VIRGINIA RETIREMENT SYSTEMS ET Al Increases Stake in Devon Energy Corporation $DVN

Key Points

• Virginia Retirement Systems sharply increased its Devon Energy stake by 552.1% in the fourth quarter, ending with 635,800 shares valued at about $23.3 million.
• Devon Energy reported mixed quarterly results, with earnings of $1.04 per share missing estimates and revenue of $3.81 billion falling short of expectations, though earnings were higher than a year earlier.
• The company raised its quarterly dividend to $0.32 per share from $0.24, and analysts currently maintain a Moderate Buy consensus with a target price of $55.78.

VIRGINIA RETIREMENT SYSTEMS ET Al boosted its stake in Devon Energy Corporation (NYSE:DVN - Free Report) by 552.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 635,800 shares of the energy company's stock after purchasing an additional 538,300 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al owned about 0.10% of Devon Energy worth $23,289,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the stock. Aprio Wealth Management LLC increased its stake in Devon Energy by 4.1% in the 3rd quarter. Aprio Wealth Management LLC now owns 7,521 shares of the energy company's stock worth $264,000 after purchasing an additional 297 shares during the period. Accredited Wealth Management LLC increased its stake in Devon Energy by 61.6% in the 3rd quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company's stock worth $28,000 after purchasing an additional 308 shares during the period. Lindenwold Advisors INC increased its stake in Devon Energy by 1.2% in the 3rd quarter. Lindenwold Advisors INC now owns 27,094 shares of the energy company's stock worth $950,000 after purchasing an additional 314 shares during the period. OneDigital Investment Advisors LLC increased its stake in shares of Devon Energy by 2.6% during the third quarter. OneDigital Investment Advisors LLC now owns 12,620 shares of the energy company's stock valued at $442,000 after buying an additional 318 shares during the period. Finally, US Bancorp DE increased its stake in shares of Devon Energy by 0.3% during the third quarter. US Bancorp DE now owns 113,308 shares of the energy company's stock valued at $3,973,000 after buying an additional 329 shares during the period. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Trading Up 0.4%

NYSE DVN opened at $46.93 on Thursday. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 0.48. Devon Energy Corporation has a twelve month low of $30.24 and a twelve month high of $52.71. The firm has a market capitalization of $29.16 billion, a PE ratio of 13.07, a P/E/G ratio of 0.75 and a beta of 0.43. The stock's 50 day moving average is $47.57 and its 200 day moving average is $41.22.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share for the quarter, missing the consensus estimate of $1.06 by ($0.02). Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The firm had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $4.34 billion. During the same quarter in the prior year, the firm earned $0.82 earnings per share. The company's revenue for the quarter was down 14.5% compared to the same quarter last year. Research analysts forecast that Devon Energy Corporation will post 5.39 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be given a dividend of $0.32 per share. This is a boost from Devon Energy's previous quarterly dividend of $0.24. This represents a $1.28 annualized dividend and a dividend yield of 2.7%. The ex-dividend date is Monday, June 15th. Devon Energy's dividend payout ratio is presently 26.74%.

Insider Buying and Selling at Devon Energy

In related news, EVP Jeffrey L. Ritenour sold 70,029 shares of Devon Energy stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $46.66, for a total transaction of $3,267,553.14. Following the sale, the executive vice president directly owned 428,452 shares in the company, valued at $19,991,570.32. The trade was a 14.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.71% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on DVN shares. Tudor Pickering raised Devon Energy from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 20th. Piper Sandler boosted their target price on Devon Energy from $59.00 to $67.00 and gave the company an "overweight" rating in a research note on Thursday, March 12th. Morgan Stanley boosted their target price on Devon Energy from $46.00 to $59.00 and gave the company an "overweight" rating in a research note on Tuesday, April 28th. Siebert Williams Shank boosted their target price on Devon Energy from $46.00 to $50.00 and gave the company a "buy" rating in a research note on Monday, January 26th. Finally, Scotiabank boosted their target price on Devon Energy from $41.00 to $46.00 and gave the company a "sector perform" rating in a research note on Wednesday, April 22nd. Four investment analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $55.78.

About Devon Energy

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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