State of New Jersey Common Pension Fund D Has $7.42 Million Holdings in Devon Energy Corporation $DVN

State of New Jersey Common Pension Fund D lessened its stake in Devon Energy Corporation (NYSE:DVN) by 10.3% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 198,471 shares of the energy company’s stock after selling 22,681 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Devon Energy were worth $7,423,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Nations Financial Group Inc. IA ADV purchased a new position in shares of Devon Energy in the 1st quarter worth approximately $366,000. American Century Companies Inc. lifted its holdings in Devon Energy by 26.3% during the first quarter. American Century Companies Inc. now owns 1,132,683 shares of the energy company’s stock worth $42,362,000 after acquiring an additional 235,532 shares during the period. EverSource Wealth Advisors LLC boosted its position in Devon Energy by 3.0% in the first quarter. EverSource Wealth Advisors LLC now owns 18,487 shares of the energy company’s stock worth $691,000 after purchasing an additional 533 shares during the last quarter. Aberdeen Group plc boosted its position in Devon Energy by 89.8% in the first quarter. Aberdeen Group plc now owns 341,679 shares of the energy company’s stock worth $12,769,000 after purchasing an additional 161,637 shares during the last quarter. Finally, Horizon Investments LLC grew its stake in Devon Energy by 7.0% in the 1st quarter. Horizon Investments LLC now owns 9,463 shares of the energy company’s stock valued at $354,000 after purchasing an additional 620 shares during the period. Institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Down 0.4%

DVN opened at $33.70 on Monday. Devon Energy Corporation has a 12 month low of $25.89 and a 12 month high of $46.04. The company has a current ratio of 1.22, a quick ratio of 1.13 and a debt-to-equity ratio of 0.55. The business’s 50-day moving average price is $33.25 and its 200-day moving average price is $33.13. The company has a market cap of $21.39 billion, a P/E ratio of 7.56, a P/E/G ratio of 1.92 and a beta of 1.07.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, August 5th. The energy company reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.83 by $0.01. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%. The business had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.01 billion. During the same period last year, the company earned $1.41 EPS. Devon Energy’s revenue for the quarter was up 9.4% compared to the same quarter last year. On average, equities analysts expect that Devon Energy Corporation will post 4.85 EPS for the current year.

Devon Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Monday, September 15th. Devon Energy’s dividend payout ratio is currently 21.52%.

Wall Street Analyst Weigh In

DVN has been the topic of a number of research analyst reports. BMO Capital Markets boosted their price target on shares of Devon Energy from $48.00 to $51.00 and gave the stock an “outperform” rating in a report on Monday, July 14th. Mizuho dropped their target price on shares of Devon Energy from $46.00 to $43.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 13th. Scotiabank reissued an “outperform” rating on shares of Devon Energy in a research report on Friday, July 11th. Barclays raised their price target on shares of Devon Energy from $40.00 to $42.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 6th. Finally, Bank of America dropped their price objective on Devon Energy from $52.00 to $42.00 and set a “buy” rating on the stock in a research note on Tuesday, April 29th. Eleven research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat, Devon Energy presently has an average rating of “Moderate Buy” and an average price target of $43.93.

Insider Buying and Selling

In other Devon Energy news, Director Kelt Kindick sold 7,685 shares of the stock in a transaction on Monday, August 11th. The shares were sold at an average price of $33.46, for a total transaction of $257,140.10. Following the completion of the sale, the director owned 31,801 shares of the company’s stock, valued at $1,064,061.46. This represents a 19.46% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.73% of the stock is owned by corporate insiders.

Devon Energy Company 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.