Kentucky Retirement Systems Decreases Holdings in Devon Energy Co. (NYSE:DVN)

Kentucky Retirement Systems reduced its position in Devon Energy Co. (NYSE:DVN) by 5.1% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 48,657 shares of the energy company’s stock after selling 2,606 shares during the period. Kentucky Retirement Systems’ holdings in Devon Energy were worth $2,442,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Manchester Capital Management LLC purchased a new position in shares of Devon Energy in the fourth quarter valued at $28,000. Tradewinds Capital Management LLC purchased a new position in Devon Energy during the 1st quarter valued at about $30,000. Jones Financial Companies Lllp raised its position in Devon Energy by 104.8% during the fourth quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock worth $33,000 after acquiring an additional 374 shares during the last quarter. PFS Partners LLC acquired a new stake in shares of Devon Energy in the fourth quarter valued at approximately $36,000. Finally, Naples Money Management LLC purchased a new position in shares of Devon Energy during the 4th quarter worth approximately $40,000. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Trading Down 2.1 %

DVN stock traded down $0.97 during midday trading on Monday, reaching $45.37. 2,161,317 shares of the company’s stock traded hands, compared to its average volume of 7,147,256. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.04 and a quick ratio of 0.97. Devon Energy Co. has a fifty-two week low of $40.47 and a fifty-two week high of $55.09. The business has a 50-day moving average price of $47.19 and a two-hundred day moving average price of $47.15. The company has a market capitalization of $28.67 billion, a P/E ratio of 8.84, a PEG ratio of 0.77 and a beta of 2.07.

Devon Energy (NYSE:DVN) last posted its earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.06. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The business had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.64 billion. During the same quarter in the previous year, the business posted $1.46 EPS. The business’s quarterly revenue was down 5.9% on a year-over-year basis. Equities research analysts forecast that Devon Energy Co. will post 5.4 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were paid a $0.22 dividend. The ex-dividend date was Friday, June 14th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.94%. Devon Energy’s dividend payout ratio (DPR) is currently 16.79%.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Piper Sandler increased their target price on Devon Energy from $60.00 to $61.00 and gave the company an “overweight” rating in a report on Tuesday, May 14th. JPMorgan Chase & Co. raised their price target on shares of Devon Energy from $62.00 to $64.00 and gave the stock an “overweight” rating in a research note on Monday, July 8th. Mizuho upped their price objective on shares of Devon Energy from $57.00 to $61.00 and gave the company a “buy” rating in a research note on Monday, May 13th. Wolfe Research assumed coverage on shares of Devon Energy in a research note on Thursday, July 18th. They issued a “peer perform” rating for the company. Finally, Bank of America reissued a “buy” rating and set a $64.00 price target on shares of Devon Energy in a research note on Friday, June 14th. Six analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $59.13.

Insider Activity at Devon Energy

In other news, EVP Tana K. Cashion sold 20,000 shares of Devon Energy stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the sale, the executive vice president now owns 104,182 shares in the company, valued at $5,317,449.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.73% of the company’s stock.

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.