Devon Energy Corporation $DVN Shares Acquired by Arizona State Retirement System

Arizona State Retirement System boosted its stake in Devon Energy Corporation (NYSE:DVN - Free Report) by 87.9% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 304,308 shares of the energy company's stock after buying an additional 142,379 shares during the period. Arizona State Retirement System's holdings in Devon Energy were worth $12,574,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of DVN. Waverly Advisors LLC grew its position in Devon Energy by 33.6% during the 2nd quarter. Waverly Advisors LLC now owns 27,669 shares of the energy company's stock worth $1,143,000 after purchasing an additional 6,960 shares in the last quarter. Murphy Pohlad Asset Management LLC boosted its stake in shares of Devon Energy by 0.9% during the 2nd quarter. Murphy Pohlad Asset Management LLC now owns 116,392 shares of the energy company's stock valued at $4,809,000 after buying an additional 1,035 shares during the period. Empirical Finance LLC grew its holdings in shares of Devon Energy by 88.7% during the 2nd quarter. Empirical Finance LLC now owns 38,777 shares of the energy company's stock valued at $1,602,000 after acquiring an additional 18,225 shares in the last quarter. Nykredit A S purchased a new position in shares of Devon Energy during the 2nd quarter valued at $3,774,000. Finally, Parkside Financial Bank & Trust increased its stake in shares of Devon Energy by 40.1% in the second quarter. Parkside Financial Bank & Trust now owns 6,004 shares of the energy company's stock worth $248,000 after acquiring an additional 1,718 shares during the last quarter. Institutional investors own 69.72% of the company's stock.

Analyst Ratings Changes

DVN has been the subject of several recent research reports. Capital One Financial cut their price objective on Devon Energy from $63.00 to $61.00 and set an "overweight" rating for the company in a report on Tuesday, June 2nd. BMO Capital Markets reaffirmed an "outperform" rating on shares of Devon Energy in a research report on Wednesday, June 10th. Morgan Stanley reduced their price target on Devon Energy from $66.00 to $63.00 and set an "overweight" rating for the company in a report on Friday, June 26th. Barclays lowered their price target on Devon Energy from $62.00 to $58.00 and set an "overweight" rating for the company in a research note on Monday, August 17th. Finally, Wolfe Research set a $67.00 price objective on Devon Energy and gave the stock an "outperform" rating in a report on Monday, June 22nd. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $59.23.

Devon Energy Trading Up 1.3%

Shares of DVN stock opened at $49.01 on Thursday. Devon Energy Corporation has a 12 month low of $31.47 and a 12 month high of $52.71. The company has a market cap of $53.92 billion, a PE ratio of 11.64, a price-to-earnings-growth ratio of 1.32 and a beta of 0.37. The company has a quick ratio of 0.67, a current ratio of 0.72 and a debt-to-equity ratio of 0.24. The business's 50 day moving average is $45.22 and its two-hundred day moving average is $45.88.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings data 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 analysts' expectations of $6.01 billion. During the same period in the previous year, the company earned $0.84 earnings per share. Devon Energy's revenue for the quarter was up 73.1% on a year-over-year basis. Equities analysts predict that Devon Energy Corporation will post 5.24 EPS for the current year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders 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 dividend on an annualized basis and a yield of 2.6%. Devon Energy's payout ratio is currently 30.40%.

Devon Energy 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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