State of Tennessee Department of Treasury Reduces Stake in Devon Energy Co. (NYSE:DVN)

State of Tennessee Department of Treasury lessened its holdings in shares of Devon Energy Co. (NYSE:DVN - Free Report) by 53.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 82,667 shares of the energy company's stock after selling 94,597 shares during the period. State of Tennessee Department of Treasury's holdings in Devon Energy were worth $2,706,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Redwood Wealth Management Group LLC lifted its holdings in Devon Energy by 3.9% during the fourth quarter. Redwood Wealth Management Group LLC now owns 8,141 shares of the energy company's stock worth $266,000 after buying an additional 309 shares during the period. Cornerstone Wealth Management LLC lifted its position in Devon Energy by 1.6% during the 4th quarter. Cornerstone Wealth Management LLC now owns 21,242 shares of the energy company's stock worth $695,000 after acquiring an additional 326 shares during the period. Annex Advisory Services LLC lifted its holdings in shares of Devon Energy by 1.2% during the fourth quarter. Annex Advisory Services LLC now owns 27,021 shares of the energy company's stock worth $884,000 after purchasing an additional 327 shares during the period. Independence Bank of Kentucky increased its stake in shares of Devon Energy by 7.8% in the fourth quarter. Independence Bank of Kentucky now owns 4,580 shares of the energy company's stock worth $150,000 after acquiring an additional 330 shares during the period. Finally, Covestor Ltd grew its position in Devon Energy by 15.9% during the 4th quarter. Covestor Ltd now owns 2,521 shares of the energy company's stock worth $83,000 after purchasing an additional 345 shares during the period. Hedge funds and other institutional investors own 69.72% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on DVN shares. Williams Trading set a $50.00 target price on shares of Devon Energy in a research note on Wednesday, March 5th. Mizuho cut their price target on Devon Energy from $49.00 to $46.00 and set an "outperform" rating for the company in a research note on Wednesday, April 9th. UBS Group dropped their price objective on Devon Energy from $41.00 to $35.00 and set a "neutral" rating on the stock in a report on Monday, April 7th. JPMorgan Chase & Co. dropped their price target on shares of Devon Energy from $48.00 to $42.00 and set a "neutral" rating on the stock in a research note on Thursday, March 13th. Finally, Barclays reduced their target price on Devon Energy from $44.00 to $38.00 and set an "equal weight" rating for the company in a report on Wednesday, April 23rd. Ten research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $43.87.

Devon Energy Stock Up 1.0 %

Devon Energy stock traded up $0.30 during mid-day trading on Friday, reaching $31.46. 5,748,132 shares of the company's stock were exchanged, compared to its average volume of 8,502,605. The company has a fifty day moving average of $33.03 and a 200-day moving average of $35.14. The company has a market cap of $20.24 billion, a P/E ratio of 6.90, a P/E/G ratio of 1.20 and a beta of 1.50. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. Devon Energy Co. has a twelve month low of $25.89 and a twelve month high of $52.25.

Devon Energy (NYSE:DVN - Get Free Report) last released its earnings results on Tuesday, February 18th. The energy company reported $1.16 EPS for the quarter, topping the consensus estimate of $1.00 by $0.16. The firm had revenue of $4.40 billion during the quarter, compared to analysts' expectations of $4.25 billion. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. Sell-side analysts expect that Devon Energy Co. will post 4.85 EPS for the current year.

Devon Energy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were paid a $0.24 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.96 dividend on an annualized basis and a yield of 3.05%. This is an increase from Devon Energy's previous quarterly dividend of $0.22. Devon Energy's payout ratio is currently 21.05%.

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.