810,850 Shares in Devon Energy Corporation $DVN Purchased by VIRGINIA RETIREMENT SYSTEMS ET Al

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Devon Energy Corporation (NYSE:DVN) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 810,850 shares of the energy company’s stock, valued at approximately $33,504,000.

A number of other large investors have also added to or reduced their stakes in the stock. BlackRock Inc. raised its position in Devon Energy by 57.6% in the second quarter. BlackRock Inc. now owns 95,378,854 shares of the energy company’s stock worth $3,941,054,000 after acquiring an additional 34,871,366 shares during the period. California State Teachers Retirement System grew its position in shares of Devon Energy by 7,555.6% during the 2nd quarter. California State Teachers Retirement System now owns 52,787,085 shares of the energy company’s stock valued at $2,181,162,000 after acquiring an additional 52,097,561 shares during the period. Wellington Management Group LLP grew its position in shares of Devon Energy by 418.3% during the 2nd quarter. Wellington Management Group LLP now owns 51,522,376 shares of the energy company’s stock valued at $2,128,905,000 after acquiring an additional 41,581,435 shares during the period. State Street Corp grew its position in shares of Devon Energy by 0.6% during the 4th quarter. State Street Corp now owns 35,542,293 shares of the energy company’s stock valued at $1,301,914,000 after acquiring an additional 212,074 shares during the period. Finally, Geode Capital Management LLC increased its stake in shares of Devon Energy by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 19,177,835 shares of the energy company’s stock worth $700,238,000 after purchasing an additional 186,743 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Insider Activity at Devon Energy

In other news, SVP Andrea Alexander sold 18,000 shares of the firm’s stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total value of $841,320.00. Following the completion of the transaction, the senior vice president directly owned 138,529 shares of the company’s stock, valued at $6,474,845.46. This trade represents a 11.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 4.58% of the stock is owned by insiders.

Devon Energy Stock Performance

NYSE DVN opened at $48.08 on Tuesday. The firm has a market cap of $52.89 billion, a P/E ratio of 11.42, a price-to-earnings-growth ratio of 1.31 and a beta of 0.37. The company has a quick ratio of 0.67, a current ratio of 0.72 and a debt-to-equity ratio of 0.24. The company’s 50 day moving average is $44.91 and its 200-day moving average is $45.82. Devon Energy Corporation has a 12-month low of $31.47 and a 12-month high of $52.71.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, topping the consensus estimate of $1.40 by $0.17. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The company had revenue of $7.42 billion during the quarter, compared to the consensus estimate of $6.01 billion. During the same period last year, the firm earned $0.84 EPS. Devon Energy’s revenue for the quarter was up 73.1% on a year-over-year basis. Sell-side analysts predict that Devon Energy Corporation will post 5.24 earnings per share for the current year.

Devon Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be given a dividend of $0.32 per share. The ex-dividend date is Tuesday, September 15th. This represents a $1.28 annualized dividend and a dividend yield of 2.7%. Devon Energy’s dividend payout ratio is currently 30.40%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on DVN. Jefferies Financial Group lifted their price target on shares of Devon Energy from $62.00 to $63.00 and gave the stock a “buy” rating in a report on Monday, May 18th. Seaport Research Partners began coverage on Devon Energy in a research report on Thursday, September 3rd. They issued a “buy” rating and a $65.00 target price for the company. Wells Fargo & Company lowered their target price on Devon Energy from $68.00 to $65.00 and set an “overweight” rating on the stock in a research note on Thursday, August 13th. Weiss Ratings cut Devon Energy from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, August 25th. Finally, Argus reaffirmed a “buy” rating and set a $45.85 price target on shares of Devon Energy in a research report on Monday, August 17th. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $59.23.

Devon Energy Company Profile

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.