South Dakota Investment Council Purchases 72,556 Shares of Devon Energy Corporation (NYSE:DVN)

South Dakota Investment Council increased its holdings in Devon Energy Corporation (NYSE:DVN - Free Report) by 80.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 162,982 shares of the energy company's stock after purchasing an additional 72,556 shares during the period. South Dakota Investment Council's holdings in Devon Energy were worth $6,096,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the business. Financial Gravity Asset Management Inc. acquired a new position in shares of Devon Energy during the first quarter valued at about $26,000. Hurley Capital LLC acquired a new position in shares of Devon Energy during the fourth quarter valued at about $26,000. Rakuten Securities Inc. raised its position in shares of Devon Energy by 94.6% during the first quarter. Rakuten Securities Inc. now owns 833 shares of the energy company's stock valued at $31,000 after buying an additional 405 shares during the last quarter. Accredited Wealth Management LLC acquired a new position in shares of Devon Energy during the fourth quarter valued at about $28,000. Finally, Hughes Financial Services LLC acquired a new position in shares of Devon Energy during the first quarter valued at about $38,000. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Trading Up 1.8%

Shares of NYSE:DVN traded up $0.59 during trading on Wednesday, reaching $33.40. The stock had a trading volume of 2,021,243 shares, compared to its average volume of 8,879,373. The firm's fifty day moving average is $32.77 and its 200 day moving average is $33.53. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.99 and a current ratio of 1.08. Devon Energy Corporation has a 52 week low of $25.89 and a 52 week high of $47.44. The stock has a market cap of $21.45 billion, a price-to-earnings ratio of 7.60, a P/E/G ratio of 2.32 and a beta of 1.02.

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

Devon Energy Announces Dividend

The firm 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 dividend yield of 2.87%. The ex-dividend date of this dividend was Friday, June 13th. Devon Energy's dividend payout ratio (DPR) is 21.87%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on DVN. Scotiabank reissued an "outperform" rating on shares of Devon Energy in a research report on Friday, July 11th. Raymond James Financial reissued an "outperform" rating and set a $45.00 price target (up from $40.00) on shares of Devon Energy in a research note on Tuesday. Barclays raised their price objective on shares of Devon Energy from $38.00 to $40.00 and gave the company an "equal weight" rating in a research note on Wednesday, May 7th. Piper Sandler reiterated an "overweight" rating and issued a $58.00 target price (up from $53.00) on shares of Devon Energy in a report on Thursday, July 17th. Finally, Susquehanna dropped their price objective on shares of Devon Energy from $52.00 to $41.00 and set a "positive" rating on the stock in a report on Tuesday, April 22nd. Eleven analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $43.85.

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.