State of Tennessee Department of Treasury Sells 94,597 Shares of Devon Energy Co. (NYSE:DVN)

State of Tennessee Department of Treasury cut its stake in shares of Devon Energy Co. (NYSE:DVN) by 53.4% in the 4th quarter, HoldingsChannel reports. The firm owned 82,667 shares of the energy company’s stock after selling 94,597 shares during the period. State of Tennessee Department of Treasury’s holdings in Devon Energy were worth $2,706,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Hurley Capital LLC bought a new stake in shares of Devon Energy during the 4th quarter worth $26,000. Cromwell Holdings LLC raised its position in Devon Energy by 98.0% during the fourth quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock valued at $40,000 after purchasing an additional 598 shares in the last quarter. Sierra Ocean LLC bought a new stake in Devon Energy during the fourth quarter worth about $43,000. Endeavor Private Wealth Inc. purchased a new position in shares of Devon Energy in the 4th quarter worth about $52,000. Finally, Thompson Investment Management Inc. increased its position in shares of Devon Energy by 60.0% during the 4th quarter. Thompson Investment Management Inc. now owns 1,600 shares of the energy company’s stock valued at $52,000 after purchasing an additional 600 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Performance

Shares of DVN opened at $31.37 on Monday. Devon Energy Co. has a one year low of $25.89 and a one year high of $53.20. The company has a 50-day simple moving average of $33.56 and a two-hundred day simple moving average of $35.36. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01. The firm has a market capitalization of $20.36 billion, a PE ratio of 6.88, a price-to-earnings-growth ratio of 1.20 and a beta of 1.50.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.16. The company had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.25 billion. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. On average, analysts anticipate that Devon Energy Co. will post 4.85 EPS for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were given a $0.24 dividend. The ex-dividend date of this dividend was Friday, March 14th. This is an increase from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.06%. Devon Energy’s dividend payout ratio is currently 21.05%.

Analyst Upgrades and Downgrades

DVN has been the subject of a number of recent research reports. UBS Group dropped their target price on Devon Energy from $41.00 to $35.00 and set a “neutral” rating for the company in a research report on Monday, April 7th. Benchmark reaffirmed a “buy” rating and issued a $44.00 price objective on shares of Devon Energy in a research note on Thursday, February 20th. Citigroup decreased their target price on shares of Devon Energy from $46.00 to $43.00 and set a “buy” rating on the stock in a research report on Friday, April 4th. Raymond James set a $40.00 price target on shares of Devon Energy in a research report on Monday, April 21st. Finally, Royal Bank of Canada decreased their price objective on Devon Energy from $49.00 to $40.00 and set a “sector perform” rating on the stock in a report on Monday, April 14th. Ten investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, Devon Energy has an average rating of “Moderate Buy” and an average target price of $44.83.

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.