Commonwealth of Pennsylvania Public School Empls Retrmt SYS Acquires 135,170 Shares of Devon Energy Corporation $DVN

Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in shares of Devon Energy Corporation (NYSE:DVN) by 113.1% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 254,656 shares of the energy company’s stock after purchasing an additional 135,170 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Devon Energy were worth $10,522,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the stock. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new stake in Devon Energy during the fourth quarter worth approximately $25,000. JFS Wealth Advisors LLC increased its holdings 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 purchasing an additional 245 shares during the period. MV Capital Management Inc. acquired a new stake in shares of Devon Energy in the fourth quarter valued at approximately $29,000. KERR FINANCIAL PLANNING Corp acquired a new stake in shares of Devon Energy in the second quarter valued at approximately $29,000. Finally, Garton & Associates Financial Advisors LLC bought a new stake in shares of Devon Energy in the fourth quarter valued at approximately $29,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on DVN. Wolfe Research set a $67.00 price target on shares of Devon Energy and gave the stock an “outperform” rating in a research report on Monday, June 22nd. Barclays lifted their target price on Devon Energy from $54.00 to $62.00 and gave the company an “overweight” rating in a research report on Tuesday, May 26th. Argus raised their price objective on Devon Energy from $51.00 to $53.00 and gave the company a “buy” rating in a report on Wednesday, June 10th. Capital One Financial cut their price target on shares of Devon Energy from $63.00 to $61.00 and set an “overweight” rating on the stock in a report on Tuesday, June 2nd. Finally, Roth Capital reaffirmed a “buy” rating and set a $57.00 price target on shares of Devon Energy in a research report on Tuesday, April 28th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $59.60.

Devon Energy Stock Up 3.2%

Shares of DVN opened at $45.83 on Friday. The stock has a 50 day simple moving average of $43.40 and a two-hundred day simple moving average of $45.14. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.72 and a quick ratio of 0.67. Devon Energy Corporation has a 1 year low of $31.47 and a 1 year high of $52.71. The firm has a market cap of $50.41 billion, a P/E ratio of 10.89 and a beta of 0.38.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.40 by $0.17. The firm had revenue of $7.42 billion for the quarter, compared to analysts’ expectations of $6.01 billion. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The company’s revenue for the quarter was up 73.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.84 earnings per share. On average, analysts forecast that Devon Energy Corporation will post 4.99 earnings per share 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 given a $0.32 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.8%. Devon Energy’s dividend payout ratio is currently 30.40%.

Insider Activity

In related news, SVP Andrea Alexander sold 18,000 shares of the stock in a transaction dated Wednesday, June 10th. The shares were 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 in the company, valued at $6,474,845.46. This trade represents a 11.50% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 4.58% of the stock is currently owned by insiders.

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.