Devon Energy Co. (NYSE:DVN) Shares Sold by Kentucky Retirement Systems Insurance Trust Fund

Kentucky Retirement Systems Insurance Trust Fund cut its stake in Devon Energy Co. (NYSE:DVN) by 27.1% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 13,515 shares of the energy company’s stock after selling 5,025 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Devon Energy were worth $442,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Legacy Investment Solutions LLC acquired a new stake in shares of Devon Energy in the 3rd quarter worth $8,002,000. Bridgewater Associates LP acquired a new stake in shares of Devon Energy in the 3rd quarter worth $9,426,000. Petrus Trust Company LTA increased its stake in shares of Devon Energy by 394.7% in the 3rd quarter. Petrus Trust Company LTA now owns 21,827 shares of the energy company’s stock worth $854,000 after acquiring an additional 17,415 shares during the last quarter. CIBC Asset Management Inc increased its stake in shares of Devon Energy by 6.3% in the 3rd quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company’s stock worth $4,193,000 after acquiring an additional 6,358 shares during the last quarter. Finally, Smead Capital Management Inc. increased its stake in shares of Devon Energy by 3.5% in the 3rd quarter. Smead Capital Management Inc. now owns 5,879,516 shares of the energy company’s stock worth $230,007,000 after acquiring an additional 198,193 shares during the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Stock Performance

Shares of DVN opened at $37.58 on Thursday. The stock has a 50-day simple moving average of $34.31 and a 200-day simple moving average of $38.40. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11. The stock has a market capitalization of $24.69 billion, a PE ratio of 6.97, a PEG ratio of 1.08 and a beta of 1.98. Devon Energy Co. has a 1 year low of $30.39 and a 1 year high of $55.09.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.16. The business had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.25 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. On average, analysts predict that Devon Energy Co. will post 4.68 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.55%. The ex-dividend date of this dividend is Friday, March 14th. This is a boost from Devon Energy’s previous quarterly dividend of $0.22. Devon Energy’s dividend payout ratio (DPR) is presently 16.33%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on DVN shares. Sanford C. Bernstein upgraded Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price target for the company in a report on Wednesday, January 15th. StockNews.com upgraded Devon Energy from a “sell” rating to a “hold” rating in a report on Friday, January 3rd. Truist Financial lowered their price target on Devon Energy from $43.00 to $42.00 and set a “hold” rating for the company in a report on Monday, January 13th. Citigroup lowered their price target on Devon Energy from $55.00 to $48.00 and set a “buy” rating for the company in a report on Tuesday, November 26th. Finally, Raymond James increased their price target on Devon Energy from $53.00 to $54.00 and gave the stock an “outperform” rating in a report on Thursday, January 23rd. Ten research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $49.26.

Devon Energy Profile

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.