California Public Employees Retirement System Trims Holdings in Devon Energy Co. (NYSE:DVN)

California Public Employees Retirement System decreased its holdings in Devon Energy Co. (NYSE:DVN) by 2.8% during the fourth quarter, HoldingsChannel.com reports. The firm owned 1,158,151 shares of the energy company’s stock after selling 33,575 shares during the quarter. California Public Employees Retirement System’s holdings in Devon Energy were worth $52,464,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Annis Gardner Whiting Capital Advisors LLC purchased a new position in shares of Devon Energy during the third quarter valued at $27,000. Sound Income Strategies LLC increased its stake in shares of Devon Energy by 60.7% during the fourth quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock valued at $31,000 after buying an additional 255 shares during the period. Rise Advisors LLC increased its stake in shares of Devon Energy by 1,365.3% during the fourth quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock valued at $33,000 after buying an additional 669 shares during the period. PFS Partners LLC purchased a new position in shares of Devon Energy during the fourth quarter valued at $36,000. Finally, Naples Money Management LLC purchased a new position in shares of Devon Energy during the fourth quarter valued at $40,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Price Performance

Shares of NYSE DVN opened at $52.62 on Friday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.99 and a current ratio of 1.07. The company has a market cap of $33.41 billion, a PE ratio of 9.02 and a beta of 2.19. The business has a 50-day simple moving average of $48.70 and a two-hundred day simple moving average of $46.13. Devon Energy Co. has a fifty-two week low of $40.47 and a fifty-two week high of $55.09.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.02. The business had revenue of $4.15 billion during the quarter, compared to the consensus estimate of $3.88 billion. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The company’s quarterly revenue was down 3.6% on a year-over-year basis. During the same quarter last year, the company earned $1.66 earnings per share. As a group, equities analysts expect that Devon Energy Co. will post 5.25 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were issued a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.35%. The ex-dividend date of this dividend was Thursday, March 14th. Devon Energy’s dividend payout ratio (DPR) is 15.09%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on DVN. Stifel Nicolaus raised their price target on Devon Energy from $65.00 to $66.00 and gave the company a “buy” rating in a research note on Tuesday. Scotiabank raised their price objective on Devon Energy from $53.00 to $67.00 and gave the company a “sector outperform” rating in a research report on Thursday, April 11th. Morgan Stanley raised their price objective on Devon Energy from $49.00 to $50.00 and gave the company an “overweight” rating in a research report on Monday, April 15th. Raymond James dropped their price objective on Devon Energy from $53.00 to $52.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 24th. Finally, Piper Sandler raised their price objective on Devon Energy from $59.00 to $60.00 and gave the company an “overweight” rating in a research report on Friday, April 19th. Five research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $58.33.

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.