California State Teachers Retirement System Sells 28,315 Shares of Devon Energy Corporation $DVN

California State Teachers Retirement System trimmed its holdings in Devon Energy Corporation (NYSE:DVN) by 3.9% during the 1st quarter, Holdings Channel.com reports. The fund owned 689,524 shares of the energy company’s stock after selling 28,315 shares during the period. California State Teachers Retirement System’s holdings in Devon Energy were worth $34,697,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new stake in Devon Energy during the 4th quarter valued at approximately $25,000. MV Capital Management Inc. purchased a new stake in Devon Energy during the 4th quarter valued at approximately $29,000. Garton & Associates Financial Advisors LLC purchased a new stake in Devon Energy during the 4th quarter valued at approximately $29,000. Elyxium Wealth LLC bought a new stake in shares of Devon Energy during the fourth quarter valued at approximately $31,000. Finally, DV Equities LLC purchased a new position in shares of Devon Energy in the fourth quarter worth $32,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on DVN. Susquehanna raised their target price on shares of Devon Energy from $57.00 to $63.00 and gave the company a “positive” rating in a research note on Tuesday, July 21st. Tudor Pickering upgraded shares of Devon Energy from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 20th. Weiss Ratings restated a “hold (c)” rating on shares of Devon Energy in a research report on Thursday, June 11th. Mizuho lifted their target price on Devon Energy from $62.00 to $68.00 and gave the stock an “outperform” rating in a report on Wednesday, May 27th. Finally, Truist Financial decreased their target price on Devon Energy from $66.00 to $61.00 and set a “buy” rating on the stock in a research report on Thursday, July 9th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $59.56.

Insider Activity

In related news, SVP Adam M. Vela sold 24,342 shares of Devon Energy stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $47.21, for a total value of $1,149,185.82. Following the completion of the transaction, the senior vice president owned 130,540 shares in the company, valued at approximately $6,162,793.40. This trade represents a 15.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $46.66, for a total value of $3,267,553.14. Following the sale, the executive vice president directly owned 428,452 shares in the company, valued at $19,991,570.32. The trade was a 14.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 112,371 shares of company stock worth $5,258,059. 4.58% of the stock is currently owned by corporate insiders.

Devon Energy Trading Up 2.1%

Shares of DVN opened at $45.08 on Friday. The company’s fifty day moving average is $43.64 and its 200 day moving average is $44.63. Devon Energy Corporation has a fifty-two week low of $31.47 and a fifty-two week high of $52.71. The stock has a market capitalization of $28.01 billion, a PE ratio of 12.56 and a beta of 0.38. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.94 and a current ratio of 1.01.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.02). Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The business had revenue of $3.81 billion for the quarter, compared to analysts’ expectations of $4.34 billion. During the same period in the previous year, the company earned $0.82 EPS. Devon Energy’s revenue for the quarter was down 14.5% compared to the same quarter last year. Sell-side analysts expect that Devon Energy Corporation will post 4.64 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were given a dividend of $0.32 per share. The ex-dividend date was Monday, June 15th. This represents a $1.28 annualized dividend and a dividend yield of 2.8%. This is a positive change from Devon Energy’s previous quarterly dividend of $0.24. Devon Energy’s dividend payout ratio is currently 35.65%.

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.