State of Tennessee Treasury Department raised its position in Devon Energy Corp (NYSE:DVN) by 51.3% in the fourth quarter, Holdings Channel reports. The fund owned 216,484 shares of the energy company’s stock after buying an additional 73,439 shares during the period. State of Tennessee Treasury Department’s holdings in Devon Energy were worth $8,962,000 as of its most recent SEC filing.
Several other large investors also recently modified their holdings of the company. Cornerstone Wealth Management LLC purchased a new stake in shares of Devon Energy during the 4th quarter worth approximately $522,000. Timber Hill LLC purchased a new stake in shares of Devon Energy during the 4th quarter worth approximately $1,450,000. Norinchukin Bank The lifted its position in shares of Devon Energy by 7.4% during the 4th quarter. Norinchukin Bank The now owns 42,016 shares of the energy company’s stock worth $1,739,000 after buying an additional 2,887 shares during the last quarter. FDx Advisors Inc. lifted its position in shares of Devon Energy by 20.2% during the 4th quarter. FDx Advisors Inc. now owns 28,267 shares of the energy company’s stock worth $1,170,000 after buying an additional 4,754 shares during the last quarter. Finally, Synovus Financial Corp purchased a new stake in shares of Devon Energy during the 4th quarter worth approximately $1,911,000. Institutional investors and hedge funds own 76.94% of the company’s stock.
Shares of Devon Energy Corp (NYSE:DVN) opened at $31.41 on Tuesday. Devon Energy Corp has a 12-month low of $28.79 and a 12-month high of $45.16. The company has a market cap of $16,610.00, a price-to-earnings ratio of 18.38, a P/E/G ratio of 1.54 and a beta of 2.10. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.45 and a quick ratio of 1.45.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 29th. Shareholders of record on Thursday, March 15th will be paid a $0.06 dividend. The ex-dividend date is Wednesday, March 14th. This represents a $0.24 annualized dividend and a yield of 0.76%. Devon Energy’s dividend payout ratio is currently 13.95%.
Several analysts have recently weighed in on the stock. Capital One Financial downgraded shares of Devon Energy from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, January 10th. Credit Suisse Group assumed coverage on shares of Devon Energy in a research report on Monday, December 11th. They set an “outperform” rating and a $43.00 price objective for the company. Cowen set a $40.00 price objective on shares of Devon Energy and gave the stock a “buy” rating in a research report on Tuesday, October 31st. Citigroup restated a “buy” rating and set a $44.00 price objective on shares of Devon Energy in a research report on Tuesday, November 28th. Finally, Sanford C. Bernstein restated a “hold” rating and set a $35.00 price objective (down previously from $47.00) on shares of Devon Energy in a research report on Thursday, February 22nd. One investment analyst has rated the stock with a sell rating, four have given a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $47.33.
In other Devon Energy news, EVP Lyndon C. Taylor sold 12,798 shares of the business’s stock in a transaction on Thursday, December 14th. The shares were sold at an average price of $38.29, for a total value of $490,035.42. Following the transaction, the executive vice president now directly owns 67,900 shares of the company’s stock, valued at approximately $2,599,891. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.51% of the company’s stock.
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Devon Energy Profile
Devon Energy Corporation is an independent energy company. The Company also controls EnLink Midstream Partners, L.P. (EnLink). The Company’s segments include U.S., Canada and EnLink. The Company is engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs).
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