Devon Energy Co. (NYSE:DVN) Shares Sold by Retirement Systems of Alabama

Retirement Systems of Alabama lessened its stake in shares of Devon Energy Co. (NYSE:DVN) by 1.1% in the third quarter, according to its most recent filing with the SEC. The fund owned 137,869 shares of the energy company’s stock after selling 1,544 shares during the period. Retirement Systems of Alabama’s holdings in Devon Energy were worth $5,393,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. 1620 Investment Advisors Inc. acquired a new position in shares of Devon Energy in the 2nd quarter valued at $34,000. PSI Advisors LLC lifted its stake in Devon Energy by 66.7% during the second quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock valued at $36,000 after buying an additional 300 shares in the last quarter. Capital Performance Advisors LLP acquired a new position in shares of Devon Energy in the third quarter worth about $35,000. Future Financial Wealth Managment LLC purchased a new position in shares of Devon Energy in the third quarter worth approximately $39,000. Finally, True Wealth Design LLC raised its holdings in shares of Devon Energy by 3,889.3% during the third quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock valued at $44,000 after acquiring an additional 1,089 shares during the period. 69.72% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently commented on DVN. Citigroup decreased their price objective on shares of Devon Energy from $55.00 to $48.00 and set a “buy” rating for the company in a research note on Tuesday, November 26th. Susquehanna reduced their price objective on Devon Energy from $63.00 to $62.00 and set a “positive” rating for the company in a research note on Friday, October 18th. Barclays lowered their price target on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. UBS Group dropped their price objective on Devon Energy from $53.00 to $47.00 and set a “neutral” rating on the stock in a report on Wednesday, September 18th. Finally, Mizuho reduced their target price on shares of Devon Energy from $51.00 to $47.00 and set an “outperform” rating for the company in a research note on Monday. Twelve investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $50.05.

Devon Energy Stock Performance

NYSE DVN opened at $31.10 on Thursday. The company’s fifty day moving average is $38.14 and its two-hundred day moving average is $42.24. The firm has a market capitalization of $20.43 billion, a price-to-earnings ratio of 5.77, a P/E/G ratio of 1.10 and a beta of 1.99. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. Devon Energy Co. has a 52-week low of $31.07 and a 52-week high of $55.09.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The firm had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same period in the previous year, the company posted $1.65 earnings per share. The company’s quarterly revenue was up 4.9% compared to the same quarter last year. Equities research analysts forecast that Devon Energy Co. will post 4.79 EPS for the current year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be given a $0.22 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.88 annualized dividend and a yield of 2.83%. Devon Energy’s dividend payout ratio (DPR) is currently 16.33%.

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.