California Public Employees Retirement System Raises Stock Holdings in Devon Energy Corporation $DVN

California Public Employees Retirement System lifted its stake in Devon Energy Corporation (NYSE:DVN) by 12.7% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,324,549 shares of the energy company’s stock after buying an additional 149,508 shares during the quarter. California Public Employees Retirement System’s holdings in Devon Energy were worth $66,651,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in DVN. Gryphon Financial Partners LLC bought a new stake in Devon Energy during the 1st quarter worth approximately $206,000. Assetmark Inc. boosted its position in shares of Devon Energy by 202.7% in the first quarter. Assetmark Inc. now owns 13,073 shares of the energy company’s stock worth $658,000 after purchasing an additional 8,754 shares during the period. Gallacher Capital Management LLC purchased a new stake in shares of Devon Energy in the first quarter worth $1,097,000. Bessemer Group Inc. increased its stake in shares of Devon Energy by 0.8% in the first quarter. Bessemer Group Inc. now owns 107,158 shares of the energy company’s stock worth $5,391,000 after purchasing an additional 819 shares in the last quarter. Finally, SteelPeak Wealth LLC bought a new stake in shares of Devon Energy during the 1st quarter valued at $340,000. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Price Performance

Shares of NYSE:DVN opened at $43.84 on Monday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.94 and a current ratio of 1.01. The firm has a fifty day moving average price of $44.37 and a 200 day moving average price of $44.13. Devon Energy Corporation has a fifty-two week low of $31.47 and a fifty-two week high of $52.71. The firm has a market cap of $27.25 billion, a price-to-earnings ratio of 12.21 and a beta of 0.38.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.02). The company had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $4.34 billion. Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The business’s revenue was down 14.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.82 earnings per share. As a group, sell-side analysts expect that Devon Energy Corporation will post 4.61 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were given a dividend of $0.32 per share. The ex-dividend date was Monday, June 15th. This is a positive change from Devon Energy’s previous quarterly dividend of $0.24. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.9%. Devon Energy’s dividend payout ratio (DPR) is 35.65%.

Insider Activity

In other news, SVP Andrea Alexander sold 18,000 shares of Devon Energy stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total value of $841,320.00. Following the sale, the senior vice president directly owned 138,529 shares of the company’s stock, valued at approximately $6,474,845.46. The trade was a 11.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Adam M. Vela sold 24,342 shares of the business’s stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $47.21, for a total value of $1,149,185.82. Following the completion of the sale, the senior vice president owned 130,540 shares in the company, valued at $6,162,793.40. This represents a 15.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 112,371 shares of company stock worth $5,258,059 over the last 90 days. Corporate insiders own 4.58% of the company’s stock.

Analyst Upgrades and Downgrades

DVN has been the topic of a number of analyst reports. The Goldman Sachs Group lowered their target price on shares of Devon Energy from $54.00 to $53.00 and set a “buy” rating on the stock in a research note on Tuesday, June 30th. JPMorgan Chase & Co. decreased their price target on Devon Energy from $62.00 to $55.00 and set an “overweight” rating on the stock in a report on Wednesday, July 8th. UBS Group lowered their price objective on Devon Energy from $58.00 to $54.00 and set a “buy” rating on the stock in a research report on Wednesday. Sanford C. Bernstein upped their price objective on Devon Energy from $42.00 to $59.00 and gave the stock an “outperform” rating in a research note on Monday, April 13th. Finally, Wells Fargo & Company increased their target price on Devon Energy from $66.00 to $68.00 and gave the stock an “overweight” rating in a research report on Monday, May 18th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $59.32.

Devon Energy Company Profile

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.