Public Sector Pension Investment Board Sells 253,809 Shares of Devon Energy Corporation (NYSE:DVN)

Public Sector Pension Investment Board reduced its stake in Devon Energy Corporation (NYSE:DVN) by 59.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 175,599 shares of the energy company’s stock after selling 253,809 shares during the period. Public Sector Pension Investment Board’s holdings in Devon Energy were worth $6,567,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of DVN. Vanguard Group Inc. grew its holdings in Devon Energy by 2.6% in the first quarter. Vanguard Group Inc. now owns 82,780,738 shares of the energy company’s stock worth $3,096,000,000 after purchasing an additional 2,098,568 shares during the period. Victory Capital Management Inc. grew its holdings in Devon Energy by 12.9% in the first quarter. Victory Capital Management Inc. now owns 11,518,862 shares of the energy company’s stock worth $430,805,000 after purchasing an additional 1,315,050 shares during the period. Fuller & Thaler Asset Management Inc. grew its holdings in Devon Energy by 42.8% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 10,395,225 shares of the energy company’s stock worth $340,236,000 after purchasing an additional 3,114,656 shares during the period. Northern Trust Corp grew its holdings in Devon Energy by 2.4% in the fourth quarter. Northern Trust Corp now owns 6,260,735 shares of the energy company’s stock worth $204,914,000 after purchasing an additional 144,789 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings in Devon Energy by 8.1% in the first quarter. Charles Schwab Investment Management Inc. now owns 4,706,837 shares of the energy company’s stock worth $176,036,000 after purchasing an additional 354,633 shares during the period. 69.72% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on DVN. Morgan Stanley restated an “overweight” rating and issued a $46.00 price objective (up previously from $44.00) on shares of Devon Energy in a report on Tuesday, July 15th. The Goldman Sachs Group upped their price objective on shares of Devon Energy from $38.00 to $43.00 and gave the stock a “buy” rating in a report on Thursday, May 15th. Jefferies Financial Group upped their price objective on shares of Devon Energy from $31.00 to $33.00 and gave the stock a “hold” rating in a report on Monday, July 14th. Bank of America cut their price objective on shares of Devon Energy from $52.00 to $42.00 and set a “buy” rating on the stock in a report on Tuesday, April 29th. Finally, Siebert Williams Shank upped their price objective on shares of Devon Energy from $47.00 to $52.00 and gave the stock a “buy” rating in a report on Monday, June 23rd. Eleven research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $43.93.

Insider Buying and Selling at Devon Energy

In other news, Director Kelt Kindick sold 7,685 shares of Devon Energy stock in a transaction 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 transaction, the director owned 31,801 shares in the company, valued at $1,064,061.46. This trade represents a 19.46% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.71% of the stock is owned by corporate insiders.

Devon Energy Trading Down 0.4%

Shares of DVN stock opened at $33.70 on Friday. Devon Energy Corporation has a 12-month low of $25.89 and a 12-month high of $46.04. The company has a current ratio of 1.22, a quick ratio of 1.13 and a debt-to-equity ratio of 0.55. The firm’s 50 day moving average is $33.25 and its 200 day moving average is $33.16. The stock has a market capitalization of $21.39 billion, a P/E ratio of 7.56, a P/E/G ratio of 1.92 and a beta of 1.07.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, August 5th. The energy company reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.01. The business had revenue of $4.28 billion for the quarter, compared to analysts’ expectations of $4.01 billion. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. The company’s revenue was up 9.4% compared to the same quarter last year. During the same quarter last year, the company posted $1.41 EPS. Research analysts expect that Devon Energy Corporation will post 4.85 earnings per share for the current year.

Devon Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders 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 dividend yield of 2.8%. The ex-dividend date is Monday, September 15th. Devon Energy’s dividend payout ratio (DPR) is currently 21.52%.

Devon Energy 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.