Teachers Retirement System of The State of Kentucky bought a new stake in Devon Energy Co. (NYSE:DVN – Get Rating) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 398,377 shares of the energy company’s stock, valued at approximately $23,954,000. Teachers Retirement System of The State of Kentucky owned approximately 0.06% of Devon Energy at the end of the most recent quarter.
Several other large investors have also modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in shares of Devon Energy by 2.2% during the 3rd quarter. Vanguard Group Inc. now owns 77,173,489 shares of the energy company’s stock worth $4,640,442,000 after acquiring an additional 1,637,042 shares during the period. State Street Corp increased its position in Devon Energy by 7.3% during the 3rd quarter. State Street Corp now owns 42,814,521 shares of the energy company’s stock worth $2,574,437,000 after purchasing an additional 2,902,180 shares in the last quarter. FMR LLC increased its position in Devon Energy by 9.8% during the 2nd quarter. FMR LLC now owns 23,000,119 shares of the energy company’s stock worth $1,267,536,000 after purchasing an additional 2,060,138 shares in the last quarter. Boston Partners increased its position in Devon Energy by 7.7% during the 3rd quarter. Boston Partners now owns 11,158,526 shares of the energy company’s stock worth $672,993,000 after purchasing an additional 797,813 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its position in Devon Energy by 16.9% in the third quarter. Bank of New York Mellon Corp now owns 10,141,280 shares of the energy company’s stock valued at $609,794,000 after acquiring an additional 1,469,557 shares in the last quarter. 78.08% of the stock is currently owned by hedge funds and other institutional investors.
Devon Energy Stock Performance
DVN stock traded down $2.31 during mid-day trading on Wednesday, reaching $46.91. The company had a trading volume of 2,241,736 shares, compared to its average volume of 9,882,020. The company has a quick ratio of 1.19, a current ratio of 1.25 and a debt-to-equity ratio of 0.55. The stock has a market capitalization of $30.68 billion, a P/E ratio of 5.40, a P/E/G ratio of 0.14 and a beta of 2.33. Devon Energy Co. has a one year low of $45.67 and a one year high of $79.40. The stock’s 50-day simple moving average is $59.33 and its two-hundred day simple moving average is $64.56.
Devon Energy (
Devon Energy Increases Dividend
The company also recently announced a None dividend, which will be paid on Friday, March 31st. Investors of record on Wednesday, March 15th will be issued a dividend of $0.89 per share. This is a positive change from Devon Energy’s previous None dividend of $0.49. This represents a yield of 9.3%. The ex-dividend date is Tuesday, March 14th. Devon Energy’s payout ratio is presently 8.77%.
Insider Buying and Selling
In related news, EVP Dennis C. Cameron sold 7,179 shares of Devon Energy stock in a transaction dated Friday, February 17th. The stock was sold at an average price of $54.77, for a total transaction of $393,193.83. Following the transaction, the executive vice president now directly owns 262,498 shares of the company’s stock, valued at $14,377,015.46. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, CEO Richard E. Muncrief purchased 10,000 shares of the firm’s stock in a transaction that occurred on Friday, February 17th. The stock was acquired at an average price of $53.28 per share, for a total transaction of $532,800.00. Following the transaction, the chief executive officer now directly owns 1,973,977 shares of the company’s stock, valued at approximately $105,173,494.56. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Dennis C. Cameron sold 7,179 shares of the stock in a transaction on Friday, February 17th. The shares were sold at an average price of $54.77, for a total value of $393,193.83. Following the completion of the transaction, the executive vice president now owns 262,498 shares of the company’s stock, valued at approximately $14,377,015.46. The disclosure for this sale can be found here. 0.80% of the stock is owned by corporate insiders.
Wall Street Analysts Forecast Growth
DVN has been the subject of several recent research reports. Susquehanna lowered their price objective on shares of Devon Energy from $79.00 to $72.00 and set a “positive” rating for the company in a research report on Thursday, February 16th. Barclays reduced their target price on Devon Energy from $86.00 to $82.00 and set an “equal weight” rating for the company in a research note on Monday, January 23rd. Piper Sandler reduced their target price on Devon Energy from $89.00 to $85.00 and set an “overweight” rating for the company in a research note on Tuesday, March 7th. Sanford C. Bernstein reduced their target price on Devon Energy from $84.00 to $71.00 and set an “outperform” rating for the company in a research note on Thursday, February 16th. Finally, Truist Financial reduced their target price on Devon Energy from $80.00 to $70.00 and set a “buy” rating for the company in a research note on Thursday, February 16th. Eight investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Devon Energy currently has a consensus rating of “Moderate Buy” and an average target price of $73.21.
About Devon Energy
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Devon Energy Corp. engages in the exploration, development, and production of oil and natural gas properties. It develops and operates Delaware Basin, Eagle Ford, Heavy Oil, Barnett Shale, STACK, and Rockies Oil. The company was founded by J. Larry Nichols and John W. Nichols in 1971 and is headquartered in Oklahoma City, OK.
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