New York State Teachers Retirement System Sells 16,756 Shares of Devon Energy Corporation $DVN

New York State Teachers Retirement System cut its stake in Devon Energy Corporation (NYSE:DVN) by 2.6% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 638,198 shares of the energy company’s stock after selling 16,756 shares during the period. New York State Teachers Retirement System’s holdings in Devon Energy were worth $32,114,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in DVN. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new stake in Devon Energy during the fourth quarter worth about $25,000. Ameriflex Group Inc. boosted its holdings in shares of Devon Energy by 702.0% in the 3rd quarter. Ameriflex Group Inc. now owns 802 shares of the energy company’s stock worth $28,000 after purchasing an additional 702 shares in the last quarter. MV Capital Management Inc. bought a new position in shares of Devon Energy during the 4th quarter valued at about $29,000. Garton & Associates Financial Advisors LLC bought a new position in shares of Devon Energy during the 4th quarter valued at about $29,000. Finally, Neo Ivy Capital Management purchased a new position in shares of Devon Energy during the 3rd quarter valued at about $31,000. Institutional investors own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on DVN shares. Roth Mkm restated a “buy” rating and issued a $57.00 target price on shares of Devon Energy in a research report on Tuesday, April 28th. Truist Financial increased their price target on shares of Devon Energy from $63.00 to $66.00 and gave the company a “buy” rating in a research report on Monday, June 1st. Scotiabank lifted their price target on shares of Devon Energy from $41.00 to $46.00 and gave the stock a “sector perform” rating in a research note on Wednesday, April 22nd. Piper Sandler boosted their price objective on shares of Devon Energy from $59.00 to $67.00 and gave the stock an “overweight” rating in a report on Thursday, March 12th. Finally, Barclays upped their price objective on shares of Devon Energy from $54.00 to $62.00 and gave the company an “overweight” rating in a research note on Tuesday, May 26th. Two research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $59.38.

Devon Energy Trading Down 0.1%

NYSE DVN opened at $40.44 on Friday. Devon Energy Corporation has a 1-year low of $31.45 and a 1-year high of $52.71. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 0.48. The stock has a 50-day moving average of $45.53 and a 200-day moving average of $43.61. The firm has a market cap of $25.13 billion, a PE ratio of 11.26 and a beta of 0.38.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.06 by ($0.02). Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The company had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $4.34 billion. During the same quarter in the previous year, the business earned $0.82 earnings per share. Devon Energy’s revenue was down 14.5% compared to the same quarter last year. As a group, sell-side analysts forecast that Devon Energy Corporation will post 4.85 EPS for the current year.

Devon Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were paid a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.2%. This is a boost from Devon Energy’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Monday, June 15th. Devon Energy’s payout ratio is currently 35.65%.

Insider Activity

In other news, SVP Andrea Alexander sold 18,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total value of $841,320.00. Following the transaction, the senior vice president owned 138,529 shares in the company, valued at approximately $6,474,845.46. This trade represents a 11.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Adam M. Vela sold 24,342 shares of Devon Energy stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $47.21, for a total transaction of $1,149,185.82. Following the completion of the transaction, the senior vice president directly owned 130,540 shares in the company, valued at approximately $6,162,793.40. The trade was a 15.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 112,371 shares of company stock valued at $5,258,059. 4.58% of the stock is currently owned by company insiders.

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.