California Public Employees Retirement System Purchases 127,122 Shares of Devon Energy Corporation $DVN

California Public Employees Retirement System boosted its position in shares of Devon Energy Corporation (NYSE:DVN) by 13.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,056,849 shares of the energy company’s stock after acquiring an additional 127,122 shares during the period. California Public Employees Retirement System owned 0.17% of Devon Energy worth $33,618,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Townsquare Capital LLC boosted its stake in Devon Energy by 37.5% during the 1st quarter. Townsquare Capital LLC now owns 36,317 shares of the energy company’s stock valued at $1,358,000 after purchasing an additional 9,914 shares during the period. Benjamin Edwards Inc. lifted its holdings in shares of Devon Energy by 10.5% during the first quarter. Benjamin Edwards Inc. now owns 21,766 shares of the energy company’s stock worth $814,000 after buying an additional 2,070 shares during the last quarter. Nuveen LLC bought a new stake in shares of Devon Energy in the first quarter valued at approximately $69,975,000. SouthState Corp grew its stake in shares of Devon Energy by 350.5% in the first quarter. SouthState Corp now owns 991 shares of the energy company’s stock worth $37,000 after acquiring an additional 771 shares during the last quarter. Finally, Trajan Wealth LLC increased its position in Devon Energy by 13.1% during the first quarter. Trajan Wealth LLC now owns 8,093 shares of the energy company’s stock worth $303,000 after acquiring an additional 935 shares during the period. 69.72% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on DVN. Johnson Rice reduced their price target on shares of Devon Energy from $70.00 to $62.00 and set a “buy” rating for the company in a report on Friday, December 5th. Capital One Financial reduced their target price on shares of Devon Energy from $52.00 to $51.00 and set an “overweight” rating for the company in a research note on Tuesday, November 11th. Mizuho lowered their price target on Devon Energy from $43.00 to $40.00 and set an “outperform” rating on the stock in a research note on Monday, September 15th. Roth Capital started coverage on Devon Energy in a research report on Monday, October 13th. They issued a “buy” rating and a $42.00 price objective for the company. Finally, Siebert Williams Shank decreased their price objective on Devon Energy from $52.00 to $46.00 and set a “buy” rating on the stock in a report on Monday, October 13th. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Devon Energy has an average rating of “Moderate Buy” and a consensus price target of $44.55.

Devon Energy Trading Up 2.7%

DVN stock opened at $38.39 on Thursday. Devon Energy Corporation has a 1-year low of $25.89 and a 1-year high of $38.88. The company has a current ratio of 0.96, a quick ratio of 0.87 and a debt-to-equity ratio of 0.48. The business’s 50 day moving average is $34.52 and its 200-day moving average is $33.97. The firm has a market cap of $24.08 billion, a P/E ratio of 9.03, a P/E/G ratio of 2.88 and a beta of 0.62.

Devon Energy (NYSE:DVN) last posted its earnings results on Wednesday, November 5th. The energy company reported $1.04 EPS for the quarter, topping the consensus estimate of $0.93 by $0.11. Devon Energy had a return on equity of 18.14% and a net margin of 15.56%.The business had revenue of $0.00 million during the quarter, compared to the consensus estimate of $4.10 billion. During the same quarter last year, the company earned $1.10 EPS. Equities analysts anticipate that Devon Energy Corporation will post 4.85 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 30th. Investors of record on Monday, December 15th will be given a dividend of $0.24 per share. The ex-dividend date is Monday, December 15th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.5%. Devon Energy’s dividend payout ratio (DPR) is 22.59%.

About Devon Energy

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.