New York State Common Retirement Fund Cuts Stock Position in Devon Energy Co. (NYSE:DVN)

New York State Common Retirement Fund cut its holdings in Devon Energy Co. (NYSE:DVN) by 18.3% in the fourth quarter, Holdings Channel reports. The institutional investor owned 618,016 shares of the energy company’s stock after selling 138,156 shares during the quarter. New York State Common Retirement Fund’s holdings in Devon Energy were worth $27,996,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in shares of Devon Energy in the third quarter worth approximately $27,000. Sound Income Strategies LLC boosted its stake in shares of Devon Energy by 60.7% in the fourth quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock worth $31,000 after acquiring an additional 255 shares during the last quarter. Rise Advisors LLC boosted its stake in shares of Devon Energy by 1,365.3% in the fourth quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock worth $33,000 after acquiring an additional 669 shares during the last quarter. PFS Partners LLC acquired a new stake in shares of Devon Energy in the fourth quarter worth approximately $36,000. Finally, Naples Money Management LLC acquired a new stake in shares of Devon Energy in the fourth quarter worth approximately $40,000. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Price Performance

DVN stock opened at $52.72 on Friday. The company has a current ratio of 1.07, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $33.48 billion, a PE ratio of 9.04 and a beta of 2.19. Devon Energy Co. has a 12-month low of $40.47 and a 12-month high of $55.09. The business’s fifty day moving average price is $48.88 and its 200 day moving average price is $46.18.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.02. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The firm had revenue of $4.15 billion for the quarter, compared to the consensus estimate of $3.88 billion. During the same quarter in the previous year, the business earned $1.66 EPS. The company’s quarterly revenue was down 3.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Devon Energy Co. will post 5.25 EPS for the current year.

Devon Energy Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were issued a dividend of $0.44 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.76 annualized dividend and a yield of 3.34%. Devon Energy’s dividend payout ratio (DPR) is 15.09%.

Wall Street Analysts Forecast Growth

DVN has been the topic of a number of recent research reports. UBS Group boosted their price objective on Devon Energy from $48.00 to $57.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 10th. Citigroup boosted their price objective on Devon Energy from $55.00 to $62.00 and gave the stock a “buy” rating in a research note on Thursday, April 11th. Barclays initiated coverage on Devon Energy in a research note on Wednesday, April 10th. They set an “equal weight” rating and a $59.00 price objective on the stock. Raymond James lowered their price objective on Devon Energy from $53.00 to $52.00 and set an “outperform” rating on the stock in a research note on Wednesday, January 24th. Finally, JPMorgan Chase & Co. boosted their price objective on Devon Energy from $57.00 to $62.00 and gave the stock an “overweight” rating in a research note on Monday, April 8th. Five analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $58.33.

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.