Public Employees Retirement System of Ohio Acquires New Position in Devon Energy Corporation $DVN

Key Points

• Public Employees Retirement System of Ohio acquired 357,415 Devon Energy shares in the second quarter, valued at approximately $14.8 million. Institutional investors now own 69.72% of the company.
• Devon Energy beat quarterly earnings expectations, reporting $1.57 in EPS versus the $1.40 consensus, while revenue rose 73.1% year over year to $7.42 billion.
• The company declared a quarterly dividend of $0.32 per share, representing a $1.28 annualized payout and a 2.7% yield. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $59.15.

Public Employees Retirement System of Ohio acquired a new stake in Devon Energy Corporation (NYSE:DVN - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 357,415 shares of the energy company's stock, valued at approximately $14,768,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new position in Devon Energy during the 4th quarter worth $25,000. JFS Wealth Advisors LLC grew its position in shares of Devon Energy by 56.6% during the 2nd quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company's stock worth $28,000 after buying an additional 245 shares in the last quarter. Parvin Asset Management LLC purchased a new position in shares of Devon Energy during the second quarter valued at $28,000. MV Capital Management Inc. purchased a new position in shares of Devon Energy during the fourth quarter valued at $29,000. Finally, KERR FINANCIAL PLANNING Corp bought a new stake in shares of Devon Energy in the second quarter valued at about $29,000. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Stock Performance

Shares of Devon Energy stock opened at $47.42 on Monday. The company has a market capitalization of $52.16 billion, a PE ratio of 11.26, a P/E/G ratio of 1.30 and a beta of 0.38. 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 has a 50-day simple moving average of $44.19 and a two-hundred day simple moving average of $45.64. Devon Energy Corporation has a one year low of $31.47 and a one year high of $52.71.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share for the quarter, beating 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 for the quarter, compared to analysts' expectations of $6.01 billion. During the same period last year, the business earned $0.84 EPS. The company's revenue was up 73.1% compared to the same quarter last year. Research analysts expect that Devon Energy Corporation will post 5.2 EPS for the current fiscal year.

Devon Energy Dividend Announcement

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 paid a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 2.7%. The ex-dividend date is Tuesday, September 15th. Devon Energy's dividend payout ratio (DPR) is 30.40%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on DVN shares. Argus reaffirmed a "buy" rating and issued a $45.85 price objective on shares of Devon Energy in a research note on Monday, August 17th. Susquehanna boosted their price target on shares of Devon Energy from $57.00 to $63.00 and gave the company a "positive" rating in a report on Tuesday, July 21st. Evercore raised shares of Devon Energy from an "in-line" rating to an "outperform" rating and set a $54.00 price target for the company in a research report on Wednesday, June 10th. JPMorgan Chase & Co. dropped their price objective on shares of Devon Energy from $62.00 to $55.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 8th. Finally, Truist Financial lifted their price objective on shares of Devon Energy from $61.00 to $65.00 and gave the company a "buy" rating in a report on Thursday, August 6th. Two analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat, Devon Energy presently has a consensus rating of "Moderate Buy" and an average target price of $59.15.

Insiders Place Their Bets

In other Devon Energy news, SVP Andrea Alexander sold 18,000 shares of the firm's stock in a transaction that occurred on Wednesday, June 10th. The shares were 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 directly owned 138,529 shares in the company, valued at $6,474,845.46. This trade represents a 11.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 4.58% of the stock is currently owned by company insiders.

Devon Energy Company 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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