Public Sector Pension Investment Board Has $6.57 Million Holdings in Devon Energy Corporation $DVN

Key Points

• The Public Sector Pension Investment Board has reduced its stake in Devon Energy Corporation by 59.1%, now holding 175,599 shares worth $6,567,000 after selling 253,809 shares.
• Devon Energy's recent quarterly earnings report showed $0.84 earnings per share, exceeding estimates, with revenue of $4.28 billion, surpassing analyst expectations.
• The company declared a quarterly dividend of $0.24 per share, translating to an annual yield of 2.8%, and is set to pay out on September 30th.

Public Sector Pension Investment Board decreased its stake in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 59.1% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 175,599 shares of the energy company's stock after selling 253,809 shares during the quarter. Public Sector Pension Investment Board's holdings in Devon Energy were worth $6,567,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Financial Gravity Asset Management Inc. acquired a new stake in Devon Energy in the first quarter valued at about $26,000. Banque Cantonale Vaudoise acquired a new position in Devon Energy during the 1st quarter worth about $26,000. Accredited Wealth Management LLC bought a new position in Devon Energy during the fourth quarter worth $28,000. Rakuten Securities Inc. lifted its stake in shares of Devon Energy by 94.6% in the 1st quarter. Rakuten Securities Inc. now owns 833 shares of the energy company's stock valued at $31,000 after purchasing an additional 405 shares during the period. Finally, SouthState Corp grew its holdings in Devon Energy by 350.5% in the first quarter. SouthState Corp now owns 991 shares of the energy company's stock worth $37,000 after purchasing an additional 771 shares during the period. Institutional investors and hedge funds own 69.72% of the company's stock.

Insider Activity at Devon Energy

In other news, Director Kelt Kindick sold 7,685 shares of Devon Energy stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $33.46, for a total transaction of $257,140.10. Following the completion of the sale, the director owned 31,801 shares of the company's stock, valued at approximately $1,064,061.46. The trade was a 19.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.73% of the stock is owned by insiders.

Analyst Ratings Changes

DVN has been the subject of a number of recent research reports. Susquehanna decreased their price objective on Devon Energy from $52.00 to $41.00 and set a "positive" rating for the company in a report on Tuesday, April 22nd. Piper Sandler lowered their target price on shares of Devon Energy from $58.00 to $57.00 and set an "overweight" rating on the stock in a report on Thursday, August 14th. Scotiabank restated an "outperform" rating on shares of Devon Energy in a research note on Friday, July 11th. Wolfe Research increased their price objective on Devon Energy from $47.00 to $49.00 and gave the company an "outperform" rating in a research report on Monday, June 23rd. Finally, Wells Fargo & Company increased their price objective on Devon Energy from $42.00 to $43.00 and gave the company an "overweight" rating in a research note on Tuesday, August 12th. Fifteen research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat.com, Devon Energy currently has an average rating of "Moderate Buy" and an average price target of $44.04.

Devon Energy Stock Performance

Devon Energy stock traded up $0.2950 during midday trading on Wednesday, hitting $33.8750. The company's stock had a trading volume of 3,392,202 shares, compared to its average volume of 8,955,601. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.22 and a quick ratio of 1.13. Devon Energy Corporation has a 1-year low of $25.89 and a 1-year high of $46.04. The company has a market cap of $21.50 billion, a price-to-earnings ratio of 7.60, a PEG ratio of 1.91 and a beta of 1.07. The company has a 50-day moving average price of $33.27 and a two-hundred day moving average price of $33.13.

Devon Energy (NYSE:DVN - Get Free Report) last released its earnings results on Tuesday, August 5th. The energy company reported $0.84 EPS for the quarter, topping the consensus estimate of $0.83 by $0.01. The business had revenue of $4.28 billion during the quarter, compared to analysts' expectations of $4.01 billion. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.The firm's revenue was up 9.4% on a year-over-year basis. During the same quarter last year, the firm posted $1.41 earnings per share. As a group, sell-side analysts predict that Devon Energy Corporation will post 4.85 earnings per share for the current year.

Devon Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Monday, September 15th. Devon Energy's dividend payout ratio (DPR) is presently 21.52%.

Devon Energy Company Profile

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.