New York State Teachers Retirement System Reduces Stake in Devon Energy Corporation (NYSE:DVN)

New York State Teachers Retirement System lowered its position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 10.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 661,106 shares of the energy company's stock after selling 75,245 shares during the period. New York State Teachers Retirement System owned approximately 0.10% of Devon Energy worth $24,725,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in DVN. Covestor Ltd increased its holdings in shares of Devon Energy by 15.9% in the 4th quarter. Covestor Ltd now owns 2,521 shares of the energy company's stock worth $83,000 after purchasing an additional 345 shares in the last quarter. Horizon Investments LLC increased its holdings in Devon Energy by 4.1% in the 4th quarter. Horizon Investments LLC now owns 8,843 shares of the energy company's stock worth $289,000 after buying an additional 347 shares in the last quarter. Tocqueville Asset Management L.P. increased its holdings in Devon Energy by 3.0% in the 4th quarter. Tocqueville Asset Management L.P. now owns 12,242 shares of the energy company's stock worth $401,000 after buying an additional 359 shares in the last quarter. Salem Investment Counselors Inc. raised its position in Devon Energy by 46.7% in the 1st quarter. Salem Investment Counselors Inc. now owns 1,257 shares of the energy company's stock worth $47,000 after buying an additional 400 shares during the last quarter. Finally, Rakuten Securities Inc. lifted its stake in Devon Energy by 94.6% during the 1st quarter. Rakuten Securities Inc. now owns 833 shares of the energy company's stock valued at $31,000 after acquiring an additional 405 shares during the period. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Price Performance

Shares of DVN stock traded up $0.70 during mid-day trading on Wednesday, hitting $33.35. The company had a trading volume of 6,846,651 shares, compared to its average volume of 8,834,705. The company has a market capitalization of $21.41 billion, a P/E ratio of 7.60, a P/E/G ratio of 2.37 and a beta of 1.02. The stock's 50 day moving average price is $32.29 and its 200-day moving average price is $33.39. Devon Energy Corporation has a 52-week low of $25.89 and a 52-week high of $49.35. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.08 and a quick ratio of 0.99.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The energy company reported $1.21 EPS for the quarter, missing the consensus estimate of $1.27 by ($0.06). Devon Energy had a net margin of 16.60% and a return on equity of 21.90%. The company had revenue of $4.45 billion for the quarter, compared to the consensus estimate of $4.31 billion. During the same period last year, the company earned $1.16 EPS. The firm's revenue for the quarter was up 23.8% on a year-over-year basis. Equities research analysts forecast that Devon Energy Corporation will post 4.85 earnings per share for the current year.

Devon Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 13th were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.88%. The ex-dividend date of this dividend was Friday, June 13th. Devon Energy's payout ratio is 21.87%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on DVN shares. Barclays lifted their price target on shares of Devon Energy from $38.00 to $40.00 and gave the stock an "equal weight" rating in a research note on Wednesday, May 7th. Raymond James Financial set a $40.00 price target on Devon Energy in a research note on Monday, April 21st. The Goldman Sachs Group upped their price objective on Devon Energy from $38.00 to $43.00 and gave the company a "buy" rating in a research report on Thursday, May 15th. Citigroup cut their target price on shares of Devon Energy from $46.00 to $43.00 and set a "buy" rating for the company in a research report on Friday, April 4th. Finally, Royal Bank Of Canada dropped their price target on shares of Devon Energy from $49.00 to $40.00 and set a "sector perform" rating on the stock in a research note on Monday, April 14th. Ten investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Devon Energy has a consensus rating of "Moderate Buy" and an average target price of $43.50.

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.