Devon Energy Corporation $DVN Shares Sold by State of New Jersey Common Pension Fund D

Key Points

• The State of New Jersey Common Pension Fund D reduced its stake in Devon Energy Corporation by 10.3%, owning 198,471 shares worth approximately $7.42 million after selling 22,681 shares in the first quarter.
• Devon Energy reported $0.84 EPS for the last quarter, surpassing analyst expectations, with a revenue of $4.28 billion, marking a 9.4% increase compared to the same period last year.
• The company announced a quarterly dividend of $0.24 per share, resulting in an annual yield of 2.8%, with the dividend payout ratio currently at 21.52%.

State of New Jersey Common Pension Fund D cut its holdings in Devon Energy Corporation (NYSE:DVN - Free Report) by 10.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 198,471 shares of the energy company's stock after selling 22,681 shares during the period. State of New Jersey Common Pension Fund D's holdings in Devon Energy were worth $7,423,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Cantor Fitzgerald Investment Advisors L.P. lifted its stake in shares of Devon Energy by 10.8% in the 1st quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 272,990 shares of the energy company's stock valued at $10,210,000 after purchasing an additional 26,519 shares during the last quarter. Merit Financial Group LLC raised its holdings in Devon Energy by 209.5% in the 1st quarter. Merit Financial Group LLC now owns 22,679 shares of the energy company's stock valued at $848,000 after buying an additional 15,351 shares during the period. Autumn Glory Partners LLC lifted its position in Devon Energy by 93.6% in the first quarter. Autumn Glory Partners LLC now owns 41,368 shares of the energy company's stock valued at $1,547,000 after buying an additional 20,000 shares during the last quarter. Intact Investment Management Inc. acquired a new position in Devon Energy in the first quarter valued at about $2,524,000. Finally, Praxis Investment Management Inc. boosted its stake in Devon Energy by 41.8% during the first quarter. Praxis Investment Management Inc. now owns 47,000 shares of the energy company's stock worth $1,758,000 after buying an additional 13,860 shares during the period. Institutional investors and hedge funds own 69.72% of the company's stock.

Insiders Place Their Bets

In other news, Director Kelt Kindick sold 7,685 shares of the business's 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 in the company, valued at approximately $1,064,061.46. The trade was a 19.46% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.71% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on DVN shares. Jefferies Financial Group boosted their price target on shares of Devon Energy from $31.00 to $33.00 and gave the company a "hold" rating in a research note on Monday, July 14th. Mizuho dropped their target price on shares of Devon Energy from $46.00 to $43.00 and set an "outperform" rating for the company in a report on Tuesday, May 13th. JPMorgan Chase & Co. upped their price target on Devon Energy from $40.00 to $42.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 8th. Raymond James Financial restated an "outperform" rating and set a $45.00 price target (up from $40.00) on shares of Devon Energy in a research report on Tuesday, July 22nd. Finally, Barclays boosted their price objective on Devon Energy from $40.00 to $42.00 and gave the company an "equal weight" rating in a report on Wednesday, August 6th. Fifteen equities research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $44.15.

Devon Energy Stock Up 3.6%

Shares of DVN traded up $1.2350 during midday trading on Friday, reaching $35.1250. The stock had a trading volume of 6,663,496 shares, compared to its average volume of 8,948,053. The company has a market cap of $22.30 billion, a price-to-earnings ratio of 7.88, a PEG ratio of 1.92 and a beta of 1.07. The company's fifty day simple moving average is $33.25 and its two-hundred day simple moving average is $33.13. Devon Energy Corporation has a 1-year low of $25.89 and a 1-year high of $46.04. 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 (NYSE:DVN - Get Free Report) last posted its earnings results on Tuesday, August 5th. The energy company reported $0.84 EPS for the quarter, beating the consensus estimate of $0.83 by $0.01. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.The firm had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.01 billion. During the same quarter in the prior year, the company posted $1.41 earnings per share. Devon Energy's revenue for the quarter was up 9.4% compared to the same quarter last year. Equities research analysts expect that Devon Energy Corporation will post 4.85 earnings per share for the current year.

Devon Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.7%. The ex-dividend date is Monday, September 15th. Devon Energy's dividend payout ratio is currently 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.