Commonwealth of Pennsylvania Public School Empls Retrmt SYS Sells 26,427 Shares of Devon Energy Corporation $DVN

Key Points

• Commonwealth of Pennsylvania Public School Empls Retrmt SYS cut its Devon Energy stake by 18.1% in Q1, selling 26,427 shares and leaving it with 119,486 shares valued at about $6.0 million.
• Devon Energy reported Q1 earnings and revenue below expectations, posting $1.04 EPS on $3.81 billion in revenue versus estimates of $1.06 EPS and $4.34 billion in revenue.
• The company raised its quarterly dividend to $0.32 per share from $0.24, while analysts currently rate the stock a Moderate Buy with an average price target of $59.56.

Commonwealth of Pennsylvania Public School Empls Retrmt SYS trimmed its position in Devon Energy Corporation (NYSE:DVN - Free Report) by 18.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 119,486 shares of the energy company's stock after selling 26,427 shares during the quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS's holdings in Devon Energy were worth $6,013,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new stake in Devon Energy during the 4th quarter worth approximately $25,000. Garton & Associates Financial Advisors LLC bought a new position in Devon Energy in the 4th quarter valued at $29,000. MV Capital Management Inc. purchased a new position in shares of Devon Energy during the 4th quarter valued at $29,000. Olistico Wealth LLC purchased a new position in shares of Devon Energy during the 4th quarter valued at $31,000. Finally, Elyxium Wealth LLC bought a new position in shares of Devon Energy in the fourth quarter worth $31,000. 69.72% of the stock is currently owned by institutional investors.

Insider Transactions at Devon Energy

In related news, EVP Jeffrey L. Ritenour sold 70,029 shares of the firm's stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $46.66, for a total transaction of $3,267,553.14. Following the transaction, the executive vice president directly owned 428,452 shares of the company's stock, valued at approximately $19,991,570.32. This trade represents a 14.05% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Andrea Alexander sold 18,000 shares of the business's stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total value of $841,320.00. Following the completion of the sale, the senior vice president owned 138,529 shares of the company's stock, valued at $6,474,845.46. The trade was a 11.50% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 112,371 shares of company stock worth $5,258,059. 4.58% of the stock is currently owned by corporate insiders.

Devon Energy Stock Performance

NYSE DVN opened at $43.43 on Wednesday. Devon Energy Corporation has a 52-week low of $31.45 and a 52-week high of $52.71. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.94 and a current ratio of 1.01. The company has a market capitalization of $26.98 billion, a P/E ratio of 12.10 and a beta of 0.38. The company has a fifty day moving average of $44.53 and a 200-day moving average of $43.97.

Devon Energy (NYSE:DVN - Get Free Report) last announced its earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.06 by ($0.02). The company had revenue of $3.81 billion during the quarter, compared to analysts' expectations of $4.34 billion. Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The firm's revenue was down 14.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.82 earnings per share. As a group, equities research analysts predict that Devon Energy Corporation will post 4.72 EPS for the current fiscal year.

Devon Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were issued a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date was Monday, June 15th. This is an increase from Devon Energy's previous quarterly dividend of $0.24. Devon Energy's dividend payout ratio (DPR) is currently 35.65%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on DVN shares. Citigroup increased their price objective on Devon Energy from $60.00 to $65.00 and gave the stock a "buy" rating in a research report on Wednesday, May 20th. Royal Bank Of Canada upped their target price on Devon Energy from $46.00 to $59.00 and gave the stock a "sector perform" rating in a research note on Wednesday, April 8th. Capital One Financial lowered their price target on Devon Energy from $63.00 to $61.00 and set an "overweight" rating on the stock in a report on Tuesday, June 2nd. The Goldman Sachs Group dropped their price target on Devon Energy from $54.00 to $53.00 and set a "buy" rating for the company in a research report on Tuesday, June 30th. Finally, Zacks Research downgraded Devon Energy from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 27th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $59.56.

Devon Energy Profile

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.

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