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

Kentucky Retirement Systems Insurance Trust Fund lessened its holdings in shares of Devon Energy Co. (NYSE:DVN) by 27.1% during the 4th quarter, Holdings Channel.com reports. The fund owned 13,515 shares of the energy company’s stock after selling 5,025 shares during the period. 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 made changes to their positions in the company. Legacy Investment Solutions LLC acquired a new stake in shares of Devon Energy during the 3rd quarter worth about $8,002,000. Bridgewater Associates LP acquired a new position in Devon Energy during the third quarter worth approximately $9,426,000. Petrus Trust Company LTA increased its position in Devon Energy by 394.7% during the third quarter. Petrus Trust Company LTA now owns 21,827 shares of the energy company’s stock worth $854,000 after buying an additional 17,415 shares during the period. CIBC Asset Management Inc increased its position in Devon Energy by 6.3% during the third quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company’s stock worth $4,193,000 after buying an additional 6,358 shares during the period. Finally, Smead Capital Management Inc. increased its position in Devon Energy by 3.5% during the third quarter. Smead Capital Management Inc. now owns 5,879,516 shares of the energy company’s stock worth $230,007,000 after buying an additional 198,193 shares during the period. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Stock Up 7.7 %

Devon Energy stock opened at $37.58 on Thursday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. Devon Energy Co. has a 1-year low of $30.39 and a 1-year high of $55.09. The company has a market cap of $24.69 billion, a PE ratio of 6.97, a price-to-earnings-growth ratio of 1.08 and a beta of 1.98. The stock’s 50 day moving average price is $34.31 and its 200 day moving average price is $38.40.

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

Devon Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.55%. This is an increase from Devon Energy’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Friday, March 14th. Devon Energy’s payout ratio is presently 16.33%.

Analyst Ratings Changes

Several research firms have commented on DVN. Mizuho cut their price target on Devon Energy from $51.00 to $47.00 and set an “outperform” rating on the stock in a research report on Monday, December 16th. Benchmark raised Devon Energy from a “hold” rating to a “buy” rating and set a $44.00 price target on the stock in a research report on Tuesday, January 14th. Piper Sandler lifted their price target on Devon Energy from $53.00 to $54.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 29th. Truist Financial cut their price target on Devon Energy from $43.00 to $42.00 and set a “hold” rating on the stock in a research report on Monday, January 13th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $50.00 price target on shares of Devon Energy in a research report on Friday, January 10th. Ten analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $49.26.

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.