810,850 Shares in Devon Energy Corporation $DVN Bought by VIRGINIA RETIREMENT SYSTEMS ET Al

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Devon Energy Corporation (NYSE:DVN) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 810,850 shares of the energy company’s stock, valued at approximately $33,504,000. VIRGINIA RETIREMENT SYSTEMS ET Al owned 0.07% of Devon Energy at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new position in shares of Devon Energy in the fourth quarter valued at $25,000. JFS Wealth Advisors LLC increased its position in shares of Devon Energy by 56.6% during the second quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company’s stock worth $28,000 after acquiring an additional 245 shares in the last quarter. Parvin Asset Management LLC bought a new stake in shares of Devon Energy during the second quarter worth about $28,000. MV Capital Management Inc. acquired a new stake in shares of Devon Energy in the 4th quarter worth about $29,000. Finally, KERR FINANCIAL PLANNING Corp acquired a new stake in shares of Devon Energy in the 2nd quarter worth about $29,000. Institutional investors own 69.72% of the company’s stock.

Analyst Ratings Changes

DVN has been the topic of several recent research reports. UBS Group dropped their price target on shares of Devon Energy from $58.00 to $54.00 and set a “buy” rating on the stock in a research report on Wednesday, July 15th. Evercore raised Devon Energy from an “in-line” rating to an “outperform” rating and set a $54.00 price objective for the company in a report on Wednesday, June 10th. Susquehanna increased their price objective on Devon Energy from $57.00 to $63.00 and gave the stock a “positive” rating in a research note on Tuesday, July 21st. JPMorgan Chase & Co. dropped their target price on Devon Energy from $62.00 to $55.00 and set an “overweight” rating on the stock in a report on Wednesday, July 8th. Finally, Wolfe Research set a $67.00 target price on Devon Energy and gave the company an “outperform” rating in a report on Monday, June 22nd. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $59.23.

Insider Buying and Selling at Devon Energy

In other news, SVP Andrea Alexander sold 18,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total value of $841,320.00. Following the completion of the transaction, the senior vice president directly owned 138,529 shares of the company’s stock, valued at $6,474,845.46. This represents a 11.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 4.58% of the stock is owned by insiders.

Devon Energy Stock Performance

Shares of DVN stock opened at $48.08 on Tuesday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.72 and a quick ratio of 0.67. The firm has a 50-day moving average of $44.91 and a 200-day moving average of $45.82. Devon Energy Corporation has a one year low of $31.47 and a one year high of $52.71. The company has a market cap of $52.89 billion, a P/E ratio of 11.42, a P/E/G ratio of 1.31 and a beta of 0.37.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share for the quarter, topping the consensus estimate of $1.40 by $0.17. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The business had revenue of $7.42 billion for the quarter, compared to analysts’ expectations of $6.01 billion. During the same period in the previous year, the company earned $0.84 earnings per share. The firm’s revenue for the quarter was up 73.1% compared to the same quarter last year. Equities research analysts forecast that Devon Energy Corporation will post 5.24 EPS for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be paid a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date is Tuesday, September 15th. Devon Energy’s payout ratio is presently 30.40%.

About Devon Energy

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.