Devon Energy Corporation $DVN Shares Sold by Texas Permanent School Fund Corp

Texas Permanent School Fund Corp decreased its stake in shares of Devon Energy Corporation (NYSE:DVN) by 37.0% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 44,750 shares of the energy company’s stock after selling 26,226 shares during the quarter. Texas Permanent School Fund Corp’s holdings in Devon Energy were worth $1,423,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. AQR Capital Management LLC lifted its holdings in Devon Energy by 78.7% during the 2nd quarter. AQR Capital Management LLC now owns 6,360,499 shares of the energy company’s stock worth $202,327,000 after buying an additional 2,802,137 shares during the last quarter. Adage Capital Partners GP L.L.C. raised its position in shares of Devon Energy by 83.9% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 4,568,092 shares of the energy company’s stock valued at $145,311,000 after acquiring an additional 2,083,600 shares in the last quarter. Encompass Capital Advisors LLC bought a new position in Devon Energy during the first quarter worth $63,561,000. Sourcerock Group LLC lifted its stake in Devon Energy by 2,132.3% during the second quarter. Sourcerock Group LLC now owns 1,751,276 shares of the energy company’s stock worth $55,708,000 after purchasing an additional 1,672,824 shares during the last quarter. Finally, Prudential Financial Inc. boosted its holdings in Devon Energy by 93.4% in the second quarter. Prudential Financial Inc. now owns 1,506,329 shares of the energy company’s stock worth $47,916,000 after purchasing an additional 727,532 shares during the period. 69.72% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts have weighed in on DVN shares. Morgan Stanley increased their target price on shares of Devon Energy from $47.00 to $48.00 and gave the stock an “overweight” rating in a report on Thursday, December 11th. Raymond James Financial increased their price objective on shares of Devon Energy from $42.00 to $44.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 3rd. Capital One Financial decreased their target price on Devon Energy from $52.00 to $51.00 and set an “overweight” rating for the company in a research note on Tuesday, November 11th. JPMorgan Chase & Co. raised Devon Energy from a “neutral” rating to an “overweight” rating and lowered their target price for the company from $49.00 to $44.00 in a report on Monday, December 8th. Finally, Sanford C. Bernstein raised their price target on Devon Energy from $43.00 to $48.00 and gave the stock an “outperform” rating in a report on Friday, November 21st. Two analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $44.86.

Devon Energy Stock Performance

DVN opened at $36.34 on Wednesday. The company has a current ratio of 0.96, a quick ratio of 0.87 and a debt-to-equity ratio of 0.48. The business’s 50 day moving average is $34.95 and its 200-day moving average is $34.31. The stock has a market cap of $22.79 billion, a PE ratio of 8.55, a price-to-earnings-growth ratio of 2.76 and a beta of 0.62. Devon Energy Corporation has a twelve month low of $25.89 and a twelve month high of $38.88.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Wednesday, November 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.11. The business had revenue of $0.00 million during the quarter, compared to analyst estimates of $4.10 billion. Devon Energy had a return on equity of 18.14% and a net margin of 15.56%.During the same period in the prior year, the company posted $1.10 EPS. On average, analysts predict that Devon Energy Corporation will post 4.85 earnings per share for the current year.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 30th. Investors of record on Monday, December 15th will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date is Monday, December 15th. Devon Energy’s payout ratio is currently 22.59%.

About Devon Energy

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.