Devon Energy Corporation $DVN Stock Sold by VIRGINIA RETIREMENT SYSTEMS ET Al

VIRGINIA RETIREMENT SYSTEMS ET Al lessened its stake in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 10.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 728,450 shares of the energy company's stock after selling 82,400 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al owned 0.07% of Devon Energy worth $33,538,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in DVN. BlackRock Inc. boosted its holdings in shares of Devon Energy by 57.6% during the 2nd quarter. BlackRock Inc. now owns 95,378,854 shares of the energy company's stock worth $3,941,054,000 after buying an additional 34,871,366 shares during the period. State Street Corp grew its stake in Devon Energy by 89.8% in the 2nd quarter. State Street Corp now owns 73,179,266 shares of the energy company's stock valued at $3,023,767,000 after buying an additional 34,615,088 shares during the last quarter. Wellington Management Group LLP raised its holdings in Devon Energy by 418.3% in the 2nd quarter. Wellington Management Group LLP now owns 51,522,376 shares of the energy company's stock worth $2,128,905,000 after acquiring an additional 41,581,435 shares during the period. Dimensional Fund Advisors LP raised its holdings in Devon Energy by 2.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 9,606,131 shares of the energy company's stock worth $483,475,000 after acquiring an additional 235,561 shares during the period. Finally, Bank of America Corp DE acquired a new position in Devon Energy during the 2nd quarter worth $421,226,000. Institutional investors and hedge funds own 69.72% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on DVN shares. Citigroup upped their price target on shares of Devon Energy from $65.00 to $67.00 and gave the company a "buy" rating in a report on Monday, August 31st. BMO Capital Markets reiterated an "outperform" rating and issued a $67.00 price objective on shares of Devon Energy in a research note on Tuesday, October 6th. Argus reissued a "buy" rating and set a $45.85 price objective on shares of Devon Energy in a research report on Monday, August 17th. Seaport Research Partners began coverage on Devon Energy in a research report on Thursday, September 3rd. They set a "buy" rating and a $65.00 price objective for the company. Finally, Stifel Nicolaus started coverage on Devon Energy in a research note on Thursday, September 10th. They set a "buy" rating and a $61.00 target price for the company. Two research analysts have rated the stock with a Strong Buy rating, twenty-five have assigned a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $60.72.

Insider Activity

In other Devon Energy news, EVP Robert Ferrall Lowe III sold 6,756 shares of the company's stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $50.95, for a total value of $344,218.20. Following the completion of the transaction, the executive vice president owned 72,720 shares of the company's stock, valued at $3,705,084. This represents a 8.50% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Clay Gaspar purchased 3,913 shares of the business's stock in a transaction on Monday, September 14th. The stock was purchased at an average cost of $51.08 per share, with a total value of $199,876.04. Following the acquisition, the chief executive officer owned 619,152 shares in the company, valued at approximately $31,626,284.16. This represents a 0.64% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders own 4.58% of the company's stock.

Devon Energy Stock Performance

NYSE DVN opened at $52.21 on Friday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.72 and a quick ratio of 0.67. The firm has a market capitalization of $57.43 billion, a price-to-earnings ratio of 12.40, a P/E/G ratio of 1.33 and a beta of 0.49. The company's fifty day moving average is $48.90 and its two-hundred day moving average is $45.83. Devon Energy Corporation has a 52-week low of $31.91 and a 52-week high of $52.71.

Devon Energy (NYSE:DVN - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.40 by $0.17. The company had revenue of $7.42 billion for the quarter, compared to the consensus estimate of $6.01 billion. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The business's revenue was up 73.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.84 EPS. Equities research analysts forecast that Devon Energy Corporation will post 5.49 EPS for the current year.

Devon Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th were paid a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 2.5%. The ex-dividend date was Tuesday, September 15th. Devon Energy's payout ratio is currently 30.40%.

About Devon Energy

Devon Energy Corporation NYSE: DVN is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company focuses on onshore operations in the United States and markets the hydrocarbons produced from its assets to customers across the energy sector.

Devon's portfolio has historically included major U.S. resource plays such as 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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