California State Teachers Retirement System Purchases 52,097,561 Shares of Devon Energy Corporation $DVN

Key Points

• California State Teachers Retirement System increased its Devon Energy stake by 7,555.6%, purchasing 52.1 million additional shares to own 52.8 million shares, or 4.8% of the company. Institutional investors collectively hold 69.72% of Devon Energy.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $59.30, compared with the stock’s reported opening price of $50.19.
• Devon Energy reported quarterly earnings of $1.57 per share, beating estimates of $1.40, while revenue rose 73.1% year over year to $7.42 billion. The company also declared a quarterly dividend of $0.32 per share, representing a 2.6% annualized yield.

California State Teachers Retirement System increased its position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 7,555.6% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 52,787,085 shares of the energy company's stock after buying an additional 52,097,561 shares during the period. California State Teachers Retirement System owned 4.80% of Devon Energy worth $2,181,162,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Readystate Asset Management LP lifted its holdings in Devon Energy by 263.0% during the 2nd quarter. Readystate Asset Management LP now owns 278,628 shares of the energy company's stock valued at $11,513,000 after purchasing an additional 201,862 shares during the last quarter. Wedmont Private Capital grew its stake in Devon Energy by 61.6% in the 2nd quarter. Wedmont Private Capital now owns 21,599 shares of the energy company's stock valued at $912,000 after buying an additional 8,230 shares during the last quarter. HB Wealth Management LLC grew its stake in Devon Energy by 70.1% in the 2nd quarter. HB Wealth Management LLC now owns 50,855 shares of the energy company's stock valued at $2,101,000 after buying an additional 20,958 shares during the last quarter. Saudi Central Bank raised its holdings in Devon Energy by 249.0% in the 2nd quarter. Saudi Central Bank now owns 76,769 shares of the energy company's stock valued at $3,172,000 after acquiring an additional 54,772 shares during the period. Finally, Angeles Wealth Management LLC bought a new position in Devon Energy in the 2nd quarter valued at about $205,000. 69.72% of the stock is owned by institutional investors.

Analysts Set New Price Targets

DVN has been the topic of several research reports. Wells Fargo & Company decreased their target price on Devon Energy from $68.00 to $65.00 and set an "overweight" rating on the stock in a research report on Thursday, August 13th. Capital One Financial dropped their price target on Devon Energy from $63.00 to $61.00 and set an "overweight" rating for the company in a report on Tuesday, June 2nd. Weiss Ratings raised Devon Energy from a "hold (c)" rating to a "hold (c+)" rating in a report on Wednesday. Argus reiterated a "buy" rating and set a $45.85 price objective on shares of Devon Energy in a research report on Monday, August 17th. Finally, Raymond James Financial dropped their target price on Devon Energy from $66.00 to $64.00 and set a "strong-buy" rating for the company in a report on Thursday, July 16th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $59.30.

Devon Energy Stock Up 0.3%

Shares of NYSE DVN opened at $50.19 on Friday. The company has a market capitalization of $55.21 billion, a P/E ratio of 11.92, a price-to-earnings-growth ratio of 1.36 and a beta of 0.37. Devon Energy Corporation has a 52-week low of $31.47 and a 52-week high of $52.71. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.67 and a current ratio of 0.72. The company's 50 day moving average price is $45.61 and its 200-day moving average price is $45.95.

Devon Energy (NYSE:DVN - Get Free Report) last announced its earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share for the quarter, topping analysts' consensus estimates of $1.40 by $0.17. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The business had revenue of $7.42 billion during the quarter, compared to the consensus estimate of $6.01 billion. During the same quarter last year, the firm earned $0.84 earnings per share. Devon Energy's quarterly revenue was up 73.1% on a year-over-year basis. Equities analysts forecast that Devon Energy Corporation will post 5.24 earnings per share for the current year.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be given a dividend of $0.32 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.28 annualized dividend and a dividend yield of 2.6%. Devon Energy's dividend payout ratio (DPR) is 30.40%.

Devon Energy Company Profile

Devon Energy Corporation is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company also gathers, processes and transports hydrocarbons through related midstream infrastructure and markets its production to customers in the United States.

Devon's operations are concentrated in U.S. onshore basins, including the Delaware Basin in the Permian Basin, the Eagle Ford, the Anadarko Basin, the Williston Basin and the Powder River Basin.

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