575,000 Shares in Devon Energy Corporation $DVN Bought by Strs Ohio

Key Points

• Strs Ohio has acquired 575,000 shares of Devon Energy Corporation, valued at approximately $21.5 million, increasing its ownership to 0.09%.
• Analysts predict growth for Devon Energy, with a consensus rating of "Moderate Buy" and an average target price of $44.15.
• Devon Energy recently announced a quarterly dividend of $0.24 per share, representing a 2.8% yield, to be paid on September 30th.

Strs Ohio acquired a new position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 575,000 shares of the energy company's stock, valued at approximately $21,505,000. Strs Ohio owned about 0.09% of Devon Energy at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in DVN. Financial Gravity Asset Management Inc. purchased a new stake in shares of Devon Energy during the 1st quarter worth $26,000. Banque Cantonale Vaudoise purchased a new stake in Devon Energy in the first quarter valued at about $26,000. Rakuten Securities Inc. raised its stake in Devon Energy by 94.6% in the first quarter. Rakuten Securities Inc. now owns 833 shares of the energy company's stock valued at $31,000 after buying an additional 405 shares during the last quarter. SouthState Corp raised its stake in Devon Energy by 350.5% in the first quarter. SouthState Corp now owns 991 shares of the energy company's stock valued at $37,000 after buying an additional 771 shares during the last quarter. Finally, Hughes Financial Services LLC purchased a new stake in Devon Energy in the first quarter valued at about $38,000. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Wells Fargo & Company increased their price target on Devon Energy from $42.00 to $43.00 and gave the company an "overweight" rating in a research note on Tuesday, August 12th. Siebert Williams Shank increased their price target on Devon Energy from $47.00 to $52.00 and gave the company a "buy" rating in a research note on Monday, June 23rd. Piper Sandler decreased their price target on Devon Energy from $58.00 to $57.00 and set an "overweight" rating for the company in a research note on Thursday, August 14th. Scotiabank reiterated an "outperform" rating on shares of Devon Energy in a research note on Friday, July 11th. Finally, Barclays increased their price target on Devon Energy from $40.00 to $42.00 and gave the company an "equal weight" rating in a research note on Wednesday, August 6th. Sixteen investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $44.15.

Insider Buying and Selling

In related news, Director Kelt Kindick sold 7,685 shares of the firm's stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $33.46, for a total transaction of $257,140.10. Following the sale, the director directly owned 31,801 shares of the company's stock, valued at $1,064,061.46. This trade represents a 19.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.71% of the stock is currently owned by company insiders.

Devon Energy Trading Down 1.4%

Shares of NYSE:DVN opened at $34.81 on Friday. Devon Energy Corporation has a 52-week low of $25.89 and a 52-week high of $43.29. The stock has a market cap of $22.10 billion, a price-to-earnings ratio of 7.80, a PEG ratio of 2.03 and a beta of 1.09. The company has a quick ratio of 1.13, a current ratio of 1.22 and a debt-to-equity ratio of 0.55. The business has a 50-day moving average price of $33.91 and a 200-day moving average price of $33.15.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The energy company reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.83 by $0.01. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.The firm had revenue of $4.28 billion during the quarter, compared to analysts' expectations of $4.01 billion. During the same period last year, the business posted $1.41 earnings per share. The company's revenue for the quarter was up 9.4% compared to the same quarter last year. Equities analysts predict that Devon Energy Corporation will post 4.85 EPS for the current year.

Devon Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Monday, September 15th. Devon Energy's dividend payout ratio (DPR) is 21.52%.

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.

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