State of Tennessee Department of Treasury Sells 94,597 Shares of Devon Energy Co. (NYSE:DVN)

State of Tennessee Department of Treasury cut its stake in Devon Energy Co. (NYSE:DVN) by 53.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund 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 quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Redwood Wealth Management Group LLC boosted its stake in shares of Devon Energy by 3.9% in the 4th quarter. Redwood Wealth Management Group LLC now owns 8,141 shares of the energy company’s stock valued at $266,000 after purchasing an additional 309 shares during the last quarter. Cornerstone Wealth Management LLC raised its stake in Devon Energy by 1.6% during the fourth quarter. Cornerstone Wealth Management LLC now owns 21,242 shares of the energy company’s stock worth $695,000 after buying an additional 326 shares during the last quarter. Annex Advisory Services LLC lifted its holdings in Devon Energy by 1.2% in the fourth quarter. Annex Advisory Services LLC now owns 27,021 shares of the energy company’s stock valued at $884,000 after buying an additional 327 shares during the period. Independence Bank of Kentucky boosted its position in Devon Energy by 7.8% during the fourth quarter. Independence Bank of Kentucky now owns 4,580 shares of the energy company’s stock valued at $150,000 after acquiring an additional 330 shares during the last quarter. Finally, Covestor Ltd grew its holdings 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 acquiring an additional 345 shares during the period. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Price Performance

Devon Energy stock opened at $31.37 on Monday. The firm has a market capitalization of $20.36 billion, a P/E ratio of 6.88, a PEG ratio of 1.20 and a beta of 1.50. Devon Energy Co. has a one year low of $25.89 and a one year high of $53.20. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01. The business has a fifty day moving average price of $33.56 and a 200-day moving average price of $35.36.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.16. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The business had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.25 billion. As a group, equities research analysts forecast that Devon Energy Co. will post 4.85 EPS for the current year.

Devon Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 3.06%. The ex-dividend date of this dividend was Friday, March 14th. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. Devon Energy’s dividend payout ratio is 21.05%.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Morgan Stanley set a $47.00 target price on Devon Energy and gave the company an “overweight” rating in a research report on Wednesday, March 26th. Sanford C. Bernstein upgraded Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price target on the stock in a report on Wednesday, January 15th. Scotiabank reduced their price objective on shares of Devon Energy from $45.00 to $35.00 and set a “sector outperform” rating for the company in a research report on Friday, April 11th. Raymond James set a $40.00 target price on shares of Devon Energy in a research report on Monday, April 21st. Finally, Barclays reduced their price target on shares of 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 investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $44.83.

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.