Board of the Pension Protection Fund Sells 23,800 Shares of Devon Energy Corporation $DVN

Board of the Pension Protection Fund lessened its stake in Devon Energy Corporation (NYSE:DVN) by 95.2% in the fourth quarter, HoldingsChannel reports. The fund owned 1,200 shares of the energy company’s stock after selling 23,800 shares during the period. Board of the Pension Protection Fund’s holdings in Devon Energy were worth $44,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of DVN. Aprio Wealth Management LLC grew its position in Devon Energy by 4.1% during the 3rd quarter. Aprio Wealth Management LLC now owns 7,521 shares of the energy company’s stock worth $264,000 after acquiring an additional 297 shares during the last quarter. Accredited Wealth Management LLC lifted its position in Devon Energy by 61.6% in the third quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company’s stock valued at $28,000 after purchasing an additional 308 shares during the last quarter. Lindenwold Advisors INC lifted its position in Devon Energy by 1.2% in the third quarter. Lindenwold Advisors INC now owns 27,094 shares of the energy company’s stock valued at $950,000 after purchasing an additional 314 shares during the last quarter. OneDigital Investment Advisors LLC boosted its stake in shares of Devon Energy by 2.6% during the third quarter. OneDigital Investment Advisors LLC now owns 12,620 shares of the energy company’s stock valued at $442,000 after purchasing an additional 318 shares during the period. Finally, US Bancorp DE boosted its stake in shares of Devon Energy by 0.3% during the third quarter. US Bancorp DE now owns 113,308 shares of the energy company’s stock valued at $3,973,000 after purchasing an additional 329 shares during the period. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Jefferies Financial Group lifted their target price on shares of Devon Energy from $36.00 to $44.00 in a research note on Monday, March 9th. JPMorgan Chase & Co. dropped their price target on shares of Devon Energy from $44.00 to $41.00 and set an “overweight” rating for the company in a research report on Thursday, January 15th. Sanford C. Bernstein cut their price target on shares of Devon Energy from $48.00 to $42.00 and set an “outperform” rating on the stock in a report on Monday, January 5th. TD Cowen boosted their price objective on shares of Devon Energy from $46.00 to $50.00 and gave the company a “hold” rating in a research report on Tuesday. Finally, Raymond James Financial upped their price objective on shares of Devon Energy from $44.00 to $52.00 and gave the company an “outperform” rating in a research note on Wednesday, February 11th. Twenty-three research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $49.37.

Devon Energy Trading Down 0.0%

Shares of DVN opened at $48.79 on Friday. The firm has a market cap of $30.25 billion, a P/E ratio of 11.70, a price-to-earnings-growth ratio of 1.29 and a beta of 0.56. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.98 and a quick ratio of 0.90. Devon Energy Corporation has a 1 year low of $25.89 and a 1 year high of $49.83. The company has a 50 day simple moving average of $42.50 and a two-hundred day simple moving average of $37.65.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, February 17th. The energy company reported $0.82 EPS for the quarter, topping the consensus estimate of $0.81 by $0.01. Devon Energy had a net margin of 15.37% and a return on equity of 16.28%. The firm had revenue of $17.19 billion for the quarter, compared to the consensus estimate of $3.67 billion. During the same quarter in the previous year, the firm earned $1.10 earnings per share. The company’s quarterly revenue was down 6.4% compared to the same quarter last year. On average, equities analysts expect that Devon Energy Corporation will post 4.85 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th will be paid a $0.24 dividend. The ex-dividend date is Friday, March 13th. This represents a $0.96 annualized dividend and a yield of 2.0%. Devon Energy’s payout ratio is presently 23.02%.

About Devon Energy

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.