of Kentucky trimmed its position in Devon Energy Co. (NYSE:DVN - Free Report) by 85.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 46,368 shares of the energy company's stock after selling 271,070 shares during the period. Teachers Retirement System of The State of Kentucky's holdings in Devon Energy were worth $1,517,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Klein Pavlis & Peasley Financial Inc. purchased a new position in shares of Devon Energy during the fourth quarter valued at approximately $782,000. World Investment Advisors LLC lifted its stake in shares of Devon Energy by 3,440.3% during the 3rd quarter. World Investment Advisors LLC now owns 149,437 shares of the energy company's stock worth $5,846,000 after purchasing an additional 145,216 shares during the period. Resona Asset Management Co. Ltd. acquired a new stake in shares of Devon Energy during the fourth quarter worth $5,967,000. New York State Teachers Retirement System grew its position in shares of Devon Energy by 4.5% in the fourth quarter. New York State Teachers Retirement System now owns 736,351 shares of the energy company's stock valued at $24,101,000 after purchasing an additional 31,520 shares during the period. Finally, First Dallas Securities Inc. increased its stake in Devon Energy by 31.9% in the fourth quarter. First Dallas Securities Inc. now owns 52,715 shares of the energy company's stock valued at $1,725,000 after purchasing an additional 12,760 shares during the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Stock Performance

NYSE:DVN opened at $31.37 on Friday. Devon Energy Co. has a 1-year low of $25.89 and a 1-year high of $53.20. The stock has a market cap of $20.36 billion, a P/E ratio of 6.88, a PEG ratio of 1.20 and a beta of 1.50. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01. The firm has a 50-day moving average of $33.56 and a two-hundred day moving average of $35.41.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 earnings per share 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 analyst estimates of $4.25 billion. On average, research analysts expect that Devon Energy Co. will post 4.85 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.06%. 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 payout ratio is 21.05%.

Analyst Upgrades and Downgrades

DVN has been the subject of several recent analyst reports. UBS Group lowered their price target on Devon Energy from $41.00 to $35.00 and set a "neutral" rating for the company in a report on Monday, April 7th. Sanford C. Bernstein upgraded shares of Devon Energy from a "market perform" rating to an "outperform" rating and set a $45.00 target price for the company in a report on Wednesday, January 15th. Truist Financial increased their price target on shares of Devon Energy from $42.00 to $44.00 and gave the stock a "hold" rating in a research note on Thursday, February 20th. Morgan Stanley set a $47.00 price objective on Devon Energy and gave the stock an "overweight" rating in a report on Wednesday, March 26th. Finally, Raymond James set a $40.00 target price on Devon Energy in a report on Monday, April 21st. Ten research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $44.83.

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.

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